{"id":93891,"date":"2018-07-16T06:00:20","date_gmt":"2018-07-15T23:00:20","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/im-65-and-my-interest-only-mortgage-is-ending-what-can-i-do\/"},"modified":"2018-07-16T07:04:26","modified_gmt":"2018-07-16T00:04:26","slug":"im-65-and-my-interest-only-mortgage-is-ending-what-can-i-do","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/im-65-and-my-interest-only-mortgage-is-ending-what-can-i-do\/","title":{"rendered":"I'm 65 and my interest-only mortgage is ending \u2013 what can I do?"},"content":{"rendered":"


\nI still owe \u00a3112,000 and I want to stay in my house, not sell up to pay it off Q I\u2019m 65 and single and still work part time earning \u00a323,000 a year (\u00a31,560 monthly) on top of my private pension of \u00a3550 and state pension of \u00a3700 (both monthly). My interest-only mortgage will come to an end in November 2019 and I will still owe \u00a3112,000. The house is worth \u00a3190,000 and I want to stay in it. What are my options? PHA Until relatively recently, because of your age, if you didn\u2019t have the money needed to pay off your interest-only mortgage at the end of its term, your choice would have been between selling up and downsizing or taking out an equity release plan to raise the cash needed to pay off the mortgage. Those options are still available to you, but as a result of the relaxation of the rules about the sale of interest-only mortgages by the Financial Conduct Authority (FCA), there has been a growing number of specialist \u201clater life\u201d lenders offering both interest-only and repayment mortgages to older borrowers excluded by mainstream lenders because of their age. So if your current lender won\u2019t let you extend your mortgage, there is likely to be a specialist lender who will let you take out a conventional residential mortgage provided you meet its affordability requirements. Continue reading…
\n
\nSource : theguardian.com
\nRead more…I’m 65 and my interest-only mortgage is ending \u2013 what can I do?<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

I still owe \u00a3112,000 and I want to stay in my house, not sell up...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-93891","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-oqn","jetpack-related-posts":[{"id":117100,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/active-mortgage-forbearances-fall-112000-from-may-22-peak\/","url_meta":{"origin":93891,"position":0},"title":"Active mortgage forbearances fall 112,000 from May 22 peak","date":"June 12, 2020","format":false,"excerpt":"\r CNBC's Diana Olick reports the latest housing data, including new mortgage forbearance numbers.\r \r Source : cnbc.com\r Read more...Active mortgage forbearances fall 112,000 from May 22 peak","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":139874,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/we-have-10000-left-after-a-house-move-should-we-save-it-or-overpay-the-mortgage\/","url_meta":{"origin":93891,"position":1},"title":"We have \u00a310,000 left after a house move \u2013 should we save it or overpay the mortgage?","date":"October 16, 2023","format":false,"excerpt":"\r I think overpaying our loan won\u2019t affect our monthly repayment as we\u2019re on a two-year trackerQ After a recent house move we have about \u00a310,000 in savings left over. We\u2019re now on a two-year tracker mortgage while we navigate the uncertain economic times and rates.My question is: would it\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":114938,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/my-wife-and-i-still-work-what-mortgage-should-we-get\/","url_meta":{"origin":93891,"position":2},"title":"My wife and I still work \u2013 what mortgage should we get?","date":"March 16, 2020","format":false,"excerpt":"\r I already receive two pensions and am due a third and we\u2019re thinking of going for a lifetime mortgageQ I\u2019m a 64-year-old man in full-time employment earning around \u00a355,000 a year. My wife is 59 years old and a self-employed beauty therapist, earning around \u00a37,000 a year. I already\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4412,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/i-failed-to-get-a-mortgage-because-of-my-pension-contributions\/","url_meta":{"origin":93891,"position":3},"title":"I failed to get a mortgage because of my pension contributions","date":"May 7, 2015","format":false,"excerpt":"\r Do all banks and building societies take pension contributions into account when deciding whether to approve a mortgage?Q I recently applied for a mortgage and passed the \u201cagreement in principle\u201d and valuation stages but was knocked back at the affordability check for the amount I needed. The reason? I\u2019m\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":130657,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/should-i-pay-off-my-student-loan-and-use-spare-cash-to-overpay-my-mortgage\/","url_meta":{"origin":93891,"position":4},"title":"Should I pay off my student loan and use spare cash to overpay my mortgage?","date":"October 10, 2022","format":false,"excerpt":"\r I have \u00a35,000 left on the loan, which I pay \u00a3264 a month towards, and have a \u00a3168,000 mortgageQ I have a two-bedroom house in a desirable city. The property is worth more than \u00a3300,000 and I have a mortgage of \u00a3168,000. I recently discovered that I only have\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":97384,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/pension-expert-just-group-weighs-options-ahead-of-mortgage-rule-crackdown\/","url_meta":{"origin":93891,"position":5},"title":"Pension expert Just Group weighs options ahead of mortgage rule crackdown","date":"September 6, 2018","format":false,"excerpt":"\r \r \r Source : telegraph.co.uk\r Read more...Pension expert Just Group weighs options ahead of mortgage rule crackdown","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/93891"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=93891"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/93891\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=93891"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=93891"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=93891"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}