Mortgage

[Tracex6]

Can anyone advise pls? In my divorce 12yrs ago I got the house my ex got the endowment, it is an interest only mortgage which I have been paying. I have 4 children at home and work part time. My mortgage comes to an end in 2 yrs and I still have £120.000 left 🙁. I will never get a mortgage on my wage, I have equity in my house, but not enough to stay around my area. I have know idea what I should try and do, pls help x

Maybe speak to your mortgage lender and see if they will extend the mortgage term, or offer you a new interest-only mortgage. I know they stopped doing interest-only a few years ago, but I hear that these might be starting up again. You never get to pay off the capital but at least you've got security and you won't have a landlord wanting their house back.

Or alternatively, you could look at renting. You should have enough money for the deposit, but the rent could be higher than what you're currently paying (depending on where you live, of course).

Go and see a mortgage advisor.