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Mortgage help/information

4 replies

x444 · 12/12/2022 14:18

I am 62, retired with a police pension of £1900 per month. I also have a business which turns over approx 50k per year, although I do not currently pay myself a salary from it.
I have a buy to let mortgage and I now pay £350 month.
I am wanting to change this to an interest only mortgage and move in to the property myself, but I can't seem to find an interest only mortgage. I have filled in numerous enquiry forms with no replies.
Does anyone know if this would be an option for me at my age.?
My mortgage at present is for £110k and the house value is £160k
Thank you for any help or information given.

OP posts:
LittleLlama · 12/12/2022 16:46

There are retirement interest only mortgages but you generally need 50% equity in your house. You could try a mortgage broker to see what they could offer.

titchy · 12/12/2022 16:56

Interest only mortgages require a payment vehicle of some description otherwise you'll still be paying till your dying day. Do you have investments somewhere? Have you tried a broker?

stevalnamechanger · 12/12/2022 17:14

You need to speak to a broker

x444 · 12/12/2022 20:45

Thank you

OP posts:
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