Nc for this.
I still don't know how but my retired parents took out an interest only mortgage around 20 years ago when they were in their 60s and retired. The mortgage is for £100,000. The mortgage is up/needs to be paid back in a few years when they will be 90.. There is no money available to pay it. Only one parent is still living and is on disability benefits and basic state pension with no other income.
What happens when the time comes to pay off the mortgage? It's causing a great deal of worry for my parent and I am really annoyed that they were given this mortgage with no ability to ever pay it off. I'm told the financial advisor they used fiddled the numbers to make them eligible. The mortgage lender has said to talk to them about it in a couple of years and not to worry but it's a huge worry as you can imagine.