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Senior Partner
Senior Partner, Solicitor
Category: Law
Satisfied Customers: 13329
Experience:  Solicitor with more than 30 years experience
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I am 63 years old and my wife is 62. We are making interest

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I am 63 years old and my wife is 62. We are making interest only payments on our mortgage which ends in December 2016 and at which point we will have a shortfall of £95k. Is there an alternative to selling. Can we re-mortgage with a guarantor.
Trevor Hickinbottom

HI thanks for your question. How much equity will you have in the house? If there is a reasonable amount There are a limited number of building societies that will give mortgages to older people and there is also the possibility of getting a lifetime mortgage or equity release arrangement so that effectively you do not have to repay the mortgage until you both die and then it is paid out of the proceeds. You should go to a reputable mortgage broker and ask for assistance. Be very careful only to go to an FCA authorised firm as there are some unregulated firms out there who offer equity release products which is not a good deal.

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