The mortgage ends in three years and I wonder whether I will be forced to sell the property
Q Could you please advise me? I have a property on which I have an interest-only mortgage that ends in three years’ time. To be able to pay back the mortgage I will be forced to sell. I am 63. Are there any other options open to me apart from marrying a super-rich sugar daddy or robbing a bank?
SD
A Yes, there are other options open to you. According to Which?, 16 building societies* and three other lenders** have come up with mortgage deals specifically aimed at older borrowers. Referred to as retirement mortgages, they have been a big hit with older borrowers who, like you, need to raise cash to pay back a standard interest-only mortgage at the end of its term. So instead of having to sell your property, you switch from your current lender to one that offers a retirement mortgage and you don’t have to wait until your current deal comes to an end to make the switch.