My 利益／興味-only mortgage ends in seven years: What are my 選択s? DAVID HOLLINGWORTH replies

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I have an 利益／興味-only mortgage with Mortgage 表明する (Bradford & Bingley), which?comes to an end in seven years' time.

Mortgage 表明する is?unable to 申し込む／申し出 me a remortgage, as it went under years ago.

My mortgage is for £180,000 and the 利益／興味 率 is 現在／一般に 7.5 per cent. The 月毎の 支払い（額） of £1,038 is affordable, and the house is now 価値（がある） £422,000, によれば Zoopla.

Mortgage help: Our new 週刊誌 Navigate the Mortgage Maze column 星／主役にするs 仲買人 David Hollingworth answering your questions

I'm worried about getting a mortgage どこかよそで as I don't have a 広大な／多数の／重要な credit history, and what's more worrisome is that I have no endowment to 支払う／賃金 it off when it ends.?

I realise I could sell up and downsize, but what other 選択s do I have? I am 55.

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David Hollingworth replies:?There are a number of 問題／発行するs conspiring to 限界 your 選択s here.?

The most 圧力（をかける）ing 問題／発行する that you 直面する is the overarching question of how you manage the mortgage so that you can keep the 所有物／資産／財産, when the end of the 称する，呼ぶ／期間／用語 is 辛勝する／優位ing closer and closer.

You have an 利益／興味-only mortgage which, as the 指名する 示唆するs, means you are only 支払う／賃金ing 利益／興味 each month.

That means lower 月毎の 支払い（額）s than a 返済 mortgage, but you are not 減ずるing the mortgage balance 徐々に by 支払う／賃金ing an element of capita l and 利益／興味 each month.

> What next for mortgage 率s and should you 直す／買収する，八百長をする??

利益／興味 only: These mortgages 要求する just the 利益／興味 to be paid each month. That means that the mortgage balance is not 減ずるing

The 伝統的な approach to taking an 利益／興味 only mortgage was therefore that a separate 返済 乗り物 would run と一緒に.?

Separate 支払い（額）s made into that 返済 乗り物 would then 徐々に grow over the life of the mortgage, to 供給する a lump sum that would be used to 支払う／賃金 it off at the end of the 称する，呼ぶ／期間／用語.?

You について言及する endowment 政策s, which were 一般的に used as 返済 乗り物s at one time - but it cou ld really be any 貯金 or 投資 that could 行為／法令／行動する as a possible 返済 戦略.

No 平易な way to 返す

In your 事例／患者 there is no formal 返済 乗り物 in place, which means that you now have a much more 限られた／立憲的な time-でっちあげる，人を罪に陥れる to make inroads into raising the 資本／首都. That could be through a number of different methods.

Switching the mortgage to 返済 would of course be the ideal, and mean that the balance would be paid off over the remaining 称する，呼ぶ／期間／用語.?

However, on the 現在の 称する，呼ぶ／期間／用語 and 率 that would see a very 相当な uplift in 月毎の 支払い（額）s. The 月毎の cost of £180,000 at a 率 of 7.5 per cent over seven years would ロケット／急騰する to £2,761.

> Check how much would you would 支払う／賃金 with our best mortgage 率s calculator?

Running out of time: Our reader has an 利益／興味 only mortgage, which comes to an end in seven years' time

It can be possible to put part of a mortgage on 返済 with the 残りの人，物 on 利益／興味 only, which will 限界 the rise in 月毎の cost but also still 徐々に 減ずる the 量 you need to 返す.?

Splitting the 現在の balance half and half on the 現在の 条件 would still see the 支払い（額） rise to £1,943 per month and also leave £90,000 remaining in seven years' time.

Making overpayments whether smaller 正規の／正選手 支払い（額）s or lump sums as and when you can from 貯金 will also help 減ずる the mortgage balance. Again that's ありそうもない to be practical over such a short time.

> How to remortgage your home: A guide to finding the best 取引，協定?

二塁打 check the open market

All of these approaches could see the cost mitigated a little by switching to a better 率 - but your 欠如（する） of choice is 構内／化合物d by the fact that you find yourself stuck with Mortgage 表明する.?

The demise of Bradford & Bingley has left your mortgage stuck with the 'の近くにd 調書をとる／予約する' 貸す人, which no longer lends. It therefore doesn't 申し込む／申し出 new 取引，協定s to 存在するing 顧客s in the way that most 貸す人s will.

That leaves you stuck with the high variable 率 you are now on. It still makes sense for you to 調査する the 選択s with other 貸す人s, both from the 視野 of improv ing the 率 you are on and in 調査するing any 選択 to 延長する the mortgage 称する，呼ぶ／期間／用語.

Depending on how 厳しい your credit 問題／発行するs are there may be 貸す人s that can consider a remortgage.?

If the 示すs on your credit とじ込み／提出する were 比較して minor or happened some time ago, then some high street 貸す人s may now be able to consider lending. That could also enable a move to a longer 称する，呼ぶ／期間／用語, helping make a switch to 返済 more affordable.

Some 貸す人s can take a more 柔軟な approach to their affordability for those that have been classed as a mortgage 囚人, 罠にかける with a の近くにd 調書をとる／予約する 貸す人 and unable to switch 予定 to the tighter affordability now in 軍隊.

Alternatively, your age opens up 解答s 目的（とする）d at older borrowers, whether a 基準 mortgage over a longer 称する，呼ぶ／期間／用語 or a more specialist 取引，協定 such as 退職 利益／興味 Only.?

This would remain on an 利益／興味-only basis, but 除去する the need for a 明示するd 称する，呼ぶ／期間／用語 and 要求する the mortgage to be repaid on sale of the 所有物／資産／財産, death or a move into long 称する，呼ぶ／期間／用語 care.

Building societies and specialists like Livemore and Hodge 申し込む／申し出 this type of 製品, but will still need to see that the 月毎の 利益／興味 支払い（額）s will be affordable.?

It could 許す you to remain in the 所有物／資産／財産 and give more time to 減ずる the balance, but you will need to consider your income now and in 未来.

Finally, downsizing should certainly be considered as a 解答.?

Your 現在の 貸す人 may not have mortgage 選択s on 申し込む／申し出, but it does have support pages online and talking to it now about your 関心s may also help form your approach.