I'm 69 with £60k 利益／興味-only mortgage - what 選択s do I have? DAVID HOLLINGWORTH replies

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Since my 離婚 in 1990, I had to take on the 支払い（額） of my mortgage.?

I 選ぶd to 支払う／賃金 my mortgage as 利益／興味-only as life was difficult, which has been the 事例／患者 for a long time.

My mortgage is with Mortgages PLC which has now 知らせるd me I still have?£60.314.87 to 支払う／賃金 off.

I am 69 years old. I was under the impression I had been 支払う／賃金ing extra, but the 量 借りがあるd does not seem to have gone 負かす／撃墜する.?I'm worried as I'm not approaching the end of the mortgage 称する，呼ぶ／期間／用語.

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

I have asked if I can now do a 返済 mortgage which means my 支払い（額）s will rise.

My 貸す人 says it will look at 延長するing my mortgage 称する，呼ぶ／期間／用語 to make 月毎の 返済s more manageable.?What can I now do?

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David Hollingworth replies: Last year's 事実上の postbag carried a number of enquiries that centred 利益／興味-only mortgages.

Hopefully by going 支援する to the basics of 利益／興味-only it will help you understand how it 作品 and what the 選択s could be in 取引，協定ing with this シナリオ.

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

How does 利益／興味-only work?

利益／興味-only mortgages 大部分は do what it says on the tin and the 月毎の 支払い（額） will only cover the int erest on the mortgage each month.?

This means that the 月毎の 支払い（額）s will be lower than if you had a 返済 mortgage, where the 月毎の 支払い（額）s will 徐々に eat into the mortgage 量 同様に as covering the 利益／興味.

As you aren't 支払う／賃金ing any 資本／首都 支援する the mortgage 量 will not 減ずる over time.?

If you only make the 基準 支払い（額）s, then you would still 借りがある the same 量 at the end of the mortgage 称する，呼ぶ／期間／用語.?

The 伝統的な approach is to have an 代案／選択肢 返済 乗り物 that you also 与える／捧げる to in the hope it will grow 十分に to 返す the mortgage when the 称する，呼ぶ／期間／用語 ends.

What are the 危険s?

There's a 危険 that any 返済 乗り物 doesn't grow 同様に as hoped, which could leave the borrower with a 可能性のある 不足（高） at the end of the mortgage 称する，呼ぶ／期間／用語.

In other 事例／患者s, borrowers didn't 与える／捧げる at all to a separate 返済 乗り物, 推定する／予想するing that they would sell the 所有物／資産／財産 and 返す the mortgage through the proceeds of the sale, which sounds more like your 状況／情勢.

> True cost mortgage calculator: Check what a new 直す／買収する，八百長をするd 率 would cost?

利益／興味 only:?As you aren't 支払う／賃金ing any 資本／首都 支援する, the mortgage 量 will not 減ずる over time

What are the 選択s?

You are now 近づくing the end of the mortgage 称する，呼ぶ／期間／用語 and so your 貸す人 is 推定する／予想するing you to 支払う／賃金 off the mortgage.?

That 明確に 提起する／ポーズをとるs an 問題／発行する unless there is a separate 返済 乗り物 or other 貯金 in place that could 支払う／賃金 off the mortgage.

You について言及する that you have been 支払う／賃金ing more when you can, so it sounds like you may have made some overpayments.?

Overpaying is one approach to make inroads into the mortgage and will 減ずる the mortgage balance, which will in turn help to 削減（する） the 利益／興味 法案. However, there is 明確に a 相当な 量 still to be paid off.

Selling the 所有物／資産／財産 and downsizing could 許す you to 支払う／賃金 支援する the 優れた mortgage and still have enough to 購入（する） a smaller home.?

That will come with costs and it doesn't sound like a move of house is your 願望（する）d approach.

Switching to a 返済 mortgage will mean that you will 削減（する） the mortgage balance each month and 返す it over the remaining 称する，呼ぶ／期間／用語. That will see 支払い（額）s rise and the shorter the remaining 称する，呼ぶ／期間／用語 the bigger the jump.

As the mortgage is の近くに to the end of the 称する，呼ぶ／期間／用語 then you may need to 延長する the 称する，呼ぶ／期間／用語 of the mortgage to give you time to を取り引きする the 優れた 量.?

It sounds like you have already discussed this with your 貸す人, which is 肯定的な but you should also consider if switching to another 貸す人 may be possible.?

Mortgages Plc no longer 申し込む／申し出s new mortgages, so won't be 申し込む／申し出ing the best 率s on the market.

Your age may 限界 the number of 選択s, as 貸す人s will often have a 最大限 age at the end of the 称する，呼ぶ／期間／用語.?

Others will be more 柔軟な so it's important to 捜し出す advice on whether there could be a better 率 on 申し込む／申し出 from the wider market.

If you have been keeping up with 支払い（額）s and have a good credit history, switching to a new 貸す人 may 許す you to 延長する the 称する，呼ぶ／期間／用語 and get a better 率, which would help 減ずる any 増加する in 支払い（額）s.?

They will need to see that you have enough income to afford the 月毎の 支払い（額）s, now and looking ahead.

Rather than switch to a 返済 mortgage a 退職 利益／興味 Only mortgage may 許す you to stay on 利益／興味 only but the mortgage continue until you sell, die or move into long 称する，呼ぶ／期間／用語 care.?

You'd have to be able to afford the 月毎の 支払い（額）s but it could enable you to 延長する the mortgage without worrying about the end of the 称する，呼ぶ／期間／用語 approaching in 未来.

There's no 平易な answers here but hopefully that helps you to understand the 状況／情勢. Consider all the 選択s carefully to give yourself the best chance to 支払う／賃金 off the mortgage.

> How to remortgage your home and find the best 取引，協定?