Mortgage Question Help Me Please

8
Found 16th Feb
Hi need real help here people, this is the situation 57 year old has 42k mortgage left pays around 350 a month at the moment house worth 160,000
But has low income what is the best solution considering equity release, re-mortgaging, but doesn't want to sell.
So is there anyway she could do something and then when she passes in years to come it's just takent out of whatever the house sells at or something along those lines, or if you can recommend anything else I've not touched upon here please i'd be thankful to be able to pass on the advice she needs help soon.
Cheers guys and please no just sell up and move on comments please xxx

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8 Comments

speak to the mortgage provider about a remortgage onto a low interest rate, might be a lower interest rate and depending on the amount she wants to realize the monthly mortgage amount may be similar. We are in a very low interest environment so worth checking with the mortgage provider before running the gauntlet of equity release schemes...

see advice here:

moneysavingexpert.com/new…ase

There is some useful advice for equity release on Saga's website and advice from Martin Lewis Money saving expert about different options to take if you find yourself asset rich but cash poor i.e. low income.

moneysavingexpert.com/new…ase

saga.co.uk/mon…ase


Edited by: "Cassie1312" 16th Feb

Many good schemes for equity release or part equity release but also many totally bad and financially crippling ones ! Go to the experts and get a full range of options explained and illustrated to you . NEVER trust this site (and the know it alls on here ) for life changing financial advice .

Edited by: "rogparki" 16th Feb

Banned

from experience she's paying too much unless it's on a buy to let mortgage.
i have 46k left and i pay £269 a month.
maybe she hasn't remortgaged in a long time.
these days it's harder and harder getting morgage or remortgage, because you need to show proof of income etc. you can do it online with the bank too but you don't have to mess around and show income details for remortgage.

I spose you can help her to lower her utility bills to . go for it op, I help my family too. IV saved my parents 2k a year on energy and telephone.
plus my sister is saving 2k on her utility company too, all because of me

you can get quidco , cashback on the energy companies as well. I pass that on to family but you don't have to

Interest rates are low at the moment, do consider remortgaging to bring monthly repayments down, try remortgaging with the same provider to save other fees etc.

sofiasar

from experience she's paying too much unless it's on a buy to let … from experience she's paying too much unless it's on a buy to let mortgage. i have 46k left and i pay £269 a month. maybe she hasn't remortgaged in a long time. these days it's harder and harder getting morgage or remortgage, because you need to show proof of income etc. you can do it online with the bank too but you don't have to mess around and show income details for remortgage. I spose you can help her to lower her utility bills to . go for it op, I help my family too. IV saved my parents 2k a year on energy and telephone.plus my sister is saving 2k on her utility company too, all because of me :)you can get quidco , cashback on the energy companies as well. I pass that on to family but you don't have to



Knowing the monthly payment alone isn't enough to know if she is paying too much, it might cost her less that yourself to clear the mortgage (e.g paying 350 a month for a 10 year term, compared to 250 a month for a 20 year term).

Having said that, OP should ask her to talk to a mortgage broker, it's entirely possible that they could pull out equity and also keep monthly payments the same or less, without all the detail we can't confirm whether that is the case.
Edited by: "delusion" 16th Feb

Original Poster

Thanks Everyone.
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