I'm 66, retired but with a mortgage (offset) of c. £58k.
It's becoming difficult to keep up with this and we have the place on
sale with the intention of moving into rented accommodation. Not
ideal, I know, but it's really the only option open to us.
The property market in this area is almost at a standstill so we are
seeing few prospective buyers, and most of those are waiting on sale
of their own property - even where they are interested, they can't
Meanwhile, keeping up the mortgage payments (£1000+ pcm) is becoming a
struggle - in fact we are only doing so at the expense of eating into
Received wisdom is that I should talk to the bank but I'm concerned
that, if I do so, an even worse situation may result.
I've been trying to find work that would produce enough income to
bridge the gap, but quite a few people of so-called working age are
finding that hard enough. Added to that, most available jobs are
either minimum wage, or verging on scams (even Kleeneze use Jobcentres
to recruit!), while reasonable salaried-type jobs are unlikely to be
offered to somebody whose term prospects are not long.
I'm unlikely to find work in my own specialism because of my age, so
doing something to reduce the mortgage outgoings (it's got about six
years to run) seems to be the only option that would actually be under
First of all if you're fit and healthy I can see any major impediment to
being employed. Of course different employers have different attitudes.
Have you got a spare bedroom? If you take a lodger, it's likely any
income will be tax free, and make a major hole in your mortgage
I started to think about that after I posted as initially I assumed that he
had some other repayment vehicle, as would be expected for an IO loan.
But if he doesn't, and his problem is that he can't afford to make the
necessary capital repayments, ISTM his best course is to convert to an
"Equity Release" (no they aren't all bad) loan and come to terms with never
paying off the capital until it is recovered from his estate.
I guess you could rent out your property while you are waiting to
sell. Then you rent a cheaper place and you could 'save' the
You may be able to talk to your mortgagee to extend the term and hence
reduce the payments.
TBH I am surprised that you were given a mortgage with payments that
high that would go beyond retirement age.