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