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How we helped one couple when their interest only mortgage ended

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Jim and Barbara's story

This case study is a real account of how we were able to help these clients. Their names have been changed to protect their identity.

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Jim and Barbara are a retired couple aged 66 and 65. They had always planned to use their pension lump sum to repay the final mortgage balance.

When they got the lump sum they decided to use it to clear their business debt, so they could retire.

Then when the mortgage ended a few years later they had no way to repay what was left on their mortgage.

Only option to sell?

Jim and Barbara thought they had a home for life. But with no way to repay their mortgage they thought their only option was to sell their house.

Their mortgage provider put them in touch with us. This was so they could look at all their options before going ahead with the sale of their family home.

Our advice

They went through a full assessment with Tim, our mortgage advisor. They found that they could save their property with a residential mortgage or an equity release plan.

Tim also suggested Jim and Barbara used some of their savings to lower the amount they needed to borrow. This meant it would cost them less in the long run.

The solution

They looked at both options carefully and decided to re-mortgage with another residential mortgage from a building society.

Equity release options were dismissed as they wanted a repayment mortgage. This was so they could clear the mortgage as quickly as possible.

Our advisor recommended a five year fixed rate mortgage on a term of 8 years.

This gave them reassurance that their payments would not increase if interest rates rose. They also agreed an overpayment plan with the building society. That was to make sure the mortgage balance would be repaid within five years.

Tim’s advice meant that Jim and Barbara had the security of a fixed rate and a plan in place to be mortgage-free by their 75th birthday.

Your home may be repossessed if you do not keep up repayments on your mortgage.

Is your situation similar to Jim and Barbara's?

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StepChange Financial Solutions is a registered trading name of Consumer Credit Counselling Service (Equity Release) Ltd, a wholly owned subsidiary of StepChange Debt Charity. Authorised and regulated by the Financial Conduct Authority. FCA reg. no. 517674