News1 min ago
Mortgage Query
4 Answers
My husband and I have finally decided to split. I will be looking for a mortgage of around 100-120K which will stretch me considerably but wondered if an interest only mortgage would be in my best interest (excuse the pun). I will be the sole beneficiary of my mother's estate at some stage.
Alternatively, at the ripe old age of 50, would I be able to take on a 40 year mortgage, again on the basis that it would be paid off in full in due course.
I know I'll need to discuss it with the Building Society but just wondered if anyone had any suggestions in the meantime?
Also thinking about a 5 year fixed rate mortgage - does anyone have any views on that?
Thanks.
Alternatively, at the ripe old age of 50, would I be able to take on a 40 year mortgage, again on the basis that it would be paid off in full in due course.
I know I'll need to discuss it with the Building Society but just wondered if anyone had any suggestions in the meantime?
Also thinking about a 5 year fixed rate mortgage - does anyone have any views on that?
Thanks.
Answers
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For more on marking an answer as the "Best Answer", please visit our FAQ.Bear in mind that something could happen to your mother's estate. My neighbour had to go into a home at the end of her life and the fees used up a lot of her daughter's inheritance. I wouldn't base your mortgage decision purely on the expectation that you will inherit 'cause you never know what is around the corner.
Hermia - thanks - I'm also sole beneficiary for an elderly aunt's estate so hopefully could work something out between the two.
So daunting facing these decisions on my own and having previously been mis-sold an endowment policy (just got the compensation) and having invested money as advised by an IFA (and lost out!!), I am really nervous about it all.
So daunting facing these decisions on my own and having previously been mis-sold an endowment policy (just got the compensation) and having invested money as advised by an IFA (and lost out!!), I am really nervous about it all.