A couple come into your office, both in their late 50’s and still working full time they want some advice on their options in retirement, their most pressing concern? their existing interest only Mortgage and the fact they have not got the capital to repay it in just 5 years time.
Previously the most likely and possibly the only solution would have been to sell up, but this categorically isn’t what your clients want, this is their family home, close to their jobs, close to their hearts. Downsizing may be an option but not for many years. They have not been irresponsible, their hope had been that rising house prices over the long term would mean they built up sufficient equity to be able to more than repay the mortgage, this hasn’t happened. What next? Hodge Lifetime Explains