Mortgage prisoner

[Brainmelt]

Mortgage originally with UBS AG, but this company old out the mortgage without any chance for the mortgage holder to review their mortgage. UBS refused to allow the mortgage holder change a repayment mortgage. Mortgage holder had to stay on an interest only mortgage with Mars Capital.

Age of Mortgage holder is 65 and outstanding interest only mortgage is very large.

Any ideas as to what the mortgage holder can do to get out of this trap?

[des8]

Your choices are
1) remortgage with an interest only mortgage or repayment mortgage with a specialist lender
2)take out an equity release to pay off the mortgage
3) sell up and downsize

A lot will depend on the amount of equity you have in the property and your income.
You probably need to speak with a financial adviser (or two!)

[fightingoffthecrediters]

Mars Capital took our mortgage in 2023, we are in arrears to the tune of 15k , just started paying full monthly payment with the help of support for mortgage interest , I had cancer last year and my husband had to give up his self employment to look after me, we now get benefits and our income is higher than self employment and we are unable to get out of the prison called mars capital , macmillan have put us in contact with some mortgage brokers, first one couldn't help cos of the arrears and waiting for the second to see if she can help us , we want to get away from mars capital, their interest rate on our mortgage is 9.89% , they said about capitalising the arrears in september but want it back on repayment , we can't afford to do either as there is only 12 years left on the mortgage .The total amount we owe is 117k, we have a charge on the property for 4.5k and support for mortgage interest is a loan and is also taking our equity . So the house is worth from 145-169k , we are trying to sell our folding camper it will bring £1000 but not rushing to pay it off the arrears as they charge £200 + extras each month ,we are in a pickle to say the least . It isn't doing my mental health any good either and that is worse since the cancer diagnosis . Being made homeless is not ideal as i also use a cpap machine to keep me breathing during the night . I don't think there are many options for us right now other than to keep paying the interest only monthly payment in the hope that mars capital won't go for repossession which we were told is unlikely as it would look very very bad for them making a disabled woman and her carer homeless when they are paying the full monthly amount .