Hi, my name is Angel01! Serco mortgage coming to end

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Angel01

hi all, my mortgage is finishing next yr and I am in a panic. Serco have been paying the interest of my mortgage and I understand I have to get a new mortgage ‘mortgage for life’ and pay serco back the interest or sell my flat and try and live off of any equity (£50k and lose my disability payments. I am 63 so do not qualify for pension yet. I’m panicking because I do not know what will happen to me. Are there any other options with what I can do? I still owe £100k mortgage on my flat plus £15k to serco are there any other options ? Thanks

OverlyAnxious

Hi,

I'm not sure this is the best forum to offer advice on mortgages. Have you tried any other advice services so far?

Personally I'm not sure a mortgage lender would offer £100k to a 63 year old. A lifetime mortgage does mean that it wouldn't have to be paid back until you pass away or go into care. Though I think those are generally for smaller amounts.

If you mean PIP for disability payments, that isn't means tested and wouldn't be affected by selling your property and having money in the bank. You wouldn't be entitled to any means tested benefits such as Universal Credit unless you have under £16k though.

Hopefully another member can offer some more advice on this situation.