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

Angel01
Angel01 Community Member Posts: 1 Listener
edited November 2024 in Money and bills

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

Comments

  • OverlyAnxious
    OverlyAnxious Community Member Posts: 6,270 Championing

    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.

  • Rosie_Scope
    Rosie_Scope Posts: 8,935 Online Community Team

    Hi @Angel01, welcome to the community. Sorry to hear you're in a difficult situation with your housing. As others have said, it does sound like the best idea would be to talk to a financial advisor to see if they can help you sort out a plan.

    You could also try Citizens Advice. Even if they can't help with everything, they might be able to point you in the direction of someone who can.

    Hope you can get something sorted soon 😊

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