Mortgage Query

[medsecslave]

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.

[EverClean]

Best advice is to speak to an independent mortgage adviser. They can go through all options and make a recommendation based on your individual circumstances.

[Hermia]

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.

[medsecslave]

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.

[RonBurgundy]

Yes, get an interest only mortgage, natwest will do it. the term of the mortgage doesnt matter as your only paying the interest off, then use the money from the estate to pay the mortgage off. bing bango. payments on 120,000 should be around 565 a month. thanks