ASK TONY: Can I avoid selling my home to pay my mortgage?

I am 68 and over the past ten years all my family has passed away, including my parents and both my brothers.

I’ve used my savings for funeral and estate expenses and I’m left with an interest-only mortgage of £80,000 on a property worth £100,000.

The mortgage has five years left to run. Santander, my lender, will extend it only to age 75, at which time I’d have to sell my home as I have no savings.

I have pensions from the Royal Navy and Royal Mail as well as my state pension, giving me a total income of around £19,000 a year after tax.

My mortgage payment is £320 per month, which I can afford. I could probably pay up to £450 to £500 if the product was right.

G. W., Burnley, Lancs.

One 68-year-old reader has an interest-only mortgage of £80,000 on a property worth £100,000 with five years left to run

You’re not alone in facing the problem of time…

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