My friend has a interest only mortgage with C&G which ends next year when he turns 65. However he would like to extend it for another 4/5 years.
He has an investment portfolio to pay off the mortgage but is likely to have a shortfall of £6/7K. Hence he would like to continue with the his investment in the hope that it will grow to payoff in full without having to dip into his savings. He is quite comfortable with the risk and willing to gamble.
He has a meeting with the advisor this week and will take all paperwork to show that he will be able to meet his committments in full either way. However he would only proceed if the lender would allow him to extend on the same terms.
Any tips and hints from the forum members will be appreciated.
He has an investment portfolio to pay off the mortgage but is likely to have a shortfall of £6/7K. Hence he would like to continue with the his investment in the hope that it will grow to payoff in full without having to dip into his savings. He is quite comfortable with the risk and willing to gamble.
He has a meeting with the advisor this week and will take all paperwork to show that he will be able to meet his committments in full either way. However he would only proceed if the lender would allow him to extend on the same terms.
Any tips and hints from the forum members will be appreciated.