My interest only mortgage is close to its end point (a few months). Last year I spoke to my lender suggesting that the endowments wont cover the settlement. They said they would need to re discuss at end of policy but in the mean time I have lost my job also (last 2 months). I wasn't really mis-sold one of the endowments. I had to cancel a few years back due to other unemployment. The remaining endowment only covers 25% of sum owed. Before I talk again with mortgage lender I am wanting to assess what options I may have such as sell to rent etc. Also I dont know if the mortgage lender would repossess and sell for a really low amount. This would leave me no real cash to go for another home etc. The house value (if I was allowed to sell by lender; but may take me several months) is likely 160% of the mortgage owed. Any useful advice or web links please?. THANKS IN ANTICIPATION
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