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  • FIRST POST
    • pumpman60
    • By pumpman60 15th May 17, 6:59 PM
    • 3Posts
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    pumpman60
    mortgage advice
    • #1
    • 15th May 17, 6:59 PM
    mortgage advice 15th May 17 at 6:59 PM
    Hi . Is there a mortgage out there for retired persons. I am looking for a 12year Interest only Re-mortgage for 140,000. My house is valued at 220,000+. I wish to pay my existing mortgage of 80,000 and all debts. I am 68 years old and my joint pensions with my wife are 26,500 pa. My pensions are 19,600pa. I have tried my 2 banks and they have said no as I can only have a mortgage until I am 75 although I have one until I am 80 at the moment. Is there anything out there to help? Even a 60,000 loan or mortgage would allow me to pay all my debts and some of the mortgage. Equity release companies have only offered 79,000, not even enough to pay the mortgage.
Page 1
    • ACG
    • By ACG 15th May 17, 7:06 PM
    • 14,719 Posts
    • 7,372 Thanks
    ACG
    • #2
    • 15th May 17, 7:06 PM
    • #2
    • 15th May 17, 7:06 PM
    Potentially, but I think 140k is probably going to be a little too much, maybe 100k is about the max.
    You could potentially take out a secured loan to wrap up all of the debts in to one, so you then only have 2 payments each month.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • pumpman60
    • By pumpman60 17th May 17, 2:57 PM
    • 3 Posts
    • 0 Thanks
    pumpman60
    • #3
    • 17th May 17, 2:57 PM
    • #3
    • 17th May 17, 2:57 PM
    Is a 60000 loan or mortgage over 12 years, possibly interest only, available. This would enable me to be debt free and pay 1 (20000) part of my 3 part mortgage due in 2019, as well. Thanks
    • amnblog
    • By amnblog 17th May 17, 4:49 PM
    • 9,268 Posts
    • 3,570 Thanks
    amnblog
    • #4
    • 17th May 17, 4:49 PM
    • #4
    • 17th May 17, 4:49 PM
    Interest only - no.

    14/15 year term - yes.

    140,000 lending - no.

    You could, perhaps, benefit from a second mortgage.

    Get yourself some decent advice from a Broker.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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