mortgage advice

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pumpman60
pumpman60 Posts: 6 Forumite
in Mortgages & endowments
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.

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  • ACG
    ACG Posts: 23,727 Forumite
    First Anniversary Name Dropper First Post I've helped Parliament
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    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
    pumpman60 Posts: 6 Forumite
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    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
    amnblog Posts: 12,443 Forumite
    First Anniversary Name Dropper Photogenic First Post
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    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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