The Double Debt Attack by Double Trouble

Double_Trouble

hypno06 wrote: »

Oh that is pants about the mortgage. Is there no way round it, ie by you being paid instead of OH? You have more than 3 years before you are 65 so could take on the mortgage yourself?

Well done on the weight loss - you have done really well to not say sod it and just pig out, which is what I tend to do in these situations.

Keep going, xx

Paying me wont work because it would have huge tax implications just need a younger OH :rotfl:actually I can't believe he is 62 acts more like 12

DTxx

hypno06

That's a shame - but I am sure you will work something out. Nothing is as straight forward as we hope is it!!

macgirl

Great news on the weight loss DT :T

But sorry about the mortgage
This is the first time we have used an IFA and so far I think I have found a better deal - though already he has given us lots to think about, so we are quite impressed by him.....but I understand your reluctance.

You are so resourceful, I'm sure it's only a matter of time before you cunjure up a cunning plan

Verbatim

What would happen if you got to OH's 65th birthday and hadn't paid it off? If there's no "penalty" you could just go for it knowing that you'd have to make other arrangements when he's 65.

Double_Trouble

Verbatim wrote: »

What would happen if you got to OH's 65th birthday and hadn't paid it off? If there's no "penalty" you could just go for it knowing that you'd have to make other arrangements when he's 65.

sadly that would mean that we would have to make payments as if we were going to pay it off by 65 and payments on a £245K mortgage for a term of just under 3 years they might consider to be slightly unaffordable for us:eek: also even if they would let us have it all on interest only which I doubt we would then be back in the position of paying another arrangement fee which I am trying to avoid I would really like to sort a mortgage out until end of term on the basis of less hassle, less fees and the possibility of even less choice as OH gets over 65 and our mortgage term shortens.

Think we will just have to bite the bullet and pay a larger arrangement fee now and a slightly increased mortgage rate bit miffed as I was really keen on first direct and thought it might be relatively easy as we had banked with HSBC for so long

Perhaps I should buy a lottery ticket or perhaps one of OH's four premium bonds will be the big winner this month

Oh well c'est la vie

DTxx

Verbatim

I see what you mean about paying as if...of course!
I have an HSBC mortgage which I took out to fund our extension and negotiated a period to my 70th birthday on the grounds that my income being used to pay it was not based on a "job" and would continue past "retirement age".

Double_Trouble

Hi verbatim I am sure HSBC would give us a mortgage too as our income is not age related but they don't do an offset mortgage which in our circumstances of getting our main pay twice a year would really be useful - they referred me back to their subsidiary First Direct but unfortunately they don't apply the same rules as HSBC itself and have a 65 age limit pants really especially as people are tending to buy later and therefore more and more people are going to need mortgages going beyond aged 65. I think it is probably because first Direct give such good deals they can be choosy about who they accept and dont want the extra hassle of getting people to prove their income beyond retirement although for us that would be a simple thing to do.

DTxx

macgirl

DT have you posted on the mortgages board?
There is good advice available, though I've had more response during office hours, you could still give it a go.....

Good luck x

Double_Trouble

macgirl wrote: »

DT have you posted on the mortgages board?
There is good advice available, though I've had more response during office hours, you could still give it a go.....

Good luck x

Find the mortgage boards a bit scary still searching for myself at the moment not looking good intelligent finance is also an age 65 offset I will see what the mortgage adviser comes up with otherwise I think it will be a lifetime tracker with HSBC at 1.89% over base with unlimited overpayments not quite as flexible as I would have liked but better than what we have at the moment.

OK you have convinced me I will put a post up :cool:

DTxx

gilligansyle

Bad news on the mortgage front. It's odd how different parts of the same organisation have different rules. I suppose in the current climate they can be as fussy as they like. It's not as if you're high risk.