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Mortgages for "oldies"

grand_parr
grand_parr Posts: 2 Newbie
in Mortgages & endowments
WeI currently have a £60000 mortgage on a bungalow worth at least £200000, I am 71 and my wife is 61. We are both on OAP and I have a personal pension. The fixed rate mortgage, with C&G, ends its fixed period at the end of 2010 and finally when I am 75. What do I do then if I need to carry on with the mortgage, or do I do something at the end of 2010?

Comments

  • dunstonh
    dunstonh Posts: 120,985 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    What do I do then if I need to carry on with the mortgage, or do I do something at the end of 2010?

    When is the redemption date of the mortgage? Is 2010 when the deal ends or is that also the redemption date?

    If you are on a capital & repayment mortgage the mortgage will end at the redemption date with you having fully repaid the debt. If you are on interest only then you will need to pay the £60,000 on redemption date.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • nw_man
    nw_man Posts: 739 Forumite
    grand_parr wrote: »
    WeI currently have a £60000 mortgage on a bungalow worth at least £200000, I am 71 and my wife is 61. We are both on OAP and I have a personal pension. The fixed rate mortgage, with C&G, ends its fixed period at the end of 2010 and finally when I am 75. What do I do then if I need to carry on with the mortgage, or do I do something at the end of 2010?

    See someone and quick.
  • maninthestreet
    maninthestreet Posts: 16,127 Forumite
    Part of the Furniture
    grand_parr wrote: »
    WeI currently have a £60000 mortgage on a bungalow worth at least £200000, I am 71 and my wife is 61. We are both on OAP and I have a personal pension. The fixed rate mortgage, with C&G, ends its fixed period at the end of 2010 and finally when I am 75. What do I do then if I need to carry on with the mortgage, or do I do something at the end of 2010?

    So you have 4 years until the mortgage has to be repaid?
    Is this mortgage a repayment mortgage of interest-only?
    "You were only supposed to blow the bl**dy doors off!!"
  • grand_parr
    grand_parr Posts: 2 Newbie
    dunstonh wrote: »
    When is the redemption date of the mortgage? Is 2010 when the deal ends or is that also the redemption date?

    If you are on a capital & repayment mortgage the mortgage will end at the redemption date with you having fully repaid the debt. If you are on interest only then you will need to pay the £60,000 on redemption date.

    The redemption date is when I reach 75 in 2014. It is an interest only mortgage. Is it possible for me to continue after 75?
  • nw_man
    nw_man Posts: 739 Forumite
    grand_parr wrote: »
    The redemption date is when I reach 75 in 2014. It is an interest only mortgage. Is it possible for me to continue after 75?

    That depends on the lender.

    Most wont go past that age, some may do.
  • dunstonh
    dunstonh Posts: 120,985 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Is it possible for me to continue after 75?

    As mentioned above, it depends on the lender.

    Lending criteria is harder now. There are some that will still consider you but they will look at affordability and if that doesnt stack up then they wont lend.

    You do have a fall back option though. Equity release/lifetime mortgages. You should qualify for one of those and that may be the answer to your funding troubles.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • nw_man
    nw_man Posts: 739 Forumite
    dunstonh wrote: »
    As mentioned above, it depends on the lender.

    Lending criteria is harder now. There are some that will still consider you but they will look at affordability and if that doesnt stack up then they wont lend.

    You do have a fall back option though. Equity release/lifetime mortgages. You should qualify for one of those and that may be the answer to your funding troubles.

    Agreed, but second party is only age 61, making the amount anyone would release relatively small I think.
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