Remortgage Advice

izools

Hello all!

Doing some shopping around for my mother. The time has come to seek a re mortgage.

Here's her current situation:

Property worth £160,000+
Current outstanding mortgage £58,500. SVR with Birmingham Midshires
Has impeccable credit history, but £12,000 outstanding credit card debt
Has £23,500 annual income, from three sources so would need to self cert

Here is what she is after:

Remortgage for approx £70,000 to £80,000 (so max 50% LTV) to clear credit cards and spruce up house

Wanting a term to run until her 80th or 85th birthday (is 59 now)

Wanting part repayment, part interest only (Or interest only with no overpayment penalties)

Fixed rate isn't a necessity, a tracker +2% or 2.25% would be ideal
Wanting to be able to self certificate


.... Any advice peeps can offer would be very much appreciated. Don't want to go near a broker with a 10ft bargepole!!

Trollfever

from three sources so would need to self cert

Among the report's proposals, the financial regulator is expected to call for an end to self-certification mortgages and rule that responsibility for income verification be transferred from mortgage brokers to lenders. The moves are an effort to crack down on mortgage fraud, which has already cost lenders about £400bn due to borrowers lying about their earnings to secure a home loan.

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/6360608/Era-of-cheap-mortgages-is-over-British-homeowners-warned.html

herbiesjp

You might not want to go near a broker (lol), but they may save you money by telling you to go for a full status mortgage.

Having income from different sources does not automatically mean self cert

Good luck

izools

Alright then, let's try and get somewhere on this one.

The income is broken down as such:

Salaried income: £12,500 PA
Rental Income: £7,540 PA
Disability Living Allowance: £3,200 PA

Are there any mortgage providers out there that would both:

a) consider this enough income to loan £80,000 @ 50% LTV
b) be happy to extend the mortgage term to the 80th or 85th birthday

??

Advice greatly appreciated

izools

Would somebody at least mind awfully pointing me toward the banks / building societies that allow the applicant to bring the mortgage past their 75th birthday?

This information doesn't seem readily available online.

I know from experience that Santander do but I would like options. Input / advice much appreciated

SouthCoast

This may help:

No selling.
No jargon.
Just the facts
about equity
release schemes.
from the Financial Services Authority (FSA)

Raising money from your home

http://www.moneymadeclear.fsa.gov.uk/pdfs/equity_release_ink.pdf

izools

We know what type of product is required, but thanks all the same.

The help is required finding a suitable lender offing the required income to loan ratio, good SVR follow on rate, and lenders happy to extend the mortgage term to the required age - I guess I'll just have to get a pad out and call around all the lenders in the week;

No harm in a little elbow grease and calling around just like they did in the good old days, I suppose

I'm very concious of the credit score vs recent applications issue and the last thing I want to do is help my mother through application after application to lenders that are targeting a different type of customer, worsening her credit score all the while through a spiral of declines.

Still, any pointers which would be the best lenders to approach would still be very much appreciated! Maybe we have some brokers or mortgage advisers that have experience dealing with specific lenders and can give us some help?