Mum's Mortgage going over 75?! Please reply quick!

robbo1388

Hi Heroes

Mumsy has a mortgage with Abbey (about 20k left on it) that would take her over 75 before she's paid it off.

Looking to move, it seems the bank won't straightforwardly shift the mortgage over onto the new house (this called 'purporting'??).
Affectively making her re-apply for her current mortgage deal, Abbey is now turning her down because the mortgage term will take her over 75 before it's finished.
Obviously if she has to take another lender there'll be set-up fees, etc.._pale_

Has anyone got any help or knowledge of where to get the old crone a deal?
This 75 rule does seem to apply to most lenders i've looked at.

Wutang_2

Its called porting - and how does she pay it? Pension?

herbiesjp

Can she reduce the term with them?

Being a £20k mortgage, might not make a huge difference if it is over a shorter term

maninthestreet

So how old is your mother now?

robbo1388

Thanks for replies:

Mother is 63.
Don't believe she can afford any more payments than she's making now.
Yes, paying with a pension.

Is there any lender more accomodating for these circumstances that u know of?

Freshbeer

It's a fairly small mortgage, could another younger family member take the mortgage on for her? Would still be a residential mortgage if it's a member of immeadiate family.

EdInvestor

Freshbeer wrote: »

It's a fairly small mortgage, could another younger family member take the mortgage on for her? Would still be a residential mortgage if it's a member of immeadiate family.

Or act as guarantor.

Radiantsoul

12 years is a long time to pay off £20k. Perhaps a member of the family could make some payments in return for a share of the equity when the property is sold.

robbo1388

Thanks all

A guarantor sounds a good idea. I'm sure i can't, I'm in an SO property, but no doubt my sister could.

Do you think she could keep on the same deal/ port the mortgage? Would there be any other fees because of this?

(Paying it for her probably isn't likely. I'm like Oliver Twist really, short trousers, grubby face, u know. And the rest of the family's simply tight/self-centred/a bit vinidictive - LOL!)
Thanks all - Keep up the good work - ANY MORE SUGGESTIONS?

jill2002

Hi,

Guarantor or not, Abbey will not go past age 75 - it used to be 85, but was changed earlier this year.

Your mother has a maximum term of 11 years and however many months till she is 64. She can port her existing mortgage to the new property and not pay an early repayment charge (if she has one).

Why is she moving ? Does she have to move ?

There is always the option of keeping her house and renting it out and maybe she rents elsewhere - if she has to move.

robbo1388

thanks jill

no, she doesnt have to move - but she wants to!

So a Guarantor would not be any real difference at all, if it still has to be over by 75?

If this shortening of term takes place, would there not have to be fees due to changing the existing terms of the mortgage?