Getting mortgage with house paid off -ING

highlyhumerous

I am a 52yr old female who was fortunate enough to have paid off my mortgage last year after 4 very very hairy financial years. I found myself needing to get a "new" mortgage to settle with the Inland Revenue. My bank would not provide a mortgage as house paid off - 3 other uk banks refused on the same basis and I was told I would need an equity release loan (the rip off variety). I searched for foreign banks with uk branches and selected ING. It has been less than a month and I should be receiving my offer letter in the next couple of days to complete what has been a hassle free, extremely pleasant experience. I just wanted to let forum know that if you have paid house off - ING let mortgages run to age 75 (ie mortgage must be paid back by 75th birthday) and do except private pensions as proof of income. I personally give them 10/10 for their professionalism and timeliness.

happybroker

British banks don't have an issue with remortgaging unecumbered properties as a rule. Many, however, have an issue at the moment with lending money to cover tax bills.....I think your advisers may not have given you the full story.

Let_Us_See

Mmmm. Most UK banks and building socities will lend on unencumbered properties (although some, like the Halifax, treat it as a purchase rather than a re-mortgage), and I feel that was not the reason for the declines. Any competent advisor (did you use an advisor?) should have been able to place this case, even if the funds were for a tax liability, without 'trawling' the High Street. Would it have anything to do with your "4 very very hairy financial years?" Most lenders will accept pension income.

I am pleased to hear you finally managed to secure the necessary funds.