Re-mortgaging for ancients

Troutspring

I need to re-mortgage my property to raise a lump sum of £42, 000 (less than a quarter of what the property is worth).

But I'm 65 and a lot of companies won't lend beyond yr 70th birthday, leaving me with only 4 1/2 years to pay off the loan and, therefore, a whacking big monthly repayment rate.

I could try to go the interest-only route but then I'd need to find £40k when I'm 70. Any ideas?

Troutspring

happybroker

there are a few lenders that will lend beyond 70. You will need to be able to provide evidence of an income sufficient to service the loan throughout it's term (pension income/ investment income etc).

It would be wise to seek the advice of a good whole of market broker here, asking around friends and family for a recommendation is the best way to find one.

Conrad

Halifax can consider these. I had to have the client confirm in writing to me they could comfortably afford the payments ongoing in order to protect myself.

Troutspring

Thanks. Anyone else do 70+ apart from the Halifax?

VIGILANT22

you're better consulting a whole of market mortgage adviser for lending into retirement......