remorgaing house

cam5

iHi all, heres the scenario fathers current morgage outstanding at 105,000 not tied in currently svr want to remorgage for 150,000 over 25 years and put the property solely on my name , just had the propery valued last week both agents valuing at 400,000, is there any think i need to be aware of before i approach a lender

thanks

Thrugelmir

There are a number of issues and questions which arise from your initial statement.

What is the objective of this transaction?

Boozer

What is your salary? other expenses per month?

Is the mortgage going to be in your name or your fathers?, how old is he?

VIGILANT22

"Care" has to be taken if this is for the purpose of avoidance of care fees........

Peelerfart

Something is not being said here, I think :exclamati

cam5

ok sorry if i was a little unclear with my post the main reason being is that my father unfortunatley over the years has acumalted a number of depts mostly from credit cards about 35,000 in total his credit rating is pretty poor dues to many late payments over the years + his age 60 no one wants to help, on the other hand myself i have a good credit rating no outstanding depts on a salary of 35,000 p/a

GSXRCarlos

cam, where will you be living? will you 'rent' the house to him?

cam5

no i will stil be living at home, the main objective is to ease things up for my father as he is having a tough time of it, also forgot to add that father has an endownment policy that he took out in the 90s has 5 years left this due to pay out 95,000 he wants to carry on paying into this when it has fininshed this will be payed off on the new morgage then what ever is left out standing perhaps 50,000 or 60,000 i intend to take over the payments from there

thanks guys

cam5

any thoughts or advice would be most welcome

Thrugelmir

I would check that the endowment is going to pay the projected sum.

As your father is 60. Few if any lenders will advance monies for a mortgage beyond retirement age without proof of income to support the repayments.

Have you considered selling the existing property, then buying jointly?

I assume with your fathers level of debts that his finances aren't in the best of order.

Boozer

So remortgage would mean the mortgage would still be in your fathers name, i am pretty sure that he would not get a 25 year mortgage at his age.