lifetime mortgage

holly_hobby

Any mortgage lender, inc those who deal in Lifetime Mortgages want first charge on the property - if you already have a mge (that mge lender has 1st charge) which (I think) you are unable or don't wish to redeem at completion of your lifetime mge - well its a definate no go (thats notwithstanding the age aspect already highlighted above by Duns.)

So reading between the lines ... I think that you will have to go back to the drawing board on this !!

Sorry ...

Holly

Bigsmak

slugger230 wrote: »

Hello there,
i want to know if it is possible to do a lifetime mortgage or similar if there is a mortgage on the property?

thanks

Out of interest.. Why are you planning to do this?

pvt

slugger230 wrote: »

i hope there is no typos for the pedantics to comment on!

So sorry if seemed pedantic - I should obviously have guessed which of the numerous figures you quoted was in fact the wrong one!

If you take out a rolled up mortage on your £300k house, your right in saying you won't get more than about £60k, though as already stated, it depends on your and your partner's ages. That's because the cumulative compounded interest will tot up to nearly that if you live there until the upper estimates of your life expectancy. And they also need to allow for the house possibly devaluing over that time - unlikely, but why should they take a risk on it?

From that it should be fairly obvious you can't do it if the existing £155k of loans are still there.

When will you have the £155k of loans paid off? You could more realistically revisit the idea then.

pvt