Mortgages for the Retired

Leodogger

CLAPTON wrote: »

once your husband starts to receive his state pension you can get a pension equal to 60% of his pension instead of your small one

Yes, thanks for that, the DWP notified me of that recently. It all helps :T

Leodogger

JimmyTheWig wrote: »

I agree that you will struggle to get another lender to give you a mortgage.
Even if you did, I doubt that you would do so without paying any fees and I doubt that you'd get one of the best deals.

The SVR you'll be going on to is pretty good. Less than we're currently paying on our mortgage (and we're perfectly happy with the rate we've got).
Lets say you managed to find a lender to give you a new mortgage. Lets say they gave you a great rate. Maybe 3.49%.
Over a year that would save you £430 in interest.
I would be shocked to say the least if you managed to get such a deal with fees less than £430.
So I'd say forget it and stick with your current lender.


I asked earlier about your repayment vehicle. What I was getting at was whether it was possible and/or desireable to use this to pay off some of your mortgage now.

Sorry, weas confused what you meant for a moment. We do have savings but do not want to use them to pay off what would be approx. 3/4 of the mortgage (wouldn't anyway until after our deal finishes, otherwise we incur £2000 penalty). Basically whilst we are trying to sell we need access to savings for costs so were just going to pay off the balance of the mortgage out of the proceeds of the sale. I know we should really just use them to pay off the mortgage when our deal ends to avoid paying so much interest but we have no idea at the moment how much we will need for deposits and costs to buy something else.