We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
remortgage for 60's
Lee_A1976
Posts: 5 Forumite
Hi there
my mum and dad are coming up to 65 yrs old and currently
have some out standing debt
can they remortgage and release some equity to pay off all the debt and leave themselves with 1 easy to handle mortgage payment?
they require a littleover 50k over a 10 year period
with there house being valued at approx 200k
is this something that is available to them?
Regards
Lee
my mum and dad are coming up to 65 yrs old and currently
have some out standing debt
can they remortgage and release some equity to pay off all the debt and leave themselves with 1 easy to handle mortgage payment?
they require a littleover 50k over a 10 year period
with there house being valued at approx 200k
is this something that is available to them?
Regards
Lee
0
Comments
-
Do they still work? What's their income? Any CC debt?Feb 2012 - onwards MF achieved
September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
April 2018 down to 28.00 months vs 30.04 months at normal payment.
Predicted mortgage clearing 03/2047 - now looking at 02/2045
Aims: 1) To pay off mortgage within 20 years - 20370 -
Can they evidence the income they will have for that ten year period to justify the lender's affordability requirements?
If they can, it should be a straightforward process as most lenders will lend to age 75.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
My Mum doesnt work and my father is looking to retire end of the year but there combined pensions will be approx 1700 p/month
looking at some of the mortgage calculators on various bank websites they are around £600/month for borrowing 55k over 10 yrs
still leaving them approx 1100/month
Lee0 -
As long as they can proove their retirement income they will be fine with a number of lenders. Best lender for the above scenario will be Leeds BS as they will go to a maximum age of 85 should you need a longer term. Any good broker will be able to arrange this for your mum and dad without to much hassle.I am a Mortgage Advisor. You should note that this site does not check my status as a Mortgage adviser, so you need to take my word for it. This signature is here as i follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldnt be seen as financial advice.0
-
Sounds good
thanks for everyones advice appreciate it
cheers
Lee0 -
Just an idea but YBS do a 10 year fix at 4.99% with a fee of £995 now borrowing £51000 would cost £540 a month ! I have added the fee to the amount borrowed.
Your parents would pay £13,882 in interest over that time0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.9K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 246.9K Work, Benefits & Business
- 603.5K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards