Help wanted

caradoc3

I am 79 years old, my wife is 77. We have a 25 year interest only mortgage with NRAM of £115,000 on a property worth £300K+ taken out in 2005. The interest is fixed at 4.99% until 2015. We have no repayment vehicle , the intention being that the debt will be paid from the estate of the surviving spouse.

NRAM have recently advised that they are waiving any early repayment fee so as to encourage borrowers to remortgage elsewhere, thus freeing up funds to repay the Government bail-out.

This is attractive to us as lower interest rates are currently available but we are unable to find a lender to lend on similar terms.

Any suggestions ??

holly_hobby

Your ages are a major problem for the main high street ....

You need a lender who does not have a max age or max term, but your income (earned or retirement) must be sufficient to service your borrowing, and you must obviously also pass the lenders status checks.

Yorkshire B Society are a lender who has flexability on ages & terms, true interest only (i.e no repayment vehicle), with the intention to redeem on 2nd death, by the sale of the property, may or may not be attractive to them - a visit or phone call to them would be a good place to start, including to see if they have a better deal available than what you are currently enjoying.

Have a google for thier contact details and current remortgage deals.

Hope this helps and good luck

Holly

PS - I've added them here .... http://www.ybs.co.uk/mortgages/index.html

caradoc3

Thank you. I have tried YBS but their max age is 75.

Ability to pay the interest is not a problem - we have more than sufficient income.

holly_hobby

This contradicts their published criteria .. "the maximum age limit for a mortgage is dependant on your personal circumstances. Please call us on 0845 1200 100 and we can discuss this with you", and may be more case specific.

I would suggest you seek the services of whole of market broker who should be familiar with which lenders will be comfortable with your ages, status, mge & term required and income - then compare their deals to what you have with NRAM , fees to move, facility to secure a futher product when the one you select ends etc ...

Hope this helps

Holly