Do Remortages really exist?

BML

I am 75 have no debt and would like to build an extension so last week I saw number of organisations offering Remortages and I telephoned one.
I told them that I was 75, had no debt, owned a property, had a good pension and wanted to borrow £30,000.00 to build an extension.
The answer was unequivocally NO because I am 75 and I was advised to ask an IFA to look for one on my behalf which bearing in mind all of the advertisements offering mortgages appeared stupid to me.
I would welcome any advice and comments.

Thrugelmir

As you are 75, over what term are you proposing to borrow the money?

BML

One year, possibly two.

Trollfever

If you’re retired and living on your pension you may be considering equity release as a way of getting cash from the value of your home. Find out how it works.
If you own your own home and are 55 or over, you may be thinking about equity release because it could provide you with a lump sum, additional income or maybe both.
In this section, you’ll find out how equity release schemes work and what you might think about before starting one.

http://www.moneyadviceservice.org.uk/yourmoney/pensions_and_retirement/equity_release/default.aspx

Joe_Bloggs

Some people live to 85 plus, some perish in their seventies. Life expectancy is a mortgage consideration in the lenght of the terms offered by mortgage lenders. Seventy five is the limit for some lenders.

A top advisor would know where to look. I think you will have to save before you will get the funds to build. Such is life and life expectancy.

J_B.

Wh05apk

Some lenders will go beyond 75 provided the income is there, if you have a decent pension, then £30k shouldn't be an issue, most lenders have a minimum initial term of 5 years, but nothing to stop you paying back early, speak to a broker to find a lender, otherwise you will be 76 before you find one yourself!