Older person's very stupid question...sorry

morganlefay

We have 100,000 outstanding on a mortgage we have had for some 25 years (we had financial probs due to OH's business becoming unwell and started paying only interest) The mortgage will come to an end on OH's 70th birthday in Feb and we have assumed that the only thing to do is to sell, downsize and pay off debt. BUT a friend has suggested that we might be better to remortgage with someone else instead. Looking at the costs of moving and the fact that in 6 months of looking we can't find a house that's bearable for the money we'll have (we really like our house) that sounds like a better approach. BUT does anyone know if we would be able to do this (re-mortgage our house) ? I will be 70 next year and our incomes are modest but steady. Don't know who else to ask, so any ideas very gratefully received...

tuttifruiti20

Generally speaking, mortgage lenders want people to be in a position to keep paying the mortgage for the length that it exists for and that means that they want people to be as young as possible and earning as much as possible. This means I'd think it's unlikely they'd take you and your partner on for a new mortgage. You could possibly look into a scheme however where you'd sell your property to a company who would then own it but allow you to live in it until your demise - there are some around tho I have to say I wouldn't know where you'd begin looking for a decent one.

kingstreet

I would say remortgage opportunities - virtually nil.

Equity release - possibly. Although this means selling a portion of the house or rolling up interest until you are both passed and the house taken to repay the debt.

Contact an IFA or an independent mortgage broker with extended lifetime mortgage permissions.