remortgage at 66

holly_hobby

property.advert wrote: »

All these roll up interest mortgage options are highly priced and personally, I think they are rip offs. If you can borrow a low amount on a traditional mortgage at say 1.99% now, which you can, then why charge 6/7/8% or whatever for equity release.

They are a solution for those who are asset rich but cash poor, yet still wish to retain their home - which many do. They are further useful where the individual does not fit a traditional residential lending matrix, primairly due to age but may be income related too - but they are NOT to be considered lightly or without detailed discussion with family and suitably qualified professionals.

Of course, its hardly rocket science to work out that for those 55+, and if age related/restricted term and repaytment income isn't an issue, then a traditional residential mortgage would be clearly more suitable.

Further consideration is also required (if I/O effected to minimise outgoings) to ensure that a method of mge repayment is in place, as if the OP surivives to mortgage redemption date they will need to redeem the mge by saved/family funds, considering a lifetime mortgage, or selling the property if neither of the aforementioned may be soruced. So unless effected on a repayment basis, which the OP obviously finds affordable over the max term available - there are still term, repayment and residency issues to be considered on any traditional I/O mge as suggested.

Interest rates are generally higher on a lifetime mortgage due to the nature of the arrangement itself - which are suitable to certain circumstances and individuals.

My comments re consideration on how any equity release may affect the OPs qualification for means tested benefits remains, as do the issues raised re lifetime mortgages and the effect it can have on the inviduals estate and beneficiaries on death. (either by % sale or free equity erosion)

property.advert wrote: »

Of course, they are at risk of someone living way past their actuarial derived departure date but I don't see how that is worth the huge margins they market these things to; often to people who know little about them and who probably cannot work out the full implications.

That is why in this case, any formal discussions re a lifetime mortgage arrangement, must be with a qualified lifetime mortgage/later life adviser. As just with a forum, to accept/act on advice from those not qualified to provide such would indeed be quite reckless.

Hope this helps

Holly

Peelerfart

twinkle10 wrote: »

What is process of remortgage ? What all documentary is essential to remortgage the property? plz help to know these things.

Thanks for that Twinkle ^^



Just like to say good luck OP,doesn't sound to me an unreasonable request and I hope you find a safe,sensible solution.

Personally I would research more before coming onto a public forum and asking.Some on here are very good (not me) others are complete barn pots.

Which is which?

carefullycautious

sell up for 130,000 buy yourself a small studio flat/one bed flat and spend the rest.

But dont forget you have maintainence costs to factor in