Old as the hills

clivemyers

My LTV is about 30% and I have more than enough income for monthly repayment but I can't find a lender that will allow my to remortgage from my current lender because I'm 73. Any ideas?

Senior_Paper_Monitor

It will certainly be difficult to place - but, depending on your detailed circumstances, not necessarily impossible.

Find a good broker and he/she should be able to help.

betmunch

Theres a few places to go, I have just done the research for a client who is 72 year young.

I second what SPM said, get in touch with a good Independent Mortgage Broker.

Thrugelmir

How much do you currently owe?

Once LTV falls beneath 60% the potential return to a lender significantly falls away. So putting age aside. Its not an issue with low LTV and therefore low risk. Its profit.

Senior_Paper_Monitor

Rarely this happens but I'm going to disagree with Thrugelmir on this one.

When lending at this LTV the bank benefits from from very modest reserves (compared with high LTV) so pound for pound profitability is very attractive.

What does affect the attractiveness of the deal to a lender (leaving aside any criteria issues - and that is the real problem here) is the actual size of the loan against the administrative costs involved.

I still think it can be done - but repeat the recommendation to find a broker to assist.

Simon_gloster

It seems like an app you'd jump at.....but if your looking for high street, Natwest, woolwich, lloyds, the likelyhood is that they will have an age in their lending policy the mortgage term cannot extend beyond.

If your 73 now, you cannot have a 2 yr fixed rate if that lender stipulates it has to end before you hit 75.

Its unfortunate, but as said there are lenders who will go to 80/85 for new applicants.

Do you mind me asking how much you need and what its for? who have uou approached?