Re mortgage for divorce at 58

save-el-bobo

Hi Can anyone help I need to raise 75k to stay in my house due to divorce what options do I have?
If I remortgage I will have just over 11 years before 70 the property is paid for (value £185000) I presume perfect credit history,Earn 40k per yr,And will have before 70 cash to pay off the mortgage (from pension lump sum /investments).Which lenders would accept an older person?.Would interest only be an option as I have investments?

Dave_Ham

It depends on a few variables, although this does look achievable.

I would suggest you get some professional help though as you only get one chance to get this right.

Depends on what types of investments on the interest only question, affordability based on salary sounds ok. Lender will need to go to 70 years, although if you are in a manual based job this may be harder than if you are in clerical/managerial.

Good luck...

timbo58

Most lenders won't accept employment after 65 so you have to pay it off at that age.
However it does sound like you have an acceptable 'vehicle' to pay this off at that stage? so it shouldn't be a problem.
''from pension lump sum /investments'' -will this mature before 65 is reached?

I could only get a 19 year deal when I applied last year for that reason anyway.

save-el-bobo

Pension lump sum would be at 65 investments before, since October? last year there is no longer a default retirement age so perhaps things have changed?