Halifax Re-mortgaging

jprice86

Hi, my parents have fully paid off their mortgage on their property and are looking into remortgaging the property to free up about £20k so they can travel and do the things theyve always wanted to. They are planning a year out in which my mum would still have her full income. They've looked into and with Halifax mortgages the monthly repayments over 25 years is very very easily affordable for them. The property is worth est. £90-100k. They have a Halifax current account if that helps. I'm just wondering how long the whole process will take from start to finish, from first applying on line to the money being in their account.

Appreicate the help.

Senior_Paper_Monitor

How old are they ?

Won't affect how long it takes to do - but will affect what they can do with who

jprice86

Senior_Paper_Monitor wrote: »

How old are they ?

Won't affect how long it takes to do - but will affect ahta they can do with who

Mum is 51, dad is 55..I think! Well give or take a year either side

Senior_Paper_Monitor

Straight off the cuff - maximum term will be around 20 years not 25 and likely to have to demonstrate income in retirement (unless you go the go the home reversion/equity release route which they may not wish to do - or be able at your mum's age).

This will not be easy to do.

See Halifax Criteria (similar or worse with other lenders) ..

Lending into retirement


The maximum age at the end of the mortgage term is 75 years for all lending.

Future retirement income will need to be verified where the client is within 5 years of their planned retirement or their 65th birthday, whichever is the earliest, and the term exceeds retirement. Affordability will only be assessed on retirement income above the age of 70.

jprice86

Senior_Paper_Monitor wrote: »

Straight off the cuff - maximum term will be around 20 years not 25 and likely to have to demonstrate income in retirement (unless you go the go the home reversion/equity release route which they may not wish to do - or be able at your mum's age).

This will not be easy to do.

See Halifax Criteria (similar or worse with other lenders) ..

Lending into retirement


The maximum age at the end of the mortgage term is 75 years for all lending.

Future retirement income will need to be verified where the client is within 5 years of their planned retirement or their 65th birthday, whichever is the earliest, and the term exceeds retirement. Affordability will only be assessed on retirement income above the age of 70.

Thanks. Very helpful. In theory though if all was ok, how long would this whole process take?

Senior_Paper_Monitor

Varies greatly by lender - but if you mean Halifax they are pretty slick at the moment, could be as quick as 3-4 weeks - but what's the urgency if its just to take a 'late life gap year' (and that is also the way an underwriter is going to think !) ?

jprice86

Senior_Paper_Monitor wrote: »

Varies greatly by lender - but if you mean Halifax they are pretty slick at the moment, could be as quick as 3-4 weeks - but what's the urgency if its just to take a 'late life gap year' (and that is also the way an underwriter is going to think !) ?

There's no rush just a general guideline on how long it takes