remortgage at 67 with daughter added to mortgage?

isthatallitis

i have a house valued at 300 thousand with an outstanding mortgage of 135 thousand which comes to an end in feb next year. i have no payment vehicle running alongside this interest only mortgage as i purchased late in life and needed a big house as my daughter and her children live with me..
i am working full time and earn around 32 thousand a year plus 14 thousand private pensions .. my daughter is just about to start up her own business, so no books yet
two small defaults from five years ago when i took the bank for charges, both marked as satisfied,,,, one for 1800 and one for 87 quid, they come off at christmas but dont want to leave it too late to sort out new mortgage.
mortgage payments all ok and up to date sparkling clean and no other credit
will i get a remortgage if i add my daughter on or on my own, we would like to stay here for another 5 years till the children finish school then sell ..

Thrugelmir

Your daughter has no earnings record on which a lender could base a decision.

Suggest you speak to your current lender now to see if any options are available. At the very least start paying what you are able off the mortgage.

isthatallitis

present lender age limit for mortgages is 65, so would be outside their lending criteria i have discussed this option with them.

Simon_gloster

If you can go to another lender your term will be restricted to 9-14 years.

As mentioned your daughters income cannot be used for affordability due to lack of account.

If you get a new lender it would have to be repayment.

Its doubtful you'll remortgage therefore you really need to think how your going to pay this loan back. Sell and downsize is my answer.

Dave_Ham

Given your equity size, there will always be a solution although not necessarily the most cost effective or what may constitute "good advice"

I would suggest you all of your documents including Experian and Equifax, remembering that if your daughter currently gets some benefits/tax credits, regular maintanence et al she may be able to be included.

You may have another child or sibling that would be appropriate to go on the mortgage and potentially due to the equity, you may be able to get interest only.

Get to a decent, recommended broker and there may be solutions although downsizing is one that you should consider.


All the best

isthatallitis

thanks for all your replies they are very much appreciated.. yes i agree with all that downsizing is an option and what we originally planned to do..but given the market conditions and also the childrens schooling we would like to hold out for a another four to five years so would ideally need only a short term mortgage of say 6 or7 years to allow selling time..
at which point we will downsize or if my daughters position enhances reconsider the situation accordingly. she is my only daughter so could not add another family member to the mortgage

isthatallitis

just noticed id put at age 67...i pressed the wrong number oops ...im only a young 65...sorry about that