Older lenders advice please

dellydaisy

Hi all just looking for some advice on mortgages my parents are wanting to remortgage there house to do up the house and pay for my wedding etc

There 62 and 60 my dads retired and gets a good local government pension and state pension and works as and when at the local supermarket, my mums 60 and gets a local gov pension too and still works for local gov part time, on phoning HSBC they told her that they,d only lend 2 years Till my dad turns 65. ?Is there any companies that are more age friendly.

I think they,d rather remortgage than loan.


thanks

herbiesjp

How much are they looking to raise?

There are plenty of lenders that can go over age 65, as long as there is enough retirement income to support the mortgage

Do they have a mortgage at the moment?

dellydaisy

Hi no mortgage at the moment, house is worth around 125K they have a 3K loan which has aound a year left, and there looking for around 15 to 20K


Thank you x

Mr_helpful

as long as the pensions cover the income multiples for the mortgage you will find plenty of lenders willing to lend. Index linked pensions are liked by the lenders as they are more safe than salary if you think about it.

herbiesjp

That should be straightforward with lenders that are happy with amounts under £25k

What are their incomes like?

dellydaisy

I thought so! I,ll try and do some research!!!

thank you x

JoeK_3

dellydaisy wrote: »

Hi no mortgage at the moment, house is worth around 125K they have a 3K loan which has aound a year left, and there looking for around 15 to 20K


Thank you x

The rather small amount could present a problem as most lenders have a minimum loan amount of £25,000. There a many lenders that will go to age 75 and some that go past this age.

Try Woolwich and Nationwide first.

JoeK

dellydaisy

Inculding pensions and wages are around 25k a year top of the note

toonfish

They should consider borrowing £25,000 even if they pay what they don't need straight back - this may open up a few more lenders

beverleyhills

Age Concern have information leaflets about options on raising money from property to pay for different projects.
Have they thought of Equity Release?. You need to speak to an IFA who has a qualification in Equity Release. Some may give a free first consultation.