Part endowment, Part repayment mortgage?

rubyberrie

Hi there

I need to remortgage due to divorce, does anyone know if any of the mortgage lenders will take into consideration 2 endowment policies that I have which are due to mature in 9 years time which and the amount that they equal will be interest only and then have the rest of my required mortgage as a repayment? I also have approx. 45% equity in my property

I understand Abbey Santander do this, but they are being really awkward about re-checking my credit report which they checked just before a large loan was showing as settled and now they are refusing to re-check my credit report for at least another 60 days ... this is the perfect mortgage for me too!

So any suggestions on any other mortgage lenders doing the same, would be much appreciated thanks

kingstreet

AFAIK most lenders offer part and part.

They may have revised requirements for evidence of the repayment vehicles, but it should still be an option.

rubyberrie

That's good to know, thanks

I got the impression from my mortgage broker that not many did it.

kingstreet

It's been so long since I did one, I thought I'd run it through Mortgage Brain. 484 products come up on a 50% LTV search on part & part, so there are a few lenders still there.

rubyberrie

Can I just ask, how long does it take approx. to enquire about a mortgage on a clients behalf?

I am in quite a hurry and my mortgage broker does seem to be taking quite a while getting back to me at times ... is it something you get an answer to straight away, or do you have to wait a while normally?

kingstreet

You've picked the only lender which treats someone paying off a credit commitment as if they will still have it afterwards. Abbey/Santander is the only one to do this. Most lenders allow you to tick a box to say the commitment will be repaid on, or before, completion and accept that you will do that and don't take it into account in affordability calculations.

I can't really say how long it takes to enquire, as that's not really what we do. We might phone a lender to ensure something is acceptable to them before making an application, but essentially it's;-

- factfind
- source best lender/product
- agreement in principle
- full mortgage application
- mortgage offer
- completion.

For a remortgage, I'd expect to have the full application submitted in two to three days, the offer in around ten days and completion in around four weeks.

rubyberrie

Oh okay, many thanks for your help ... I guess I am panicking because I need to get things moving!!

kingstreet

If you don't mind me asking, what's "perfect" about this Abbey deal? I've managed not to use them for a good while. They don't often appear at the top of my sourcing reports...