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Remortgage for us oldies!
CP44
Posts: 2 Newbie
I am looking to remortgage on my salary of 35,000 p.a. a LTV of approx 55% (current value 240,000) current mortgage is 82,000 I need to borrow 125,000 to give my husband a lump sum as a divorce settlement. The problem is I am 53, I aim to retire at 65 and have a pension of approx. 17,000 payable from 60. Is my requirements so difficult as to be impossible. In order for me to reasonably cover the monthly costs I have roughly calculated I need to have a term of approx 17 years. Any help and advice much appreciated.:(
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Will you actually retire at 60?I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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Get yourself some formal advice and I suggest this will be easier than you think..
Good luckI am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
I will from my current job as I am contracted to do so. But I intend to work longer, until at least 65.0
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Can you defer the pension for a while?
Is a lump sum payable?0 -
Who said you HAVE to retire at 65 ? I do not get my state pension until I am 67/68 and I work with staff who are already 66.
What you need to consider is can you afford a £125K mortgage at 53 and still have a LIFE!
Good Luck0
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