remortgage

SHEILA54

Hi

I am 62 years old and have 5 years left to pay on my mortgage, which is fixed with HSBC at 3.99% for another 3 years and then will go to normal rates. I asked if I could borrow another £4000 to do some house repairs but they will only lend a minimum of £10000 and I cannot afford to pay the extra on that so I have been thinking about remortgaging instead. It seems that Yorkshire or C&G have the lowest fixed rates for a 5 year period but I know that some lenders are reticent to lend to those over 60. I also have to factor in the application fees.

The quote on my outstanding mortgage, with redemption fees is £53, 200 as at 31st July. This is 11% of the total value. My daughter, son in law and grandchildren live with me.

I seem to be getting cold feet before I do this and wonder if anyone can advise me?

Thanks

scotty197340

Hi Sheila, you could get a mortgage with Nationwide for £57,200 ( £53,200 + £4,000 ) fixed for 5 years with just a 5 year term at a cost of £1032 per month. There is only £214 of fees for this mortgage, and they will accept new applicants up to an age of 75 ( at the end of the term )

Hope this helps

Kind Regards,

Scott

scotty197340

Sorry Sheila, forgot to say, that will be a rate of 3.09%

GMS

Scotty you have no idea of the OP's circumstances so cannot say with any degree of confidence if Nationwide would accept her.

OP if you are unsure of what can be done you may benefit from speaking to a broker.

What is your income? When are you planning on retiring?

scotty197340

GMS I said Nationwide accept applicants up to the age of 75, which is true, I did not say that it would guarantee acceptance, as I am fully aware it depends on circumstance. What I QUOTED in my post is accurate and correct.