Leaving An Offset Mortgage - Need A Fixed Rate

JOOLZ

Thanks in advance for any replies.

I have been in on an offset mortgage for the last 3 years - unfortunately, I dipped in to it a couple of times because I could !! (but I am better now)

So I really would like a fixed rate repayment for 5 - 10 years.

My property is approx worth 300K and my current mortgage is 185K

I earn 44K+ potential bonus of 13K per year but my husband earns approx 22K

The problem is that he is 53 - I am 37 -

Do you think it would be possible for us to get a mortgage over 20 years on either joint incomes or just mine on a good rate.

financial_solution

Joolz,

You would be able to get a 20 year term (more in fact). However, the proposed new lender "may" need some form of evidence/re-assurance that once retirement age was attained the repayments could still be maintained. The fact that you have a healthy wage and will still be working should suffice.

Given the good level of equity and income(s) you have available the remortgage should not present any significant difficulties.

As for whether you wish to apply in joint or single names may actually be a personal rather than financial consideration. However other posts may have more of an opinion on this issue than me.

In terms of the individual product you may choose others may express an opinion/suggestion.

Good Luck,

Regards,

Mark.