Recommend a mortgage for a 50+ year-old?

prowla

Hi.

I could use a spot of advice if you wouldn't mind, please?

I have a house valued at £200k on which I owe £120k, but I need another £40k and so want to get a mortgage for £160k, so approx 80% of value.

My current lender (Virgin One) will lend up to 75%, which isn't quite enough. I've also found the flexible account to be quite handy in some ways, but the interest rate is higher than it could be.

I'm 53, earn what many would call a decent wage, and could pay in up to around £1500/month, but would like the option of being able to pay in more if & when I choose.

Can anybody help with suggestions/recommendations for providers/mortgages to check out.

Thanks for looking!

Let_Us_See

There are many options available to you.

Unfortunately, what you think you could pay is immaterial as lenders' affordability models come into play. Secondly, what is a decent wage? How are people supposed to help with such limited knowledge.

Post salary and any other existing financial commitments to give us something to work on.

prowla

Ah, can't post salary as it's against my contract, so if that's a prerequisite for advice then thanks for the help.

I wasn't really looking for a fully costed solution, rather just suggestions/recommendations for providers/mortgages to check out.

GMS

Speak to a broker.

The term may be restricted due to age. Is 50 + 51 or 59?

Retirement age will come in to play. Pension provision may be required.

You need to find the best solution for you which may or may not be the best rates. Impossible to say with the very limited info.

What are the additional funds for? This may also have an impact on the application.

Let_Us_See

If you can't indicate your salary then it is not possible to assess whether any provider will lend £160,000.

prowla

GMS wrote: »

Speak to a broker.

The term may be restricted due to age. Is 50 + 51 or 59?

Retirement age will come in to play. Pension provision may be required.

You need to find the best solution for you which may or may not be the best rates. Impossible to say with the very limited info.

What are the additional funds for? This may also have an impact on the application.

Sure - will do.

50+ is 53, as per my OP.

Let_Us_See wrote: »

If you can't indicate your salary then it is not possible to assess whether any provider will lend £160,000.

Sure; I wasn't expecting a fully assessed and costed offering, but rather general suggestions/recommendations for providers/mortgages to check out.

Let_Us_See

prowla wrote: »

I wasn't expecting a fully assessed and costed offering, but rather general suggestions/recommendations for providers/mortgages to check out.

You'd be lucky. Not enough information to even assess basic affordability.

Are you named as "prowla" in your contract of employment?

Thrugelmir

One question will be what's the purpose of the equity withdrawl?

chambta

prowla wrote: »

Ah, can't post salary as it's against my contract, so if that's a prerequisite for advice then thanks for the help.

I wasn't really looking for a fully costed solution, rather just suggestions/recommendations for providers/mortgages to check out.

Even if no one knows who you actually are?

prowla

Thrugelmir wrote: »

One question will be what's the purpose of the equity withdrawl?

Thanks - yes, obviously will have to provide full details to prospective lenders.

Let_Us_See wrote: »

You'd be lucky. Not enough information to even assess basic affordability.

Sure, I wasn't asking people here to assess affordability; just for suggestions/recommendations for providers/mortgages to check out..

Let_Us_See wrote: »

Are you named as "prowla" in your contract of employment?

Well, the 2 + 2 that would need to be put together would not be difficult.

kingstreet

Subject to income, credit score etc, practically any lender will lend to you. There is no particular product or lender, just the one that will lend to you at the best rate, on your preferred terms and period of time and no-one on here can tell you that without considerably more information.

You either;-

get your sleeves rolled up and do some research or

appoint a whole market broker to do it for you.

The brokers on here won't name lenders for fear of being termed "advising" and it's unlikely a borrower will have sufficiently similar characteristics to yours that a recommendation from them will have any value to you.