remortgage for over 50s: any broker or specialist over 50s?

pigeonpie

We are over 50 and looking for a remortgage. Our current seller found ways to say no, which involved mostly age algorithms (we think). It took 2 1/2 hours of our time. It was very tickbox (new system).
We were thinking of London and Country but have seen online ads for specialist over 50s' brokers. Does anyone have an informed opinion on who's good or otherwise?
When you see a property in London you have to make an immediate offer so we need all our ducks in a row up front and have an idea of max budget going in as everything goes to bids here. Thanks.

Thrugelmir

Is affordability the issue? As lenders may require clear line of sight on retirement income. If the term extends beyond normal retirement age.

pigeonpie

We have a clear picture on retirement income, but it involves renting out our little flat (no other source of pension due to living and working abroad) and using that as collateral. It's in a lovely area of Greater London and rentals are usually sorted in under a week. For the 2nd purchase (would live in it in due course) we have the required deposit but they raised age as an issue.
House is further out in a cheaper area. So it's no good when dealing with banks with tickbox rules and algorithmic formulae for a mortgage. We need a broker to tell us what is possible so we can work out what is doable.

L&C or over 50s specialist though?

Wh05apk

As Thrugelmir suggests this is probably an affordability issue as opposed to age, retirement income from proposed rents will not be allowed by any lender, as too many variables.

Jenniefour

Wh05apk wrote: »

As Thrugelmir suggests this is probably an affordability issue as opposed to age, retirement income from proposed rents will not be allowed by any lender, as too many variables.

Yes, it's not an age discrimination issue, it's about affordability taking into account your retirement age which would be the end of the mortgage term.

I got a mortgage without any problems at all from a high street lender at age 58 because I could afford to pay it off easily prior to retirement.

pigeonpie

So they don't take into account that you can sell the flat for way more than the mortgage is worth when the term is up? And that only 35% of the flat is mortgaged anyhow?
Is your income ONLY your salary then, not your capital assets?
We are looking for a mortgage about 3x gross annual salary. The loan-equity ratio is under 35%.
Retirement age is 67 which is 14 years away.

thank you

amnblog

What does a specialist over 50's broker do?

Sounds about as useful as a specialist over 6ft broker, or specialist over 80kg.

kidmugsy

pigeonpie wrote: »

So they don't take into account that you can sell the flat for way more than the mortgage is worth when the term is up?

By what magic might they know that?

Anyway, try National Counties Building Society.

Thrugelmir

pigeonpie wrote: »

So they don't take into account that you can sell the flat for way more than the mortgage is worth when the term is up? And that only 35% of the flat is mortgaged anyhow?

That's all supposition. What you might do. No certainty.