Remortgage maths - any brokers' opinions?

Alan_Cross

Property value £330,000

Provable (pensions) income £22,000

Mortgage required £60,000

Ages 65 and 61

Credit record spotless

Current lender indicates remortgage with them not possible on account of age

Have I missed anything out?

Do-able?

ACG

Difficult but should be possible. Definitely one for a broker as some lenders are going to limit the term. I think its probably one more for a smaller building society who can be more flexible.

bedfordshireboy

Buckinghamshire BS did a 7 year mortgage for a family member who was 65 at the time. Mind you, the interest rate isn't attractive!

ACG

I think a longer term than 7 years will be possible. I have not used bucks for a while but their rates were not pretty like you say... I think normal rates should be possible.

Alan_Cross

bedfordshireboy wrote: »

Buckinghamshire BS did a 7 year mortgage for a family member who was 65 at the time. Mind you, the interest rate isn't attractive!

Precisely what worries us. Is there anyone lending to people in our position who offers anything close to the rates you see more generally?

Alan_Cross

ACG wrote: »

I think a longer term than 7 years will be possible. I have not used bucks for a while but their rates were not pretty like you say... I think normal rates should be possible.

Ah, thanks for that. Just what we were hoping to see.

ACG

There are lenders who advertise their criteria but they can lend outside that criteria if the case is a decent one (which this appears to be). This is where experience comes in to play.

At that LTV im sure you will be fine.