Re-mortgage, now age is an issue

JustinR1979

Hi, just signed up as in a bit of a pickle with my mortgage.
Had to put my dad on the mortgage when me and ex split. Due to age mortgage dropped to 21 years (to 75). Renewed for 2 years no problem. Now trying to renew, and am 4 hours in with an advisor so far, and am looking at term dropping to 12 years - taking dad to 70, as no one will do it to 75 anymore.
I am with Nationwide, and was looking forward to renewing for 5 years fixed on same monthly payments as before.
Since first putting him on mortgage, his mortgage has ended (so 400k house paid for.
My house is worth about 250k, and I have 156k left to pay, so a good LTV. Between us we gross about 70k a year - which includes £10k a year index linked forces pension along with state and other small pension my dad has.
Payments will be a lot more comfortable than ever before.
Anyone able to help, as best case scenario at moment according to advisor is me dropping to 12 years, and paying £1300-1350 a month, as opposed to £980 at moment.

amnblog

Do you still need your Dad's income to make affordability?

dimbo61

" I am with Nationwide, and was looking forward to renewing for 5 years fixed on same monthly payments as before "
So what happened with Nationwide? what rate are you going onto now?
BMR is 2.5% and SMR is 3.99% !

JustinR1979

Yes I still need him on there, I earn £30k and have £156k owing - not far off doing it on my own.
Nothing happened with Nationwide, just this advisor says everyone has tightened up on age, and all only go to 70.
All I want to do is fix for 5 years incase rates shoot up, then LTV/money owing, I will be able to put the mortgage in my name.
Have just spoken to 3 different mortgage people at Nationwide, have said has to be paid off by 75, you're only renewing, and there's no problem. So booked to see someone in person Monday.


I am hoping this is as simple as it sounds, and hope I've wasted your time - I thought this mortgage advisor knew what he was doing.
Maybe I can catch up on a weeks lost sleep now.
I appreciate your replies, thank you.

amnblog

Careful - if Nationwide give you 'advice' they will re-underwrite the case based on todays criteria.

Do they not give you an option to select the 5 year rate 'without advice'.

JustinR1979

On the phone they said could put me through to renew, or could do it online, or could see someone. I chose to see someone after all this 'advice' I've had, just to make sure.
All I want to do is stick with them, fix for 5 years, and be on my way.


What do I have to watch for?
Sorry, my head is a mess with all this!
Do you think it should be simple enough?

kidmugsy

Try National Counties BS.

amnblog

Do it online and you can get the 5 year fixed rate and avoid all these risk assessment questions which may leave you unable to switch rate.

Of course, the Lender's online service is self select with no come back if you decide later you have pick the 'wrong' product.

JustinR1979

kidmugsy wrote: »

Try National Counties BS.

Thanks, but I think the Connells advisor is the issue, not Nationwide.


amnblog - As I'm booked in, I could just ask a few questions, come home and do it online?
2 years ago it took 5 minutes and the previous connells advisor I had did it online there and then and I had £400 cash back. Bit different this time!
This one may well be getting a smack in the mouth....


I am dead set on 5 years - will know what I'm paying for 5 years, will be a tenner a month less than now, and at the end of this term the LTV/amount of mortgage left, will be affordable enough to take on my own.

Thrugelmir

JustinR1979 wrote: »

Yes I still need him on there, I earn £30k and have £156k owing - not far off doing it on my own.

That's currently over 5 times salary. So you may well be further away than you realise.

JustinR1979

Thrugelmir wrote: »

That's currently over 5 times salary. So you may well be further away than you realise.

Really? I've seen a lot of your posts on here, you know your stuff!
I wasn't far away when the advisor was poking around at 35 year terms - despite me saying 5 years fixed with Nationwide from the off....
I don't know how much 5 years (60k) will bring down the mortgage to?
I 'should' get 2.5% payrises for the foreseeable, along with a few quid overpaid on mortgage here and there with a bit of luck. Could be down to 4 times salary in 5 years? I have very little outgoings, and am sensible (people call me tight) with money, so should have perfect scores and history.


£121k in 5 years time according to a calculator on here (great site!).