Trying to extent Mortgage due to end of 25yr term

lonestarfan

Perhaps if OP has a job and an income then perhaps they could have a joint mortgage so they meet MMR?
OP - what age is she and what age are you and do you have a job/income? Is a joint app a possibility

Armorica

A joint mortgage sounds more realistic. Would the extended mortgage take her past retirement age etc?

Dave_Ham

cavework wrote: »

as I asked.. has anyone in this position had their home repossessed yet?
TBH I don't think it will happen .

This gives people false hope, the lenders will and are going through formal processes and will repossess.


Yes they are likely to grant 6 months and even up to 18 months extensions to be reasonable, but we have seen people with orders and dates they need to be out by.


Going back to OP, Woolwich are not duty bound just to extend a mortgage (or indeed offer a new one) just because is does not fit with your plans. They have stuck to their original mortgage they offered.


Surely the simple answer is you to be added to the mortgage in order to make achievable - assume there is a reason why not.


Secondly, to switch lenders can cost nothing but a new mortgage is almost certainly going to be on repayment and therefore this may be a consideration.


There appears to be solutions, but rather than waste your energy bemoaning the lenders lack of flexibility and communication (and it can be poor with Woolwich) get out there and identify your own solution.


Talk of stepchange was just someone trying to get you off the phone/out of branch.


Good luck

PeteTong1

Dave Ham - regarding step change, no they were not trying to get us off the phone, we were advised during a consultation which was by phone, there have been several and its the barclays adviser calling us, not what your implying.

What made this odd was the fact that my partners income along with her out goings showed that she can afford a repayment mortgage over 18 yrs but in the last call the adviser stated that the underwriters were not prepared to lead as its possible (as anything is) for us to split leaving my partner to pay all the bills, thats like saying we are not lending because you may lose your job in 2 or so years! In previous consultations they said they couldn't put me on the mortgage due to bankruptcy in 2009 which won't be of the record until Dec 2015, now they say they might be able to get around that, it just feels like stalling tactics with them.

Thrugelmir - she does meet the MMR, thats my point, now they say about, its possible we could split!!

lonestarfan - my partner is 52 just, as the mortgage would just extend into retirement, we had to get figures to show what state pension she would get and when.

anselld

PeteTong1 wrote: »

Thrugelmir - she does meet the MMR, thats my point, now they say about, its possible we could split!!

She would not meet MMR on her own, without your contribution to the bills. Hence their concern about a potential split.

If it were a joint application then they are not so concerned about a split because both parties remain jointly ans severally liable, split or not. As a single application they will only accept if her single income covers all the outgoings.

Thrugelmir

PeteTong1 wrote: »

Thrugelmir - she does meet the MMR, thats my point,

Then you know very little about MMR. Anybody with financial capability could appraise this situation within 30 seconds.

struggler

cavework wrote: »

I find this really interesting.
Has anyone who has had an interest only mortgage, that has run it's course, but always kept up their repayments and been unable to find the funds to pay it off or re-mortgage, had their home repossessed yet?

I will be in this position in Feb 2016, interested to hear any comments or tips on this as would ideally like to stay in this house

Thrugelmir

struggler wrote: »

I will be in this position in Feb 2016, interested to hear any comments or tips on this as would ideally like to stay in this house

Are you able to make any additional payments to the mortgage to reduce the debt?

Lenders certainly won't commit to anything until there's only a few months to go. So if you can improve the situation even slightly. May count in your favour.

struggler

No capital at the moment I'm afraid. Have some equity and I would hope to have enough to get lifetime mortgage/equity release, age permitting. Just wondering if I should talk to lender sooner than you suggest. Its The Mortgage Business (Part of Halifax/LLoyds)

By the way it was the banking crisis helped get me where I am with this mortgage !

lonestarfan

struggler wrote: »

No capital at the moment I'm afraid. Have some equity and I would hope to have enough to get lifetime mortgage/equity release, age permitting. Just wondering if I should talk to lender sooner than you suggest. Its The Mortgage Business (Part of Halifax/LLoyds)

By the way it was the banking crisis helped get me where I am with this mortgage !

If you are considering equity release then that makes me think age is an issue for you.
But it seems that things are changing on the age front as per my post re Santander but it may take a bit longer than 2016 to see any changes perhaps.
You don't mention current outstanding balance and current income so not sure if it's in the realm of possibility to remortage with age, income, loan amount.
If it were me, having read these boards, I would be getting my free cash back credit check and tidying that up by closing accounts and ensuring accuracy, making payments on time, making sure my bank account doesn't show gambling purchases, Sky tv, iphone, payday loans etc etc so it all looks in order for MMR affordability interviews and engage a broker closer to the time. I'd also get a surrender value if you've got an endowment, my state pension forecast and my private/employer pension forecast if you have one so as to demonstrate that I could afford payments into retirement. I'd also overpay as much as I could as Thrug says as well as looking at my debt usage percentage of available credit and then approach the lender a few months before. I'd hope they'd give you 6 months to sell or Remortgage. Good luck.