remortgage for over 65 with poor credit score

Kaz_Blue

For one reason or another my son and I are on my mortgage because my hubby had a poor credit score. Need to get my son off and put my hubby on and having problems finding anyone interested to take us on. We are now debt free but credit score still rubbish, hubby still works and earns a good wage plus he gets about £1000 a month additional pension, I work part time. He can work as long as he wants, house has £65,000 equity and we need a remortgage for £114,000 would be grateful for any advice and help.

ACG

What is "a good wage"?
What does your husband do?
How old you are both?
I think you may struggle with this.

cavework

probably a stupid question as I am not a mortgage broker but ..
Have you talked to your existing lender?

Kaz_Blue

Hubby 66, me 57. Hes 0n £34,000 plus bonuses, plus his pensions. I am only part time £9,000 a year. He is an area sales manager. we haven't tried our present lender, maybe we should? Some mortgage lenders advertise for over 65's with poor credit and we just need someone to give us that chance. Would like a mortgage over 9 - 10 years. Equity is good and we have no other debt.

cavework

Are you trying to increase your mortgage or just extend the term?
Is it interest only or repayment?

ACG

I think you might struggle. I cant think of any lenders who would go to 75 off the top of my head. Assuming it can be done then incomes should be fine.

I would speak to a broker, get them to do some leg work for you.

Cavework raises a good point - this would need to be on repayment.

Kaz_Blue

It would be re payment, just want to get my sons name off and hubbys name on!

cavework

So no increase in your original mortgage loan?

cavework

ACG ..
We were in a similar situation except there was no change to the names on the mortgage.
We had an interest only mortgage due to expire in Nov 2015 but the private pension OH paid that was to pay off the mortgage had to be used as draw downs when OH was made redundant.
He still has a healthy private pension (which passes to me on death ) plus enhanced state pension.
I am a young spring chicken 11 years younger , self employed for 10 years.My elderly Mum moved in with us 2 years ago
Anyway.. I fully expected to have to sell and rent this year as we did not have the funds to clear the mortgage.
I literally walked in off the high street to an independant financial advisor a few weeks ago asking for help.
His advice?
Talk to your current lender.. you do not have a hope in hell of obtaining a new mortgage , especially with your OH,s previous credit score.(all now cleared)
No charge but he was absolutely right. Current lender has extended interest only mortgage at a much lower rate to allow the second mortgage to be cleared fast and we are making over payments on the interest only mortgage.LTV is only 40%
That financial adviser will now get any business re my pension funds etc..
Please OP just talk to your current lender first

ACG

Its the name change that will cause the problem with the current lender.
It will be treated like any new application.

cavework

If our existing mortgage provider had changed us from interest only to repayment it seems the secured loan company would then have first claim if the house was repossessed but by varying the term of the existing mortgage nothing changed.
(Hope this info might help someone on here)
Not sure about change of names on mortgage but yes can see that would be considered as a new application