How Can a 66year young re-mortgage.

Goldeneagle1

We would like to know if there is a safe re-mortgage at my age of 66 as we don't wish to move from our bungalow but my wife is disabled yet still works 22 hours a week and we have 2 loans due to finish January 2016 but she just cannot continue no longer as its too much for her. Any suggestions please.

McKneff

Why do you want to remortgage????


Are you wanting to pay the loans off with a mortgage ?


Can you downsize, or equity release.


How much is left on your loans.

Goldeneagle1

It's a interest only mortgage and to re-mortgage the bungalow is the only option we have to pay off the 2 loans that we took out 4 years ago - when my wife was fit and well and we never expected her to suffer from a degenerative spine disease like today - and she so desperately wants to finish work and can't for another year.

Annisele

You're unlikely to be able to borrow any more on an interest only mortgage. So, if you do take a further advance to allow you to pay off the loans, at least that part of the mortgage (and possibly all of it) will need to go onto repayment.

I think this is all going to depend on your income. On the one hand, how much do the two of you earn, how much will you earn once your wife stops work, and how much are you getting from pensions/benefits/any other income? On the other hand, how much are you wanting to borrow (including your existing mortgage)? And how much do you think your bungalow is worth?

Depending on those figures, a remortgage over 8 years or so might be very easy, impossible, or somewhere in between.

Goldeneagle1

We have worked out all our figures as the bungalow was valued last week to our advantage - but who is going to offer us such remortgage at my age of 66? Even when I get 2 pensions and my wife should get disability allowance - affording such like a re-mortgage is a great great solution to help us out as we are better off with affording than ever - but natwest nor tsb are not interested in offering us help to remortgage at our age, so the other solution it obviously looks is to sell which I didn't want to do as the bungalow we are in in so perfect for my disabled wife and me.

Annisele

Go see a mortgage broker.

There might be a solution for you, but it's going to depend on the exact amounts you want to borrow and the exact amount of your income. The fact NatWest and TSB aren't interested doesn't say very much; different lenders have very different criteria - particularly surrounding the maximum age they'll lend to.

Contemptuous

TSB allow mortgages to run to age 75 maximum as long as it's affordable.

Senior_Paper_Monitor

As Annisele says - may well be do-able, but probably only by a specialist

lonestarfan

There's lots of brokers on here to give you some idea about whether it's do able but I think you need to give them a bit more specific info. Age and income and values are helpful. Whats the situation with your current interest only mortgage. How much is it, how long has that got left to run and how is that being paid off when it reaches its term. What's the value of the bungalow and the amount outstanding on the mortgage. That's sounds positive as you said the value was good. How much do you need to pay off those 2016 loans. What age is your wife. How much do you earn. It gives the brokers an idea of what the percentage loan to value is and the amount and number of years that could be available.
Good luck with it all.

Mojisola

Goldeneagle1 wrote: »

Even when I get 2 pensions and my wife should get disability allowance

If your wife has mobility problems, she needs to claim PIP before she reaches 65.

After that age, only care issues are considered and she would have to claim Attendance Allowance.

lonestarfan

Mojisola wrote: »

If your wife has mobility problems, she needs to claim PIP before she reaches 65.

After that age, only care issues are considered and she would have to claim Attendance Allowance.

That's a real nugget of advice that is. If she is below age 65 and claims pip and is accepted as having mobility issues then she'll get some payment of the mobility element which is better to have that as well rather than just the care component.
Best wishes.