How Can a 66year young re-mortgage.

Goldeneagle1

Thank you to everyone for this valuable advice and I would like to confirm my wife is 60 and already awarded PIP and on mobility but the care allowance of £61 per week was awarded to my wife as well but unfortunately because I am 66 and care for her at home - we was not allowed the already awarded care allowance because I am claiming a pension - but we will find a good mortgage broker and go back to TSB for more advice on a further advance - and report back to everyone the outcome.

sleepless_saver

It would be worth checking your benefit entitlement to see what you as a couple would be entitled to if your wife gave up work. Depending on your income you could be entitled to pension credit which would include help with the mortgage interest (though not as far as I remember for further secured loans). Link to benefit calculator here.

Mojisola

Goldeneagle1 wrote: »

Thank you to everyone for this valuable advice and I would like to confirm my wife is 60 and already awarded PIP and on mobility but the care allowance of £61 per week was awarded to my wife as well but unfortunately because I am 66 and care for her at home - we was not allowed the already awarded care allowance because I am claiming a pension - but we will find a good mortgage broker and go back to TSB for more advice on a further advance - and report back to everyone the outcome.

Do you mean the Carer's Allowance? That would have to be claimed by you, not your wife. You can't get the full amount if you are receiving a pension but, if your income isn't high, you can get an 'underlying entitlement' which brings in a bit more money.

Goldeneagle1

I did apply and was awarded carers allowance and then didn't get it because I receive 2 pensions - although I felt this was wrong as my pensions was what I paid in so now I was penalised by not allowing carers allowance to look after my wife when she gets home from working! but I am going off target here as I am trying find a solution to help my 60 year old wife finish work because it's now too much for her and one way would have been to apparently remortgage at 66 or get a further advance to help us pay off 2 loans that we took out 4 years ago when she was fit and well.

themull1

lonestarfan wrote: »

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.

You need to answer Lonestarfans post and then people on here will be able to help you.

Goldeneagle1

It's looking like I seriuosly need to speak to a mortgage broker as this seems to be the only option to help my wife stop working although the 2 loans should finish by January 2016 my wife is struggling to continue working . Thank you to all those who spent time trying to financially advise.

Goldeneagle1

Can anyone recommend a good solid mortgage broker please in the Nottingham area.