Can we get a further advance at 60?

Goldeneagle1

We have an interest only mortgage for another 14 years and would like to borrow 20k for home improvements but would like to know if this is a possibility With our mortgage lender? We still owe £217k and had was valued recently at £330k?

shortchanged_2

What is your ultimate plan to pay off the capital?

Goldeneagle1

Inheritance - but we would rather stay in the bungalow we are in and try to get further borrowing so the lender will get their monies back.

lonestarfan

You will probably find that any further borrowing must be on a repayment basis.
Your current Mortage ends at age 74/75 by the sounds of it.
You may be limited to bothe the number of lenders and the number of years you can borrow it over. As some have an upper age limit of 75 and they are few and far between. If you use your current lender they may ask more questions about how are you planning to pay back he £217k by the end of the 14 years so be clear on how much and when the inheritance is coming. Who is the current lender?
Who is current lender/what's your income/what's the retirement income going to be as the mortgage runs into retirement by the sounds of it. Any lender will want to assess incoem to make sure you have income in retirement to support both the existing £217k plus the extra £20k.
You could try for an unsecured loan but payments will be high and number of years low.

fierystormcloud

Woah, that is a LOT of money to still owe at 60! :huh:

I thought most people had their mortgages paid by 50-55.

lonestarfan

fierystormcloud wrote: »

Woah, that is a LOT of money to still owe at 60! :huh:

I thought most people had their mortgages paid by 50-55.

I read this particular board a lot. It's not that unusual. I know a lot of people in my social circle who aren't paid up by 50-55. Great if you are paid up by 50-55. Some are starting out with a mortgage at 50. Each to their own.
The main thing is to have a plan and one that suits your circumstances.

shortchanged_2

Goldeneagle1 wrote: »

Inheritance - but we would rather stay in the bungalow we are in and try to get further borrowing so the lender will get their monies back.

Is inheritance an accepted form of repayment for an interest only mortgage these days as it's not really guaranteed?

Goldeneagle1

Thank you to every one who spent the time trying to advise us - inheritance most probably not an accepted form these days. But it quite a substantial amount but I'm only 60 and whilst my employer is still quit e keen to keep me on till 75 then I should have a great chance - I just wanted to know by you money experts if if could be possible as my daughter doesn't feel it is - but she doesn't work due to a car accident a few years back.