Mortgage for over 60s

Superwoman12

Hi. We wanted to buy a bungalow which we would move to in 12 months. Our house at the mo is worth £350k and £13k left to pay on current mortgage. We thought we'd get a 2nd mortgage on our property to buy the bungalow which was £175k. Hubby has a very well paid job so thought it wouldb no problem! What a joke... Since new rules introduced it has been a nightmare, as I am 68 and hubby is 60 we got refused twice due to my age! We only wanted to borrow £175k for perhaps 12 months until hubby retires and we then would sell current house and pay off the second mortgage. Eventually our broker set us up with Leeds but I was told I would have to come off the deeds of our house, paying for the privilege at £500! They then came around to do a survey and valued it less than it is! Just a warning to anyone out there. We have had to pull out of the proposed sale. Watch out for the new rules.....Annette:mad:

amnblog

There are a few ways to get this done Annette.


It depends what your longer term objectives are.

Let_Us_See

Your income will decide on one or two options, but should be possible, and I am surprised your broker could not find a solution (apart from Leeds B S).

Whilst £500 is £500 (this is quite high for a Transfer of Equity), it is not a great expense to enable you to achieve your plans