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Remortage Problem, Im 54 and wifes 70.
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dougalmcfrugal
Posts: 2 Newbie
Hi All,
I'm looking to raise some money for house improvements. Our property is currently worth £500k and the equity we have is currently £400k. Looking to borrow an additional £100k so will take total mortgage debt to £200k.
I was hoping to add my son to the mortgage and take the term a little longer although with a 10yr term I could still meet repayments but the problem lies in that my wife is 70 and taking out a new mortgage is difficult due to this. She is retired and has an income but I just can see what bearing she has on the application as I'm looking to either add my son to the current mortgage or take out a new mortgage.
Do all lenders have the criteria of only offering a term for the length of time the eldest occupant has before pensionable age?
I'm looking to raise some money for house improvements. Our property is currently worth £500k and the equity we have is currently £400k. Looking to borrow an additional £100k so will take total mortgage debt to £200k.
I was hoping to add my son to the mortgage and take the term a little longer although with a 10yr term I could still meet repayments but the problem lies in that my wife is 70 and taking out a new mortgage is difficult due to this. She is retired and has an income but I just can see what bearing she has on the application as I'm looking to either add my son to the current mortgage or take out a new mortgage.
Do all lenders have the criteria of only offering a term for the length of time the eldest occupant has before pensionable age?
0
Comments
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A couple of ways to do this without your wife's age and retired status being a problem.
A re-mortgage, or a second charge loan on top of the current one.
You need the right lender and to find that you need a good whole of market mortgage broker.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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