Age difference

nads75

Hello, My husband and I have been in our home with a joint mortgage for 14 years now (We had the standard 25yrs loan). Our home is worth approx 100K now and we currently owe £57K so we have about £40K equity if we sell. Although i have wondered if we would be better off if we rent out our home and start again with a new property.

I am looking into moving home but wanted to know the best way of doing this, when we bought this house back in 2002 the mortgage companies were throwing money at us (said we could borrow £200K at the time!! but we were very careful and looked at properies in our budget) but I know things are very different now.

My husband is 59 and I am 41, and we have 11 years left on our mortgage which is more years than my husband has remaining in work (assuming retiring a the normal age of 66) and this seems to be the sticking point when it comes to a new mortgage, when we looked at re-mortgaging we were told they would only lend us 60K, which was less that we actually owned on the house at that time.

My husband earns approx 34K a year whereas I only earn 20K, but with the age gap would we be better if I alone sought a remortgage/new mortgage deal (increasing the term of the mortgage), or would anyone lend to us based on our joint income but my age left in work?

My huband has two pensions, one coal board pension with lump sum payouts of about 30K and another current one with his job now that is not as attractive, plus he had an endownment with his ex wife which matures in a few years and will give him 15K that we can use towards a new house.

Anyone have any experience of such a set up? best companies to deal with?

Sorry if confusing.

Thrugelmir

What do you see as the attraction of renting out your current home?

Retirement isn't mandatory. You can continue to work if one wishes.

nads75

I just feel that renting our current home would give us some security in the future should we want to sell, also for our children. It is not a definite, just an option I was looking into. (I blame homes under the hammer)

Haha, talk to my husband about that! He is more than happy to welcome retirement, working so long in a physical job at a factory, he is counting down the days. Obviously he will look at doing something else as he will be bored to tears, but the mortgage companies dont seem to consider this an option and there is the chance that he will not find another job easily.

HappyMJ

nads75 wrote: »

Hello, My husband and I have been in our home with a joint mortgage for 14 years now (We had the standard 25yrs loan). Our home is worth approx 100K now and we currently owe £57K so we have about £40K equity if we sell. Although i have wondered if we would be better off if we rent out our home and start again with a new property.

I am looking into moving home but wanted to know the best way of doing this, when we bought this house back in 2002 the mortgage companies were throwing money at us (said we could borrow £200K at the time!! but we were very careful and looked at properies in our budget) but I know things are very different now.

My husband is 59 and I am 41, and we have 11 years left on our mortgage which is more years than my husband has remaining in work (assuming retiring a the normal age of 66) and this seems to be the sticking point when it comes to a new mortgage, when we looked at re-mortgaging we were told they would only lend us 60K, which was less that we actually owned on the house at that time.

My husband earns approx 34K a year whereas I only earn 20K, but with the age gap would we be better if I alone sought a remortgage/new mortgage deal (increasing the term of the mortgage), or would anyone lend to us based on our joint income but my age left in work?

My huband has two pensions, one coal board pension with lump sum payouts of about 30K and another current one with his job now that is not as attractive, plus he had an endownment with his ex wife which matures in a few years and will give him 15K that we can use towards a new house.

Anyone have any experience of such a set up? best companies to deal with?

Sorry if confusing.

Have you remortgaged since?

I'm just surprised by the outstanding balance that's all.

To owe £57,000 on a property which is now only worth £100,000 after 14 years of repayments doesn't make sense. With a combined salary of £54,000 per year you should have been making some quite good inroads into the balance.

You can keep on working to pay the mortgage you do not need to remortgage you can stay with the same lender.

nads75

Hi,

Sorry yes we remortgaged. House was £45K when we bought is and we borrowed £15K for debt consolidation. (So wish we hadnt now but there you go).