Age and reducing mortgage payments

YAbY

Long story, but I live with a family member, and she's mid-60s, and I'm early 30s.

We have a mortgage together on the house.

We're looking to try and get the payments reduced from about £600 per month to something lower. We've approached a broker, and we keep getting declined because of her age.

Is there anything that we can do?

I really don't understand mortgages, but any advice will be gratefully received!

pathtofreedom

You'd need to look at what interest rate you have on your current mortgage, as well as the term to see if you could reduce the payments. I'm guessing though due to her age it isn't a very long term which is what is causing the problem. Even if you can find another deal with a lower rate, you'd need to check if your current deal has any early repayment fees, as after paying other fees to remortgage too it might not be worth doing anyway.

Could you afford to buy her out and have the mortgage in your own name? Then have her as a lodger, it might be very bad if you fell out though.

Also have you approached your current provider to see if they can change the deal at all? Unless you've gone down a ltv threshold though, you may find they won't be able to do much to help either.

YAbY

Thanks for that.

What's an ltv threshold?

It's a 25 year mortgage, and we're about 8 years through it. Does that do anything?