Advice please - would like to switch to repayment mortgage but husband on nhs pension

Gin_and_Milk

Hi

My OH and I would like to change our interest only mortgage to repayment. He's 55 and in receipt of an nhs pension which is index linked. He's also the breadwinner. I'm 41 so not due to retire until I'm 67, however my salary is lower so I couldn't take out the mortgage in my name only.

We bought the property for 152000 and would need to borrow 132000 over 25 years.

When we originally bought the property we were told we could only have a mortgage over 15 years taking my husband to 65. You could argue his income is more secure than mine!

Does anyone have any knowledge/experience of using their pension towards their mortgage past state retirement age?

Thanks

theartfullodger

Gin_and_Milk wrote: »

Hi

My OH and I would like to change our interest only mortgage to repayment. He's 55 and in receipt of an nhs pension which is index linked....

.... Do you mean he's already receiving his NHS pension?? Presumably so.,..

...Does anyone have any knowledge/experience of using their pension towards their mortgage past state retirement age? s now...

Thanks

Yes.

I got (an admittedly buy2let) mortgage a couple of years ago, happened to be interest only, I was aged about 66 - now 68 - & it runs to my age 80. (TMW, part of nationwide, but not relevant to you situation). I needed min. amount of non-property income so various pensions were fine: Understand various lenders deal with 65+ end dates... Presumably hubbie's NHS pension plus day job would be counted.

Suggest he/you speak with a couple of big brokers and ask which lenders look most promising.

Have you asked your current lender if they'd changed?? I'd be surprised if they wouldn't change.

Gin_and_Milk

Yes he retired about 8 years ago and it's index linked for life.
I didn't realise there were some who were lending beyond 65, it does make sense.

Thanks for your help. Think I'll make a few phone calls tomorrow!

G_M

1) post on the mortgage board here

2) investigate some of the smaller building societies

3) speak to an independant mortgage broker

Gin_and_Milk

Thanks G_M. I realised I'd posted on the wrong threads soon as I'd done it, so I moved to the right one.
Thanks for your advice too.