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Advice please - would like to switch to repayment mortgage but husband on nhs pension
Gin_and_Milk
Posts: 402 Forumite
Hi just looking for some advice,
My OH bought a property a few years ago on an interest only mortgage and we'd like to switch to repayment. We bought it for 152000 and would like to borrow 132000 over 25 years.
However:
My husband is 55 but retired due to ill health. He is in receipt of an nhs pension which is index linked. I don't retire for another 26 years but my salary is lower than his pension so I can't take it out in my name only.
When we bought the property we were told we could only have a mortgage until my husband reached 65, hence interest only.
Does anyone have any experience / knowledge of using their pension towards their mortgage beyond the age of 65?
Thanks
My OH bought a property a few years ago on an interest only mortgage and we'd like to switch to repayment. We bought it for 152000 and would like to borrow 132000 over 25 years.
However:
My husband is 55 but retired due to ill health. He is in receipt of an nhs pension which is index linked. I don't retire for another 26 years but my salary is lower than his pension so I can't take it out in my name only.
When we bought the property we were told we could only have a mortgage until my husband reached 65, hence interest only.
Does anyone have any experience / knowledge of using their pension towards their mortgage beyond the age of 65?
Thanks
0
Comments
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Are you thinking about switching with your current provider?
All you need do is overpay. You don't need to re- underwrite and formally switch to capital repayment.
If you want to take the chance to get your mortgage set up on a long term again there are lenders that will consider the case and work on your husband's pension income.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 -
Our current mortgage allows us to overpay, but only by a set amount. We're currently paying about £480, however Nationwide are offering repayment mortgages for around £650.
Thanks for help. I'll find out how much we can top up.0 -
Nationwide will only do you a 19 year term.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 -
I'd better look somewhere else in that case!0
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You need to consider all options as finding a lender that will do 25 years is not necessarily the best solution.
You may get a better deal sticking to a 24 year term.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 -
Gin_and_Milk wrote: »Our current mortgage allows us to overpay, but only by a set amount. We're currently paying about £480, however Nationwide are offering repayment mortgages for around £650.
Why are you so limited in the amount that you can overpay?0 -
Thrugelmir wrote: »Why are you so limited in the amount that you can overpay?
I don't believe they are over paying at the maximum possible.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 -
I've just asked my husband who has just had another look and apparently there isn't a limit. When I asked him last time he said there was.
Honestly!!0 -
All husbands are born liars!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 -
Or in his case downright bloody gormless! ��0
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