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Mortgage for 70 y / o?
Conrad
Posts: 33,137 Forumite
I suspect this one is not doable.
Hi all I used to be a regulated broker but not any longer.
A relative aged 70 wants a like for like remortgage £150k on his main resi worth £1m.
He has NO pension / investment income aside from small state pension.
Therefore borrowing must be on basis of his continued working as a self employed consultant making £85k pa.
He has be told by brokers no problem only for them to go cold on him a few weeks later.
The key issue of course is affordability, by which I mean lenders restricting to a 5 year term for example will require a huge income.
So in summary we need a common sense lender that will offer say 15 year term knowing full well he can downsize should he become unable to work.
Tried National Counties direct, no good, will only consider pension or investment income.
Any clever ideas? I'm keep he does not get reeled in again on a hope and a prayer only to be let down.
Many thanks.
Hi all I used to be a regulated broker but not any longer.
A relative aged 70 wants a like for like remortgage £150k on his main resi worth £1m.
He has NO pension / investment income aside from small state pension.
Therefore borrowing must be on basis of his continued working as a self employed consultant making £85k pa.
He has be told by brokers no problem only for them to go cold on him a few weeks later.
The key issue of course is affordability, by which I mean lenders restricting to a 5 year term for example will require a huge income.
So in summary we need a common sense lender that will offer say 15 year term knowing full well he can downsize should he become unable to work.
Tried National Counties direct, no good, will only consider pension or investment income.
Any clever ideas? I'm keep he does not get reeled in again on a hope and a prayer only to be let down.
Many thanks.
0
Comments
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Begs the question if pulling in £85kpa why is there still a £150k debt?0
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