Remortgaging past 65?

Leafeysurrey

Does anyone know of a borrower who will remortgage us?

My husband is 65 next year and between us we have £60,000 income and no loans/debts, dependents and 100% repayment history on everything since forever. But trying to get someone to lend to us after he is 65 is proving a no go because they will only take his pension into consideration and ignore our wages.

Does anyone know any provider? I'm frantic with worry that we will lose the house.

Any suggestions would be very welcome.

Thanks in advance.

glosoli

How much are you looking to borrow and when do you both plan to retire?

amnblog

I can't see the problem based on what you have said here.

The deals are out there - we placed a 70 year old this month.

Contact a good broker.

Leafeysurrey

Thank you for your prompt and helpful responses.

We are looking to borrow 160k and plan to retire either 70 or 75 although happy to stretch that if we need to because of the affordability tests.

How exactly do we find a good broker? I've gone to the big company's but they either haven't come back to me or when they do say they are still looking - it's been months now.

glosoli

Leafeysurrey wrote: »

Thank you for your prompt and helpful responses.

We are looking to borrow 160k and plan to retire either 70 or 75 although happy to stretch that if we need to because of the affordability tests.

How exactly do we find a good broker? I've gone to the big company's but they either haven't come back to me or when they do say they are still looking - it's been months now.

With some lenders, if you anticipate to retire within the next five years, they will base the income on retirement income only. However, if you planned to retire at say 75, and assuming this realistic for the occupations you both are in, then it would be possible to base it on your current employed income.

Other lenders can be a bit more difficult about lending beyond state retirement ages, and may only allow retirement income to be used.

It is definitely something that can be done as long as the affordability is there, and if your previous broker has been looking/trying for months, then it would suggest to me they aren't looking particularly hard.

Leafeysurrey

glosoli wrote: »

With some lenders, if you anticipate to retire within the next five years, they will base the income on retirement income only. However, if you planned to retire at say 75, and assuming this realistic for the occupations you both are in, then it would be possible to base it on your current employed income.

Other lenders can be a bit more difficult about lending beyond state retirement ages, and may only allow retirement income to be used.

It is definitely something that can be done as long as the affordability is there, and if your previous broker has been looking/trying for months, then it would suggest to me they aren't looking particularly hard.

I'd have to agree with you on them not looking too hard....

So perhaps the short terms isn't attractive to them - something I hadn't considered. I'm going to look around for broker tomorrow and see if they can do something. Thanks again.