Mortgage Advice - Remortgage

techra02

Hello All


Don't know if anyone can point me in the right direction I have a bit of a problem. I have a property which for various reasons of redundancy I had to change interest only mortgage. I am now at the end of the term (15 years) and still have an outstanding amount, however I have been unable to find work despite desperately looking (maybe I am beginning to appear a bit desperate) so am looking for a re-mortgage without work. There is significant equity in the property which is lucky and it is in a highly desirable rental area - the rental income would easily cover any mortgage until I got back on my feet. I could live rent free as my elderly mothers carer but I don't know if it's possible or who might be able to advise me about any options.


I have check my credit rating and it is excellent, and I have had estate agents round to value it and they have ££ signs in their eyes. But even if I sell it then apparently I have to pay tax, it all seems very confusing. Can anybody point me in the right direction for advice. Is it an IFA/Mortgage Broker/CAB. Thanks in advance.

amnblog

Remortgage with work is a problem unless you are over 60 when you may get specialist lending design for older borrowers in retirement.

If moving in with mum and renting you may get a let to buy mortgage based on the rental potential of the property.

If you sell there is no tax to pay on your main residence, although you may pay tax on a new purchase.

A conversation with a mortgage broker would be a good start.

Thrugelmir

techra02 wrote: »

But even if I sell it then apparently I have to pay tax,

There's no tax to pay if it's your home.

the rental income would easily cover any mortgage until I got back on my feet.

Letting property is a business. There's no guarantee of income. Or even of making a profit.

Is downsizing an option? i.e. becoming mortgage free.

techra02

Hi there


Thanks for your response, it's not ideal but at the moment it all seems down to timing. The proposal is to rent the property to Astra Zeneca which may give more assurance of the viability of the rental - do you think that would help? I will contact an Advisor tomorrow but I can understand the one I spoke I seem to go into the 'too hard, basket.

getmore4less

What's it worth.
What will it rent for
How much mortgage is left and what rate
How are you paying the interest
Which lender, have they said no to extending the current term
Age