We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Mortgage on a widow's pension
MoneyPenny4
Posts: 4
Newbie
Hi,
I'm in my early fifties and am in receipt of a pension from the armed services. (It comes in two parts - half for myself and half for my daughter until she is 21. She's 15 now)
Four years ago I took out a small mortgage (60k on a five year fix at 2.79%) (I worked in a low paid job) and my monthly mortgage payments are just over £300/month.
Our house is worth @ £400k
Last year I left work to embark on full time post grad course. (Hoping to be in a better job in 2019)
My question is this:
Will I have to remortgage when the fix ends or will I be able to continue for a year on their variable rate without a salary and only my pension/child tax credits as income? (total approx £30k/annum) This is affordable (just) as long as I am in work in a year's time.
(background, I've credit card debt. (15k at 0% being paid off slowly) & an unsecured loan of £25k (tuition fees/extra living expenses for part time undergraduate degree - being paid back at a rate of £400/month as I didn't take out govt student finance).
Thanks for any advice
I'm in my early fifties and am in receipt of a pension from the armed services. (It comes in two parts - half for myself and half for my daughter until she is 21. She's 15 now)
Four years ago I took out a small mortgage (60k on a five year fix at 2.79%) (I worked in a low paid job) and my monthly mortgage payments are just over £300/month.
Our house is worth @ £400k
Last year I left work to embark on full time post grad course. (Hoping to be in a better job in 2019)
My question is this:
Will I have to remortgage when the fix ends or will I be able to continue for a year on their variable rate without a salary and only my pension/child tax credits as income? (total approx £30k/annum) This is affordable (just) as long as I am in work in a year's time.
(background, I've credit card debt. (15k at 0% being paid off slowly) & an unsecured loan of £25k (tuition fees/extra living expenses for part time undergraduate degree - being paid back at a rate of £400/month as I didn't take out govt student finance).
Thanks for any advice
0
Comments
-
When you revert to the variable rate, there is no further financial assessment, so you will be fine.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 advice0 -
Who is your lender ?
Have a look on your lenders website at New deals for existing customers.
As long as you are not borrowing more money or changing the term you maybe able to swop onto a new deal online. Hence no checks0 -
Thanks for help with this. Really useful replies.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 355.7K Banking & Borrowing
- 254.9K Reduce Debt & Boost Income
- 456.1K Spending & Discounts
- 248.3K Work, Benefits & Business
- 605.8K Mortgages, Homes & Bills
- 179K Life & Family
- 263.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.7K Read-Only Boards