Over 50's Mortgage Renewal Rejected - 1 Month to remortgage PLEASE HELP

Kevmort

Hey All,
I was wondering if someone can help, my mum and uncle have a combined mortgage which is on my mums property. They’re currently with Barclays bank who have informed them they will now renew there current mortgage which comes to an end at the end of the month.
Both my uncle and mum are over 50 and mum is self employed, they are really struggling to find a lender or a solution who can allow them to get a mortgage to clear this payment with Barclays does anyone anyone at all have any advice or help.

lessonlearned

A mortgage broker would be the best bet.

LRmortgage

There isn’t enough information here for anyone to give advice.

As above, a local broker would probably be your best option.

Thrugelmir

Guessing that the current mortgage is interest only. Why leave it until now to take action?

dunstonh

Can you also clarify what you mean by renewal?

Is it end of a deal or is actually the mortgage coming to an end?

Kevmort

Sorry wasn’t sure how much information people needed to try and point me in the right direction, the mortgage is coming to the end of it’s term we had a broker who was working with us since the beginning of 2018 who said it would not be a problem and he was sorting it obviously long story short he hasn’t and the current lender won’t renew. We have spoke to the bank who said they are not willing to help and this has then left us in the situation outlined above. The payment is as someone touched on an interest only mortgage

AnotherJoe

Kevmort wrote: »

Sorry wasn’t sure how much information people needed to try and point me in the right direction, the mortgage is coming to the end of it’s term we had a broker who was working with us since the beginning of 2018 who said it would not be a problem and he was sorting it obviously long story short he hasn’t and the current lender won’t renew. We have spoke to the bank who said they are not willing to help and this has then left us in the situation outlined above. The payment is as someone touched on an interest only mortgage

How much do they earn?
How much do they need to pay off?
How much is the house worth?
What has the broker said?

Would be a good start !

Thrugelmir

Kevmort wrote: »

We have spoke to the bank who said they are not willing to help and this has then left us in the situation outlined above.

Affordability is obviously the issue then. Is downsizing an option. Though this should have been considered a while back. Lenders , under the direction of the FCA, have been writing to borrowers for some time asking how the mortgage is to be settled.

Kevmort

Thanks for all the replies

Combined annual income for them two alone is £36k
Two other people live in the property as well £22K

The mortgage has £100k left and the home is worth £330k

AnotherJoe

A 15 year repayment mortgage would only cost about £150/month more than they are currently paying on their IO mortgage.
£100k mortgage would be less than 3x income.
On the face of it that shouldnt be an issue.
What else is missing?
Debts? Inconsistent income?
Would the other 2 in the property chip in and be added to the mortgage ? (£22k very low for two people). Are they contributing to rent at the moment?

Kevmort

Hey

Commitments are as follows for both the applicants

Commitments
• Applicant 1Monthly Expenses
o £270 Car PCM
o £200 Bank Loan PCM
• APplicant 2 Monthly Expenses
o £185 PCM
o £150 PCM