Lloyds Bank mortgage help needed!!!

sunny-day_2

Hi, I am driven to distraction over something that can be solved so easily however feel as though Lloyds do not care for any customers whatsoever!

My parents both have a mortgage with Lloyds as they have for many years, My dad is 70 and my mum 65. They have £82,877.99 outstanding and only 4 years and 4 months left on the term. My mum fell seriously ill some years ago and they have been on an interest only repayment for some years as my dad had to finish work to look after her. Now although my mum is still seriously ill they are both at retirement age and WANT so desperately to start to repay the mortgage. Naturally they have quoted £1500 plus per month as they only have 4 years and months left on the term. They have asked if they can extend this for a further 5 years in order that they can pay it back in FULL with interest (9 years in total) which takes my dad up to 80 years old. They have worked out that THEY CAN AFFRD THE £650 monthly repayments with the extended term. The mortgage consultant said that LLOYDS take applicant for mortgages up to 80 years. HOWEVER, Will not simply extend the term instead said it will be passed to an "end of term team" after 2 years where they will contact you to arrange a repayment plan.


THEY WANT TO START PAYING YOU BACK NOW!!! Why wont they let them? It makes no sense and seeing as they treat long term customers as a number and not an individual case especially customers of pensionable age and with severe ill health causing such stress and worry when they JUST WANT TO START PAYING THE MORTGAGE BACK NOW is beyond me
.

"Always by your side"???

Anyone with any help or suggestions will be an absolute God send :mad:

jackomdj

sunny-day wrote: »

Hi, I am driven to distraction over something that can be solved so easily however feel as though Lloyds do not care for any customers whatsoever!

My parents both have a mortgage with Lloyds as they have for many years, My dad is 70 and my mum 65. They have £82,877.99 outstanding and only 4 years and 4 months left on the term. My mum fell seriously ill some years ago and they have been on an interest only repayment for some years as my dad had to finish work to look after her. Now although my mum is still seriously ill they are both at retirement age and WANT so desperately to start to repay the mortgage. Naturally they have quoted £1500 plus per month as they only have 4 years and months left on the term. They have asked if they can extend this for a further 5 years in order that they can pay it back in FULL with interest (9 years in total) which takes my dad up to 80 years old. They have worked out that THEY CAN AFFRD THE £650 monthly repayments with the extended term. The mortgage consultant said that LLOYDS take applicant for mortgages up to 80 years. HOWEVER, Will not simply extend the term instead said it will be passed to an "end of term team" after 2 years where they will contact you to arrange a repayment plan.


THEY WANT TO START PAYING YOU BACK NOW!!! Why wont they let them? It makes no sense and seeing as they treat long term customers as a number and not an individual case especially customers of pensionable age and with severe ill health causing such stress and worry when they JUST WANT TO START PAYING THE MORTGAGE BACK NOW is beyond me
.
"Always by your side"???

Anyone with any help or suggestions will be an absolute God send :mad:

Can they make overpayments on the account? If so then doing that will bring down the outstanding capital value. It will also show willing and leave less of a risk to Lloyds when they make their decision.

Unfortunately people are often just numbers to them. What they have seen is someone who went onto interest only and did not put a repayment vehicle in place to pay at the end of the term. Sorry, probably tough to hear, but I expect it is how the bank sees it.

Edited to add, if they can't overpay, put the overpayment away somewhere so when it comes to changing it over they can use this value to reduce the value they have as outstanding.

[Deleted User]

sunny-day wrote: »

THEY WANT TO START PAYING YOU BACK NOW!!! Why wont they let them?

They will let them.

Your parents just need to increase their payments so that they are finally paying off the capital.

ACG

Make overpayments now.
In 5 years there will be a £45k mortgage.
It will be easier to get a £45k mortgage than it will be an £83k mortgage.

They could look at a retirement mortgage, lifetime mortgage or you may find lloyds are happy to allow things to carry on as is if they can see a few years history of payments being made.

Thrugelmir

sunny-day wrote: »

They have worked out that THEY CAN AFFRD THE £650 monthly repayments with the extended term.

And if interest rates increase?

Kentish_Dave

As said above, no-one’s stopping them making overpayments. If they can afford the extra then tell them to start paying it now to start making inroads into the capital.