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silver mortgage
DNALan
Posts: 2 Newbie
Hi all
new to the forum.
Coming to the end of an interest only mortgage and looking to either remortgage or sell and have a new mortgage but I am 56 and my partner is 65 are there options regarding the amount of years eg could we apply for a 10 year term mortgage?
Or we could sell and downsize. House value £560,000, current loan £110,000
Have left it late due to my fathers illness and recent death
new to the forum.
Coming to the end of an interest only mortgage and looking to either remortgage or sell and have a new mortgage but I am 56 and my partner is 65 are there options regarding the amount of years eg could we apply for a 10 year term mortgage?
Or we could sell and downsize. House value £560,000, current loan £110,000
Have left it late due to my fathers illness and recent death
0
Comments
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I guess it would depend on what income you can show. In your place I would get in touch with a broker to get a realistic idea of my options.Hi all
new to the forum.
Coming to the end of an interest only mortgage and looking to either remortgage or sell and have a new mortgage but I am 56 and my partner is 65 are there options regarding the amount of years eg could we apply for a 10 year term mortgage?
Or we could sell and downsize. House value £560,000, current loan £110,000
Have left it late due to my fathers illness and recent death0 -
There are options to 75 and 80 but many lenders will only take your retirement income into account in calculating affordability as your partner will be considered within 10 years of retirement.
Get broker assistance with how to plan this properly.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, 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 advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
There are lots of different types of products now for the over 55's.
I notice you are in London, so £450k isn't going to go as far as the rest of the country. When you say downsize what sort of price bracket/property type are you thinking about? Would you consider moving away?
Unless you have good pension income, lending into retirement isn't a good idea - you need to have a good standard of living and enjoy yourselves - I feel quite strongly about that as my parents in law are asset rich and cash poor, they can't even afford to go out for a meal or a haircut but ponce around in this massive house they don't need for the sake of keeping up appearances
Anyway I digress sorry! I think you need to speak to an IFA or Mortgage Adviser as before you do this you will need to have your pension income looked at to establish affordability.I am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, 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 advice.0 -
MortgageMamma wrote: »ponce around in this massive house they don't need for the sake of keeping up appearances
It's is difficult to ponce for half a million in London MMI 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 advice.0 -
Thank you MortgageMamma0
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