Santander lifetime mortgage

oddjobbpb

current mortgage of £37000 with Santander, interest only, expires 6/2020

Property value £320,000

I want an interest only lifetime mortgage with them with voluntary over payments. I am an OAP!

Anyone know what's involved? Will I have to pay for a survey or prove income?

[Deleted User]

I want a million pound annual salary and don't want to work for it.

Neither of us are going to get it


Some lenders offer the type of mortgage you are looking for, santander are not one of them
Go see a broker and find the proper lender for you

oddjobbpb

Perhaps things have changed since this article then?

https://www.thisismoney.co.uk/money/mortgageshome/article-3686044/Santander-borrowers-switch-lifetime-mortgage-rates-starting-just-2-96.html

I just wondered if anyone had done it... not necessarily with Santander if they no longer do them

Jono987

Deleted_User wrote: »

I want a million pound annual salary and don't want to work for it.

Neither of us are going to get it


Some lenders offer the type of mortgage you are looking for, santander are not one of them
Go see a broker and find the proper lender for you

Is there really ever any excuse to talk to people like that?

Debutante

oddjobbpb wrote: »

current mortgage of £37000 with Santander, interest only, expires 6/2020

Property value £320,000

I want an interest only lifetime mortgage with them with voluntary over payments. I am an OAP!

Anyone know what's involved? Will I have to pay for a survey or prove income?

I don't know why that rude guy said that Santander don't do it because we are in the middle of doing exactly what you asked.

We also have a low LTV (£65k/£800k) and they did not want valuation/survey but they did want proof of income and are fussy about it being in the exact format they ask for. They also require you to sign a Sale Agreement which says you agree to sell the property (or repay mort) at the end which in our case is when I get to 70. It's quite an elegant process (nearly all online) but I dont know rate yet - it is unlikely to match the BoE base rate + 0.5% that we've been on for the last 10 years

ACG

That article is 4 years old.
Santander do not offer Lifetime interest only mortgages, I am not sure if you read the article or not, but it basically says they have done a deal with L&G and Key retirement to take you on as a customer. Personally I would speak to an Equity release broker if that is what you want, you may find you get a better deal elsewhere.

I do not do equity release so whilst I could probably answer the question, there is also a possibility I would get it wrong so best to speak to someone who specialises in equity release.

[Deleted User]

Debutante wrote: »

I don't know why that rude guy said that Santander don't do it because we are in the middle of doing exactly what you asked.

We also have a low LTV (£65k/£800k) and they did not want valuation/survey but they did want proof of income and are fussy about it being in the exact format they ask for. They also require you to sign a Sale Agreement which says you agree to sell the property (or repay mort) at the end which in our case is when I get to 70. It's quite an elegant process (nearly all online) but I dont know rate yet - it is unlikely to match the BoE base rate + 0.5% that we've been on for the last 10 years

Apologies for being the rude guy. Was obviously having a bad day and took it out on the wrong person. OP - i apologise.

On your point though, if you have agreed to repay the debt or sell the property by the age of 70, how is this a lifetime mortgage?

A few lenders do retirement interest only where there is no end date, the end date if effectively death of the last borrower. Signing an agreement to repay the debt at a certain point is surely the opposite of a lifetime mortgage that OP was looking for?

GraceCourt

oddjobbpb wrote: »

I want an interest only lifetime mortgage with them with voluntary over payments. I am an OAP!

Obviously, you would make your decision based on analysing your own situation, but personally we have been trying to dump Santander as a lender for over five years.

We have three properties, worth a total of over a million pounds, two of them are owned outright, one being our retirement home. We have an interest-only mortgage on the house in which we live, with a £275,000 mortgage that was originally taken out with Abbey National Building Society, which now represents less than 50% LTV.

When the mortgage came to term five years ago we duly expected to re-mortgage, and thought that we'd be able to take advantage of the lower rates available across the market... wrong! Long story short, the FCA/EU affordability rules meant that all lenders, including Santander, told us we couldn't afford a repayment mortgage, and we became what is now generally known as "mortgage prisoners". There have never been any late payments or any arrears. Despite this, for the last five years Santander have regularly threatened repossession and on legal advice we have kept telling them to start proceedings to do so, which would be defended, as we are advised that in our circumstances no District Judge would grant possession.

So Santander just regularly sends us solicitors' letters and adds the cost of these to the mortgage balance, and on each occasion we advise that those charges are not "reasonable" within the meaning of the mortgage contract terms and conditions and it stops, until the whole process starts again. We have been overpaying by £500/month since the re-mortgage was refused, just to prove the point about affordability, and we hope shortly to sell one of the properties and make sufficient repayment (less the disputed charges) of the principal such that we will meet other financial service providers' lending criteria, and we can get rid of Santander until such time as we're ready to retire permanently.

If you take my advice, you'll go elsewhere.

Locksmith4.London

Anyone know how much i need to earn for a mortgage £220 000?
thank you

[Deleted User]

Nationwide do “later life mortgages”
My parents in law are just drawing out £60k on a £530k house. You just have to ask in the branch or call up to speak to a specialist. They do interest and capital, interest only or no payments and it pays off when you die
Rate they got is 3% fixed and they are about to complete the deal