Remortgage in my 40s over 25 yrs?

MascaraMinx

When I get divorced I desperately want to keep my house. To do this, I’ll have to remortgage and give my husband his equity, which means in my mid 40s I’ll be looking for a pretty hefty mortgage with 75% LTV and over a 25 year term. I’ve got a pretty good pension, and will be able to show I’m due a lump sum which would pay off the outstanding amount. But I’m wondering what the chances are of getting a lender to offer a deal?

MovingForwards

How much do you need to borrow?

What's your income?

Any debt (loans, credit cards, HP etc)?

Any late / missed payments, IVA , CCJ etc?

It will assist the resident brokers a bit

Suzuka96

Im 42 with 90% ltv over 28 years

MascaraMinx

Thanks! So roughly:

income £50k
need to borrow £240k 🙈
no debts
excellent credit score, no missed payments etc.

MascaraMinx

Suzuka96 said:

Im 42 with 90% ltv over 28 years

Really?? Who is that with?

so maybe my biggest problem won’t be the term I want, but the amount!

MovingForwards

MascaraMinx said:

Thanks! So roughly:

income £50k
need to borrow £240k 🙈
no debts
excellent credit score, no missed payments etc.

Do you have any savings (over and above the legal / mortgage fees)?

It's usually 4.5x salary, but in some circumstances / jobs it can be more.

Have you done any mortgage calculator figures?

MascaraMinx

No savings, my job is public sector, been with the same department for 13 years, very secure.

The mortgage calculators seem to vary widely - I’ve had from £160k - £235k.  For the payments to be affordable it would have to be a 25yr term which I thought would be a problem.

ACG

Lenders will most likely want the mortgage cleared before your retirement age in the main. There are exceptions but you will be complicating things by going down that route. It is probably easier (not necessarily better) to extend your retirement age and if you decide to retire before that date, you can then use your pension to do that - but I think you would be wise to take advice before going down either route. 

MascaraMinx

ACG said:

Lenders will most likely want the mortgage cleared before your retirement age in the main. There are exceptions but you will be complicating things by going down that route. It is probably easier (not necessarily better) to extend your retirement age and if you decide to retire before that date, you can then use your pension to do that - but I think you would be wise to take advice before going down either route. 

So if I’d be better to say I’m going to retire at the latest age possible to get the longest term I can?

Are there particular lenders who are less bothered about this, or does it constantly vary?

Suzuka96

We are with nationwide and I said I’d be retiring at 70 as most likely that’s when I will be retiring at this rate.

MascaraMinx

Suzuka96 said:

We are with nationwide and I said I’d be retiring at 70 as most likely that’s when I will be retiring at this rate.

That’s really helpful thanks. And I hope you (or any of us) don’t have to work until then unless through choice!