Virgin Money Remortgage & Retirement Query

isthereanybodyoutthere

Our mortgage is currently planned to run up to a few months before my husbands 70th birthday

He has no pension and we’re due to remortgage soon (10 years left so plan to do a 5 year fix now, then the same again in 5 years to take us up to just before his 70th and it will be repaid)

However, I’ve just noticed that in Virgin Money’s T&C’s it now says they only accept employment up to the oldest borrower being 67 years and 364 days.

Can anyone advise if this is going to be a problem on a remortgage please?

Our previous remortgage with them was 3 years ago and it wasn’t an issue then.

Or are we going to need to reduce our term by 2 years to stay within him being 67 years and 364 days?

And if it’s the reduced term offer, I’m assuming that will require a full new application - is that correct?

ThePants999

I've changed my term with Virgin (albeit in the opposite direction) in the middle of the fixed period. I can't imagine changing the term when you pick up a retention product is going to necessitate a full application! (However, FWIW, they did indeed limit the term to when the oldest of us turned 68.)

Thrugelmir

If you remain with Virgin you are not remortgaging. You will simply choose a product from those available on offer to you. 
Your existing mortgage will run it's full term. With no change. The revised T&C's will only apply to new mortgage applications. 
As you plan to do. Take two 5 year fixes to see you through to the end of the mortgage term. 
Overpaying the mortgage within permissable limits. Willl reduce the amount of interest you'll ultimately pay. 

isthereanybodyoutthere

Thanks for the replies

That’s good to know that it doesn’t apply if you are just taking another product.

Do you know when Virgin changed their policy on this - I thought it used to be just ‘up to 70’ with no pension income proof required.