Which Main Stream Lenders will give me a mortgage over 55 when my home is paid for

kingstreet

Julia1343 said:

Thanks for all the comments.

I've always arranged my own mortgages and not made poor decisions and have historically enjoyed the challenge to be fair however over 55's aren't getting a fair crack at the whip. The first thing you see is 'Equity Release' - possibly related to the reirement age, it's seems logical anyway.

I want to continue to do my own donkeywork and without the use of a middleman and on principal, why should I be forced to use a broker, they aren't rocket scientists. IIt's all about compare and contrast.

That said, no one has offered lender names or mortgage names? Who is providing standard mortgages (not equity release mortgages) for over 55's?

I can't find any real detail online and as you've gathered I don't want a broker. I got in touch with 1 main stream lender but they say that a mortgage for an unencumbered property is a 'specialist' mortage. Why specialist? Do they mean specially high rate for people that got over the finish line the st time around?

Most of us have already been shafted for 25 years, I'm not intending doing it twice.

I am sceptical because I like to use my own brain when it comes to MY finances. I have the best credit score you can get and I wonder why it's so hard to obtain a bog standard mortgage 55+

I don't want a lengthy repayment mortgage (15 or 20 yrs depending on calcs/affordability). The internet isn't being very helpful and neither are the lenders.

I'm old school, nothing wrong with that.

Thanks

 

Understood. All the best in your research.

Julia1343

Ok so I've never used a forum before and it seems I have offended some Brokers. Sorry about that, nothing personal, I just prefer DIY, my choice.

I'm still waiting for all those Lender deals/details that you mention? As previously mentioned is anyone actually able to provide examples of Lenders/Mortgage names for 55+ unencumbered that are readily available to review ONLINE?... Crickets...

I agree, turning from age 54 to 55 is just a number but the main players don't seem to look at it that way.

In answer to 1 of the comments, yes, I called 1 main stream lender but they class 55+ unencumbered mortgage as 'specialist' and there are no deals readily available online. I think it's a bit of an insult after paying a mortgage for X amount of years without a hitch now to be considered 'specialist' which undoubtedly means I'll be paying a higher than normal rate for my new mortgage.

I'm not arrogant, more of just a straight talker and I have helped a number of people over the years to manage their own finances better. This 1 time I am struggling to come up with options for myself.

Personally I think we should all take more time to deal with our own mortgages/finances instead of getting others to do it. 

I'm just a little old school thats all.

BoGoF

"I have the best credit score you can get"......that made me chuckle.

You do realise a score of 999 or whatever means very little? You should if you have done as much research as you claim.

housebuyer143

Julia1343 said:

Ok so I've never used a forum before and it seems I have offended some Brokers. Sorry about that, nothing personal, I just prefer DIY, my choice.

I'm still waiting for all those Lender deals/details that you mention? As previously mentioned is anyone actually able to provide examples of Lenders/Mortgage names for 55+ unencumbered that are readily available to review ONLINE?... Crickets...

I agree, turning from age 54 to 55 is just a number but the main players don't seem to look at it that way.

In answer to 1 of the comments, yes, I called 1 main stream lender but they class 55+ unencumbered mortgage as 'specialist' and there are no deals readily available online. I think it's a bit of an insult after paying a mortgage for X amount of years without a hitch now to be considered 'specialist' which undoubtedly means I'll be paying a higher than normal rate for my new mortgage.

I'm not arrogant, more of just a straight talker and I have helped a number of people over the years to manage their own finances better. This 1 time I am struggling to come up with options for myself.

Personally I think we should all take more time to deal with our own mortgages/finances instead of getting others to do it. 

I'm just a little old school thats all.

Literally everyone does over 55, so no one is coming here to list all the lenders. 
If you tell us what you are using the money for, how long you want to borrow for and if you are employed, we can give you advice. You might find this is actually your stumbling block, not solely your age.

If you are struggling this is where a broker comes into their own. You are not failing by having to use experts. I actually used a broker first time a few years ago because I needed a lender to lend 4.75x my salary+, and who would accept DLA in my sons name. I would never have found this myself regardless of how long I searched because it was too niche for how I normally source my mortgages. They found me one lender who could do it and I got the loan. 

If you have difficult circumstances, they are worth having. 

ACG

Julia1343 said:

Ok so I've never used a forum before and it seems I have offended some Brokers. Sorry about that, nothing personal, I just prefer DIY, my choice.

I'm still waiting for all those Lender deals/details that you mention? As previously mentioned is anyone actually able to provide examples of Lenders/Mortgage names for 55+ unencumbered that are readily available to review ONLINE?... Crickets...

I agree, turning from age 54 to 55 is just a number but the main players don't seem to look at it that way.

In answer to 1 of the comments, yes, I called 1 main stream lender but they class 55+ unencumbered mortgage as 'specialist' and there are no deals readily available online. I think it's a bit of an insult after paying a mortgage for X amount of years without a hitch now to be considered 'specialist' which undoubtedly means I'll be paying a higher than normal rate for my new mortgage.

I'm not arrogant, more of just a straight talker and I have helped a number of people over the years to manage their own finances better. This 1 time I am struggling to come up with options for myself.

Personally I think we should all take more time to deal with our own mortgages/finances instead of getting others to do it. 

I'm just a little old school thats all.

Who was the lender you went to? 

grumbler

kingstreet said:
.... What is the loan purpose?...

Hoenir said:

Julia1343 said:

Please spill the beans??? At age 57, which main stream banks/building societies will offer me a remortgage at a reasonable lending rate on my fully owned property. After all we haven't gotten to this stage of our lives by making poor banking choices. BUT, there appear to be NO SOLUTIONS.

... What is the purpose of releasing a large sum of capital? 

Edi81 said:

.....You have still not said the purpose of the money - home improvements, repay other debt or what. 

Why would lenders want to know the purpose and how are they going to check how the money is spent? It's a secured loan after all - secured on the existing property. 

ACG

grumbler said:

kingstreet said:
.... What is the loan purpose?...

Hoenir said:

Julia1343 said:

Please spill the beans??? At age 57, which main stream banks/building societies will offer me a remortgage at a reasonable lending rate on my fully owned property. After all we haven't gotten to this stage of our lives by making poor banking choices. BUT, there appear to be NO SOLUTIONS.

... What is the purpose of releasing a large sum of capital? 

Edi81 said:

.....You have still not said the purpose of the money - home improvements, repay other debt or what. 

Why would the lenders want to know the purpose and how are they going to check how the money is spent? It's a secured loan after all - secured on the existing property. 

It depends. If it is to clear debt, they may ask the solicitor to pay those debts off on behalf of the client. 
If it is for home improvements, they may want quotes for the work. 

If it is to put on black or to go and buy a load of Columbia's finest, the lender may have a problem with that. Lying on a mortgage application is mortgage fraud, so I assume they trust the applicant will answer honestly. They can then decide if they are happy to lend for that purpose or not. 

housebuyer143

grumbler said:

kingstreet said:
.... What is the loan purpose?...

Hoenir said:

Julia1343 said:

Please spill the beans??? At age 57, which main stream banks/building societies will offer me a remortgage at a reasonable lending rate on my fully owned property. After all we haven't gotten to this stage of our lives by making poor banking choices. BUT, there appear to be NO SOLUTIONS.

... What is the purpose of releasing a large sum of capital? 

Edi81 said:

.....You have still not said the purpose of the money - home improvements, repay other debt or what. 

Why would lenders want to know the purpose and how are they going to check how the money is spent? It's a secured loan after all - secured on the existing property. 

Because lenders actually have stipulations about loan purposes. Taking a huge loan to repay debt might be something the lender doesn't do.
The OP talks of avoiding equity release so potentially they are wanting the money for a purpose that the lenders don't like. 

Julia1343

Got it thanks

I'll muddle on and get there myself. I'm even more put off by brokers now than I was before.

ACG

Julia1343 said:

Got it thanks

I'll muddle on and get there myself. I'm even more put off by brokers now than I was before.

I think what is more likely is that you never wanted to use a broker and you wanted to pump us (brokers and the public) for information on who to go to and do the donkey work for you - despite you saying you wanted to do the donkey work yourself... Asking others for help is fine, I ask other brokers for help when I need it. But you are saying one thing and doing another. 

I have asked who you went to - you have not answered, presumably because you know I could go and get the criteria in a matter of minutes from a public place. I suspect you have been nowhere, done nothing and thought you could cut a few corners and then brag to your friends about how you did it all on your own without the help of a broker.

That all being said, best of luck. 

Funny, but you could have with some lenders had a mortgage offer in the time all of this has taken. I am not here to bang the broker drum, some people need brokers, some dont. I have helped many people on here and said countless times they can do it without the help of a broker. Its more the way you post, you say it is direct but you do not seem to like direct responses in return.