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

MWT

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.

There is so much help you could have got from this group, both from brokers and others who are familiar with what the market is like for those in the 55+ bracket, but for some reason you really don't seem to want to get that help by sharing even a little of what your circumstances and requirements are which makes it impossible to give you any specific suggestions as 55+ by itself doesn't rule out any of the lenders...

Good luck with your hunt on your own...

grumbler

housebuyer143 said:

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. 

"Because" doesn't explain anything. Why do they have stipulations if it's a secured loan? 

Taking a huge loan to repay debt might be something the lender doesn't do.

"Huge" is meaningless. What really matters is LTV, but nobody in this thread asked about this, and, most likely, it's very low in this case, i.e. the risk is very low for a lender.

And how is this different from, say, a credit card balance transfer that many other lenders are happy and even eager to do? Or from an (unsecured!) consolidation loan?

kingstreet

Julia1343 said:

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.

Nothing wrong with that. When I look for something new, I research and reach a conclusion based on the knowledge and information I've gathered. Sadly, when it comes to a regulated activity, this is an area full of pitfalls and no-one authorised to give advice is going to start name-checking lenders based on absolutely zero knowledge of the consumer concerned.

I'm not here for business creation. I have enough to do. I help people as much as I can and I have already said I don't believe the issue you have suggested is real. If you meet affordability and your loan purpose and property are acceptable to a lender you should be able to obtain a standard residential mortgage when two years younger than I.

MWT

grumbler said:

housebuyer143 said:

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. 

"Because" doesn't explain anything. Why do the have speculations if it's a secured loan? 

Taking a huge loan to repay debt might be something the lender doesn't do.

How is this different from, say, a credit card balance transfer that many other lenders are eager to do? Or from an (unsecured!) consolidation loan?

Lenders have a Consumer Duty obligation, and a very short version of that obligation is .. 

"The Duty requires firms to act to deliver good outcomes for retail customers. Firms must act in good faith towards customers, avoid causing them foreseeable harm, and enable and support them to pursue their financial objectives. Firms should consider the diverse needs of their customers – including those with characteristics of vulnerability"

So they have to understand what the customer needs before they can lend.

In respect of debt consolidation for example, the lenders must take care as they are potentially converting unsecured to secured debt meaning a customer could now lose their home where previously that was not a risk.

kingstreet

grumbler said:

housebuyer143 said:

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. 

"Because" doesn't explain anything. Why do they have stipulations if it's a secured loan? 

Taking a huge loan to repay debt might be something the lender doesn't do.

"Huge" is meaningless. What really matters is LTV, but nobody in this thread asked about this, and, most likely it's very low in this case, i.e. the risk is very low for a lender.

And how is this different from, say, a credit card balance transfer that many other lenders are happy and even eager to do? Or from an (unsecured!) consolidation loan?

Here's a list of what Nationwide won't lend for;-

Unacceptable loan purposes

We don't accept applications for:

• Business purposes*
• Purchasing a Buy to Let
• Partially built properties
• Partially completed barn conversions
• Building plots/self-builds (where this will form Nationwide’s security)
• Let properties

*We define business purposes as:

• Injection into a new or existing business
• Repayment of any business debt
• Payment of HMRC tax bill (borrowing to pay an inheritance tax bill is acceptable)

The above list is not exhaustive but it covers the reasons most commonly seen.

Some lenders have an appetite for such business and set their rates accordingly/

Julia1343

Thanks to the people that were genuinely trying to help.

housebuyer143

Julia1343 said:

Thanks to the people that were genuinely trying to help.

Everyone was genuinely trying to help - but you are not interested in getting any help or you would share actual information that was asked.

Andreg

I believe you may have misunderstood the reason your required loan is "specialist".  Age over 55 does not make it specialist.  More likely you want to borrow money for an abnormal purpose.  Perhaps you also have an abnormal plan for repayment of the loan.  The most common method, which all lenders will accept, is to repay it out of earned income by normal retirement age.

smallzoo2

Sorry for get crashing this thread

I am 67 earning the standard state pension plus I earn £31k as a part time job. My wife earns approx £22k

We own our 5 bed house outright and our monthly outgoing are around £1k a month

We have seen a house in our village for £160k. We are wondering realistically would I or we be able to get a mortgage to buy the house to rent out for a year and then my daughter would take over the mortgage in about a year 18months

If any of that makes sense would any lender look at us at all ?

cheers

ACG

I forgot about this thread. It made me smile reading back through it.

To answer your question though, if you have 25% deposit it should be possible but to be honest I think you have to question the plan 

Stamp duty implications, capital gains tax implications, income tax for the sake of 12 months... 

Is there a reason why you would not just wait the 12 months as financially I am not sure it makes sense. 

There could also be a better way of doing it, maybe your daughter buys it with your help for example.