Repayment mortgage beyond 75??

*jobags*

We are currently with Northern Wreck and our 2 year fixed rate ends in November - we can't afford to go on their standard variable rate.

As of December our outstanding term will be 15 years

I was hoping to increase it to 20 years or at least keep it at 15 years and find a longer term fixed rate but I want a repayment mortgage so I have no debt when I eventually retire

Problem is my husband is 62 (recently retired) and I am 45 - all lenders I have looked at will not consider lendiing past 75 so the max term we can get is 13 years

Our outstanding amount is £250,000 and other houses in our area are advertised for around £450,000 - (utter madness) so we will need to borrow around 65 - 70%

We have no other debt and our joint income is around £60K. We do however have 3 children aged 5 and 1 (twins)

All I can seem to find is Equity Release which looks to me like a scam or interest only mortgage with HSBC - neither of which I want

Can anyone point us in any particular direction? - I'm going crazy surfing the lenders

Thanks

Jo

Fortyfoot

Hi Jo, give the Nationwide a ring on 0800 302010, or log on to them HERE

Lets us know how you go on.

Fortyfoot

Tiddler_2

Quite a few companies will allow you to have a mortgage that runs beyond age 75, but they have to look at how you will maintain the mortgage payments after retirement. If your husband has a pension that he can prove, and using that income and your current income meets their affordability criteria then you shouldn't have a problem.

Abbey, Halifax, Nationwide, Woolwich are the High Street candidates to look at

kunekune

I'm a little confused. If your income is £60,000, why is there a problem? Yes, if your husband was the applicant, I can see that age might be an issue, but either you are working and earning a good salary or he has an amazing pension ... You're the same age as me, and have a lot of working years left (I'll be taking out a mortgage in the next year or so, and it'll probably be for 20 years), so I don't understand why you can only get 13 years.

*jobags*

Sorry for any confusion....

Husband is 62 and his Occ Pension is £14,000 plus £2,500 pa carers allowance therefore his income is £16,500

I am 45 and my income is £40,000 plus £2,000 child benefit and £3,000 DLA at the higher rate for my son who is 5 that's paid until Dec 2013 when he is 11 ( On that basis DH claims Carers Allowance)

They let me have DLA for 6 years because I agreed not to appeal their refusal of the Mobility Allowance Claim.
To be honest - the DLA and Carers Allowance are a bonus - I am just so glad that our son is still with us

I assume when DH is 65 in Sept 2010 he will have to transfer to State Pension and lose the carers allowance but that's OK

Anyway, than for your suggestions so far - I already feel so much better and I will have a look at the High Street organisations you have recommended

The C and G will lend us up to £309K but that has to be paid off at 75 and all the lenders I have looked at so far seem to have an upper age limit so I will follow up the suggestions you have given

Not sure about the Nationwide tho - our original mortgage was with them it was a fixed rate 10 year and we had to redeem it early - paid £8K to get out of it!!!
Son was just out of his 3rd open heart surgery when we agreed it and our heads were elsewhere - we needed something quick

Again - many thanks to you lovely people :beer:

Jo XX

UK007BullDog

You need to speak to a whole of market broker. The lenders are changing their rates and criterias and deals on offer faster than a daily change of underwear.

Most lenders are now reacting very allergic to anyone going into pension age with a huge mortgage.

Also make sure you have protection in place for yourself as you are the main income earner. if something were to happen to you and the income would no longer be there you would be seriously in the poopoo.

*jobags*

Thanks for this info - I have previously used Boo to get my current mortgage and have a real pigs ear of a low interest loan of £20K, interest only of £80K and the rest is repayment.
I want to shunt the whole mess onto a repayment mortgage and then look at going Mortgage free.

We have a 20 year endowment with Scot Prov - been paying £168 monthly since 1992 and guess what - it's surrender value is £33,000 - about £1,000 more than we've paid in:mad:

We're going to surrender that now and put it straight onto the mortgage and having read the mortgage free boards I plan for us to be mortgage free within 10 years. I think it will do far better there than hanging around gaining nothing for the next 4 years waiting for a terminal bonus which may never arrive considering the current state of the financial markets.

I was going to approach some lenders directly and also seek advice from Boo and the firm recommended on here (can't remember it's name) can anyone suggest any other brokers who may be worth a spin?

Also - our fixed rate period ends in Nov/Dec - when should I start making actual approaches to lenders and brokers?

Jo

EdInvestor

*jobags* wrote: »

I think it will do far better there than hanging around gaining nothing for the next 4 years waiting for a terminal bonus which may never arrive considering the current state of the financial markets.

Undoubtedly this is a correct judgment when a Scot Prov zombie endowment is involved.

*jobags*

Thanks - nice to know we're doing something right:rolleyes:

I'm starting to feel ever so slightly in control

Many thanks to this site and all who give their time and advice freely :beer: :beer: :beer:

Jo

Ian_Griffiths_Halifax

Jobags. You need to be looking at another deal around 3 months before the end of your current deal. You can delay completion until the penalty ends on your current mortgage. Leave it any later than that and, depending on the lender, the broker and the solicitors, you could run it close.

Paul99

I am in a similar position. After 12 yesrs splitting with my partner. Im 49 and desperately want to keep the house but just could not afford to buy my partner out and repay it over 15 years (to age 65).