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YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE
YOU MAY HAVE TO PAY AN EARLY REPAYMENT CHARGE TO YOUR EXISTING LENDER IF YOU RE-MORTGAGE
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I’m 55 & my husband is 58 years old. My husband retired 8 years ago on a Bank Pension of £50K. We have no mortgage on our 5 bedroom, detached home in Cambridge, which I believe is worth about 1 million.
I would like to know if we would be able to get an ‘Interest Repayment Only’ mortgage for £250k if we put down a deposit of £25K?
If we can, what would the approx. monthly repayments be?
We do not wish to re-mortage the home we currently live in.
Thank you.
Mrs Johnson
There are lenders who will consider lending in retirement without your having to go down the Lifetime Mortgage route.
You obviously have sufficient equity in your property to support the size of borrowing required; however lenders at present at not prepared to consider Interest Only mortgages at 90% loan to value. Most lenders would; need you to be able to provide between 25% and 30% deposit for them to be able to consider a fully Interest Only mortgage.
If you would like to arrange a time discuss your requirements in more depth please do not hesitate to contact us.
Andy Fowler
well, we have no problem with the actual getting a mortgage – our problem is getting a lender to accept 3 names on the mortgage. my wife and I and my father. I am his attorney for his estate and we wish to use some of his money to secure a property where he will benefit from the income but we wish to share in this so we need a mortgage. no one will touch us even tho we can put down £200,000 on a house worth £370,000. the reason being my father is 80. But he will not be oaying the mortgage – only us but we want him on the title deeds as some of the money is his. our solicitor can’t understand why this is a problem. He is happy we are being honourable as is our IFA but we appear to be stuck. we would make enough income on this house as a buy to let /holiday rental to pay the mortgage and give my dad an income as well as put some aside for maintenance/emergencies. we are already on 2 title deeds of other houses and we have great credit. it is the issue of the LPA bit. If we didn’t need a mortgage there would be no problem in buying a property in my father’s name. help?