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Thread: Mortgage advice

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    Mustang Loving Radge
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    Mortgage advice

    Looking for a solution or advice for a family member that wants to refinance or switch lenders. So here's roughly where the problem lies. The persons wife passed away a year or so ago and her income is gone. The house is worth approx £200,000 and they currently owe £35,000 over the next five years. The problem is that they are over 60 and only work part time. No benefits are available and they have more going out than coming in. My advice was to try and extend the mortgage and have the payments (£650) cut in half, but they said the mortgage company wouldn't do it due to there age. Any bouncers have any experience with a problem like this?

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    In similar but different circumstances a friend of mine let a bedroom to a lodger which helped bring in extra income until the mortgage was paid off.

    I suppose nowadays there's other options like AirBnB available.
    Space to let

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    Have they looked at realising any tax free cash from any pension plans they have?

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    The mortgage company should have a care of duty to the customer given the circumstances but not all are that caring.

    I would ask your friend to persevere on the re-mortgaging elsewhere. Not all follow the same policies and age restrictions - that's how they can differentiate in a market that has been much the much for years (until November?).

    It's an arduous task but if he can guarantee repayments (and he currently is on a higher repayment plan) he'll get something.

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    Quote Originally Posted by SuperTortolano View Post
    This quote is hidden because you are ignoring this member. Show Quote
    Looking for a solution or advice for a family member that wants to refinance or switch lenders. So here's roughly where the problem lies. The persons wife passed away a year or so ago and her income is gone. The house is worth approx £200,000 and they currently owe £35,000 over the next five years. The problem is that they are over 60 and only work part time. No benefits are available and they have more going out than coming in. My advice was to try and extend the mortgage and have the payments (£650) cut in half, but they said the mortgage company wouldn't do it due to there age. Any bouncers have any experience with a problem like this?
    Presuming not hence the post; however did they have term assurance in place that was payable on the death of one of the joint lives?

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