Posted on 22 August 2011 by jim
My wife would like to leave our house and live on her own. Our house is valued at £450,000.00. Combined with our savings, I would need to raise £100,00.00 to 'buy her out'. What is the best way to do this and is it it possible at my age of 73?
"At your age" their are very few mortgage lenders who will consider an application, either you are already beyond their maximum age at the start or you would need to repay the mortgage by the time you were 75 and this would not fit their minimum mortgage term. Fortunately I know of at least one lender who does not have a maximum age and if you have the income required to support a mortgage of this size it should be possible to raise the funds. If you do not have the necessary income then you may still be able to raise the funds by way of an Equity Release mortgage. With this type of mortgage you are not required to make a monthly payment and the interest is rolled up until the property is sold, either when you move or it passes into your estate. You should not enter into this type of mortgage agreement without taking independent legal advice and speaking to any dependents you may have because it will reduce the value of your estate in the future.
I believe we can help you and that you would benefit from speaking to one of our independent mortgage advisers. Please call 0344 346 3672 and tell the consultant the date and title of your question, they will then be able to advise you on your situation.
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