Posted on 2 July 2013 by Michael
I'm 65. I've a C&G SVR interest only mortgage of £100k expiring 2020 on my house worth £330k. On Jan2014, I plan to split it 50/50 with placing £50k on repayment method within 10 years and £50k interest only on lifetime mortgage. I read in recent STimes that Hodge Lifetime Retirement Mortgage is available. Is this feasible?
As both lenders would require their loans to be the first charge, I don't think what you are looking to do is possible in this form.
The only way to do this would be to move £50,000 onto repayment with C&G now and look to run this until the 2020 end of term, and then move the balance onto a lifetime mortgage.
If you'd like to talk in more detail about the options available to you, please let me know and I'll arrange a suitable time for you to speak to one of our consultants.
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