In our 70's, can we get a retirement mortgage of £35,000 ?
Posted on 21 February 2013 by John
I am 74 in March and my Wife is 71. We owned an apartment in Folkestone mortgage free but my Wife hated it there. We rented out this property and, in turn, rented a property in Andover. Eighteen months ago our landlord decided to sell and we took out a buy to let mortggage for £80,000 on the apartment and a mortgage from Halifax for £93,500 on the house in Andover. The buy to let is for ten years but the Halifax interest only mortgage is due to be repaid in August. I have written to them asking for an extension as the plan was to sell the apartment in Folkestone to cover both mortgages. However, there would be a shortfall of about £35,000 if we did this. Would it be possible to obtain a retirement mortgage for £35,000 to enable us to remain in Andover. We could, but do not want to, sell the house in Andover to cover both mortgages. I should be grateful for your advice. John Creasey.
If Halifax is unable to offer an extension, then there should be some other options open to you, which may not involve you having to sell either properties. Before we can get into more detail though, we would need to know a lot more information around your personal and financial situation.
As well as dealing with the major UK lenders, we have strong relationships with many of the smaller, lesser known lenders, who still manually underwrite applications, and therefore judge each one on its individual merits. If you'd like to find out more about what we can do to help you, then please let me know and I'll arrange a convenient time for you to speak to one of our consultants.
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