We're 56 & 53 years old, with an interest only mortgage due to end 2019. Is it possible to have a re-payment mortgage?
Posted on 2 May 2013 by Nila
My husband is 56 & I am 53 years of age and we have interest only mortgage, and it will finish in 2019. Is it possible to have a re-payment mortgage, we owe £240,000 & have got secure jobs.
Subject to meeting the lenders standard criteria, then we can certainly look to move you onto a repayment mortgage. I'm guessing that we'd need to extend the end date of the original term, and we'd therefore need to know when you are looking to retire, and whether you'd need to take the new end date beyond this date.
A number of lenders automatically look at any term that takes you beyond age 65 as 'lending into retirement', however that are those that look at taking the term to 70 or 75, again subject to when you're looking at retiring.
If you'd like to talk through your options, then please let me know and I'll arrange for one of our consultants to contact you to see how we may be able to assist you.
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