We're in our 50's, but can we raise a small mortgage to do an extension?

Posted on 4 March 2013 by Anita

My husband and I are both in our early 50s and are both still in full time employment. We are looking to borrow £30-35k to fund an extension to our property (value approx £270-£300k) which is mortgage free. What are the best options for raising the money needed. Many thanks.


This sounds relatively straight forward and easy to arrange, unless there's something in your credit history that might trip us up.

Although you are both currently in full time employment, as you are in your early 50's, lenders will want to know at what point you intend to retire, and how you would fund the mortgage in retirement if it's not to be paid off beforehand.

Also when raising funds on an unencumbered property, not all lenders offer the ususal free valuation and legal fees. Some only offer the free mortgage valuation, though there are lenders who offer a small cashback of £250, which usually covers the legal costs.

If you'd like to go through your enquiry in a bit more detail, then please let me know and I'll arrange a suitable time for one of our consultants to contact you.




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