Mortgage for a long period

[hara]

Dear all,

My fixed mortgage is coming to an end in March,If my present mortgage provider does not give a favourable rate I may look else where.

I will be 60 in June, I would like to know if there are any Mortgage provideres who provide Mortgage for a longer period or My age would prevent it?

Hara.

[mikebdomain]

Hi Hara you could obtain a mortgage for 30 years, serious considerations will have to be given to affordability into retirement though. Another option is a lifetime mortgage (not something we do) this is where you do not pay back the capital until death. E.g. upon death your house is sold, the first charge (the mortgage) is repaid with the balance paid to your estate, as I say not something we do, you will need to speak to a specialist IFA.

FREE ADVICE IS THE BEST ADVICE

LEYBRIDGE LIMITED
Mortgage Broker
Specialising in adverse credit.

see feedback and testimonials at:
http://www.leybridge.com/testimonial.php
Check out my blog at:
http://mikebdomain.blogs.iva.co.uk/
Please read our Initial Disclosure Document(IDD):
http://www.leybridge.com/Leybridge-IDD.pdf

[hara]

Dear Mr.Mikebdomain,

Can a mortgage be transfered to wife or Children?

I darw a net of £3400, once the IVA is completed I shoud be able to get a decent pension.Converting mortgage to a longer period on a repayment basis may be ideal.

Does any one shared ownership mortgages?

Hara.

[mikebdomain]

Hi Hara yes, you can remortgage and put your wife and / or children on the mortgage. You can have up to four applicants on most of the mortgage products we supply. One of the other brokers may have products that will allow more if required.

FREE ADVICE IS THE BEST ADVICE

LEYBRIDGE LIMITED
Mortgage Broker
Specialising in adverse credit.

see feedback and testimonials at:
http://www.leybridge.com/testimonial.php
Check out my blog at:
http://mikebdomain.blogs.iva.co.uk/
Please read our Initial Disclosure Document(IDD):
http://www.leybridge.com/Leybridge-IDD.pdf

[hara]

Dear Mr.Mikebdomain,

Mine is the only name on mortgage at the moment.Because of IVA I do not think I can add any names.

I was thiinking after IVa is completed.

Hara.

[Andrew Graveson]

Hello Hara,
When does your IVA come to an end? I ask as it may guide your decision. Around a year after the completion of your IVA (presuming you are in a 5 year IVA) you may find that the mortgage deals available are more attractive as the IVA will no longer factor into your credit record. Speaking to your current lender about rates would be a good idea as it could reduce your remortgaging costs. Don't leave that too late; if you need to change lender you probably should be speaking to a broker in early January.

Andrew Graveson
Independent Mortgage Broker & MD Bright Oak Debt Management
andrew@brightoak.co.uk
www.brightoak.co.uk

[hara]

Thanks.Mr.graveson.
My IVA is for 60 months,But mentions 66 months,I questioned it,but was told it is fot administrative puposes.

My IVA started 0n 9th of july 2007.

There is a 4th year equity release clause.

I am contemplating a F&F,selling house, down sizig and barrowing to offer a F&F.

I keep mentioning to my contact at IP firm.But at present there is not a great deal of encouragement from IP contact.

My fixed rate ends in March,I have a mortgage fo 249000,paying 1037 interest only,I ma not what the payment would be when I come out of fixed rate.I am very concerned.

My IVA payment is 1000 pounds a month.

Can some one give me a figure as what my mortgage may be taking into account a few things.

Hara.

[tracy.h]

Hi Hara
You mentioned 66 months for administration purposes i havnt heard of that before,it seems a long time.

Tracy

[mikebdomain]

Hi Hara

How long have you currently got left on your mortgage? And what is your planned exit route from the interest only mortgage ?(in other words, how did you plan to pay off your mortgage loan, at the end of the mortgage interest only term).

FREE ADVICE IS THE BEST ADVICE

LEYBRIDGE LIMITED
Mortgage Broker
Specialising in adverse credit.

see feedback and testimonials at:
http://www.leybridge.com/testimonial.php
Check out my blog at:
http://mikebdomain.blogs.iva.co.uk/
Please read our Initial Disclosure Document(IDD):
http://www.leybridge.com/Leybridge-IDD.pdf

[hara]

Dear Mikebdomain,

If I can not obtain a F&F,then plan is to convert it to a repayment one.My is quite young and she will taking up a job.pay lump sum I receive to pagrown up by y some of the mortgage.My children will have been in a earning capacity in 10 years.

Also I have two grown up sons in employment.I have asked them to help in F&F. If I can not get a F&F then I will ask them for some money to pay off some of the mortgage,Which will paid later.

Also I am considering don sizing eiher for F&F or when IVA is completed.

Any I feel I have to do someting to ease the pain of higher mortgage,when fixed rate comes to an end.

If I can get a F&F before five years is up it would be ideal.

I hope the things work out for me.

If My IP can help me to get a F&F IT WOULD BE IDEAL>






Hara.

[Andrew Graveson]

Hi Hara,
By my maths on your numbers your current mortgage is at 4.99%. I don't like to be the bearer of bad news but in the current market (which could of course change before March) I think you are facing a substantial rate increase. By way of example (which does not pertain to your circumstances - you'd need to speak to a broker to get a rate relevant to you) if the rate went to 7.5% your payment would become £1556.25 per month.
Downsizing might be a solution. What do you realistically think your home would sell for?

Andrew Graveson
Independent Mortgage Broker & MD Bright Oak Debt Management
andrew@brightoak.co.uk
www.brightoak.co.uk

[hara]

Dear Mr.Graveson,

I have a 4th year clause to remortgage. If a F&F is granted then I think taking present market conditions in to account, we may be able to sell between 190000 to 300000.

Hara.

[Andrew Graveson]

Hi Hara,
I think you need to get a valuation done. If the value is £190k you are in negative equity and downsizing may not be possible. If it's £300k the scenario may change completely.
A local estate agent might give you a value if you suggest you are contemplating selling. There are websites that will show you what similar houses nearby you have been selling for as well. You might want to try http://www.nethouseprices.com/index.php?con=sold_prices
I'm not sure you can move much further forwards without a better idea on the value of your home.

Andrew Graveson
Independent Mortgage Broker & MD Bright Oak Debt Management
andrew@brightoak.co.uk
www.brightoak.co.uk

[hara]

Sorry Mr.Graveson,

I meant 290000 to 300000.Hart valued it for 315000 for IVA purposes.

Hara

[Andrew Graveson]

Thanks Hara - I wondered if there had been a key-slip! As Mike mentioned previously there are lenders for whom age is not really an issue so long as you have the means to pay in the long-term. I note from other posts and threads that you are trying to encourage some family support and I wish you the best of luck with that. If you're able to secure that support making the F&F viable I'm sure any of the mortgage brokers that post on this site would be delighted to run through your situation and options with you.

Andrew Graveson
Independent Mortgage Broker & MD Bright Oak Debt Management
andrew@brightoak.co.uk
www.brightoak.co.uk