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  • #1

    Remortgaging possibilities

    Approaching 70 there is a need to re-mortgage as the term ends next year. 2 defaulted accts (£12k) SB next year. 60% equity and need 7x income. What is best route?

    Broker may refuse on defaults, and banks may keep long records of SB accounts. On calculations, the inclusion of £12K halves potential advance.
    Tags: accounts, banks, broker, default, defaulted, defaults, income, independent, interest, investments, loans, mortgage, mortgages, off-set, old debt, paid, pension, property, re-mortgage, refuse, set off
  • #2
    Re: Remortgaging possibilities

    sorry no idea, with luck someone else may xx
    I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

    If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

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    • #3
      Re: Remortgaging possibilities

      Maybe speak with a mortgage adviser that specialises in Equity Release mortgages.

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      • #4
        Re: Remortgaging possibilities

        Probably will explore the broker route. There is no way to wait for the default to drop off, unfortunately as it would be too late to process a new mortgage

        Just wondering if anybody has had any proof of banks looking into their archives when considering loans, or even after a loan has been granted, and applying a set off or even rescinding the new loan/mortgage.

        Not many give loans passed 75, but loans are cheaper than Equity Release, normally, and more flexible - if obtainable.

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        • #5
          Re: Remortgaging possibilities

          Unfortunately at the age of 70 with defaults still on your file, it's going to be a very restricted, (almost impossible) market Julian but an independent mortgage adviser should be able to give you options which may be available for you to consider.

          That's why I suggested Equity release because whilst it is more costly than a standard mortgage, an application is based on age, property value and not income so it may be the only route open to you.
          Last edited by marypoppins; 17 August 2016, 15:27. Reason: typo

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          • #6
            Re: Remortgaging possibilities

            I don't know either julian but I don't think that it's likely that you would get a mortgage at 7x income at your age, sorry. As MP says, maybe ask a specialist broker.
            Let your smile change the world but don't let the world change your smile

            I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

            If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

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            • #7
              Re: Remortgaging possibilities

              Thanks, thought so.
              Fortunately not my problem. Broker said, no way unless a massive chunk paid off.
              It does seem to be a drop of the edge of the cliff when the interest-only mortgage term dies and the whole gamut of investments and pension expectations have been obliterated by the banks.

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              • #8
                Well I have managed it. After falling between so many cracks. Hopefully will be able to pay off quickly.

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                • #9
                  Glad you got sorted Julian, are you able to share what you did?
                  • 1 like

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