The truth is that there is no single answer to this question. In the
past, it seems, lenders did not mind people remortgaging when they were
much older. Today, however, there are some lenders who will not be
willing to lend to older people because they don’t have a source of
income and they may not live long enough to see things through. Lenders
that are willing to remortgage for older people are now capping the deal
at age 75 which is understandable. You should know that this kind of
financing can be very expensive – lenders want to recover their money as
soon as possible.
How old is too old? This changes from lender to lender. There is a
letter online written by a woman who was denied a mortgage by one of the
big lenders in the UK under very curious circumstances. She and her
husband both have good jobs and they had very little on their current mortgage. They were not seeking a large amount either – just to add an
extra bathroom upstairs. Problem? Age; she is 58 and her husband is 44.
That may seem a bit unfair but as we have already said, it all depends
on the lender.
Because it depends on the lender you should have a company like
Mortgage Advice Services look into your case. They will be able to pair
you up with a mortgage company that accommodates older individuals.
Mortgage Advice Services has been doing this for a long time and they
know a variety of lenders who can help you. The great thing about them
is that they provide a well rounded financial service. They don’t just
talk to you about your remortgage; they will look at the rest of your
finances to determine whether you need to remortgage in the first place –
maybe you can raise funds using other means.
They have also made it very easy for you get a quote immediately. On
website, there is a simple form that requires you to indicate how much
you would like to borrow, the value of your property, your current
mortgage lender and how many years you would like to take the mortgage
out for. Once you input all these details you will see prices from all
competitive lenders. That said, it is always better to talk to an expert
at Mortgage Advice Services in person. Just give them a call and they
will come to you. You can find out more at http://www.mortgageadviceservices.co.uk/Labels: benefits of re-mortgaging, fixed rate mortgages, help to buy re-mortgage, home insurance, independent mortgage advisers, mortgage advice, mortgage advice nottingham
