When one is asked to re-mortgage in the final year

[jay4]

When one is asked to re-mortgage in the final year, can the repayment period be expected to run beyond normal retirement age?

[plasticdaft]

The mortgage repayment period or the IVA?? Both can be expected to run on beyond retirement age I believe. If you are due to retire and are unable to remortgage you may find that your IVA will run on for an extra year and then end without any equity release(which may well be to your benefit)

[MelanieGiles]

It will also depend upon whether a lender would be prepared for your mortgage to extend past retirement age as well. Perhaps Tony Parsons could give some insight into the current policy of mortgage lending on this particular issue?

[kallis3]

Hi,

My husbands IVA will take him beyond retirement age and he is expected to try and remortgage, along with myself.

However, the chances of you being able to get a remortgage at that age I would think are remarkably slim, so you may find that you have to continue to pay into your IVA for a further twelve months.

[Welsh Boy]

jay4

Lenders will lend into retirement as long as it`s affordable to the applicant, affordability would be paramount as they would need to know it is not beyond the applicant to meet the contractual payments. Tony

[kallis3]

When we did a remortgage a few years ago (disatrous advice from our bank), our mortgage company would only lend on the fact that by the time it ended I will be 67 and receiving a decent pension. Hubby will be 74 and also in receipt of a pension, but if it hadn't been for me, they wouldn't have approved it.

[Welsh Boy]

You have to understand that a banks lending criteria would not automatically be the same as other specialist lenders.

They tend to chery pick who they want as customers and generally are not the best sources for those needing slightly alternative products. Tony

[plasticdaft]

Slightly alternative products!!!! Do you have a list of terminology to use Tony???;-)

[Welsh Boy]

plasticdaft

Can you clarify what you mean by a list of terminology, you`ve lost me.Tony

[MelanieGiles]

I think he is making a joke Tony!! Anyone who supports football teams who wear maroon and white must have a strong sense of humour!

[onechance]

Mine actually states if the lenders refuse because of age I need to submit the 2 refusals and then they will extend the IVA by 12months.

Also there is a percentage payment if it excedds then again I dont have to take it.

[plasticdaft]

It was a joke Tony,a year or 2 ago it was adverse credit mortgages,or sub prime lending,and now its "slightly alternative products"!!

It was late.

[kallis3]

[:D][:D]

I thought you were serious as well! As you say - it was late!