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Interest only mortgage over 70's

mortgage deals, ideas and discussion
AsleepInYorkshire
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Interest only mortgage over 70's

#458016

Postby AsleepInYorkshire » November 14th, 2021, 6:37 pm

My parents-in-law are aged 73 & 83.

They own their own home and currently have a repayment mortgage with Halifax.

Their LTV is 30%.

My father-in-law has been in hospital or respite care for 11 months now. He has Parkinson's and can no longer walk having lost the use of his lower legs. He's unable to come home as he can't get carers and there are some adaptations needed in the home to allow him to live there.

We're aware that we can apply for a disability grant up to £30K to carry out enhancements in the home to help him.

We're reviewing options to change their mortgage to interest only. Does anyone have any advice on companies or websites that offer interest only mortgages in the sort of circumstances please?

Thank you

AiY

Alaric
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Re: Interest only mortgage over 70's

#458019

Postby Alaric » November 14th, 2021, 7:12 pm

AsleepInYorkshire wrote:M
We're reviewing options to change their mortgage to interest only. Does anyone have any advice on companies or websites that offer interest only mortgages in the sort of circumstances please?


Is "equity release" an option? That's essentially interest only where the debt rolls up against the house value.

bluedonkey
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Re: Interest only mortgage over 70's

#458029

Postby bluedonkey » November 14th, 2021, 8:31 pm

I can't offer much help other than to say that as someone approaching that age, I was warned that renewing my mortgage when >70 would probably be difficult.

MDW1954
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Re: Interest only mortgage over 70's

#473139

Postby MDW1954 » January 14th, 2022, 6:01 pm

AsleepInYorkshire wrote:My parents-in-law are aged 73 & 83.

They own their own home and currently have a repayment mortgage with Halifax.

AiY


What is it that is funding the repayments? TBH, I'm not an expert in this area at all, but anecdotally I have gathered that options are few at that sort of age. My instinct would be to ask a mortgage broker.

MDW1954


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