Mortgage ?

[williamalex1]

My neighbours are splitting up and selling their house, worth approx £240, 000.
Any ideas how much would a 25 year monthly mortgage be, for one to buy out the other.
I'm hoping the guy will buy it, if the payments aren't too high.
He cuts the grass and is quite handy Lol.

 

[PJ87]

My neighbours are splitting up and selling their house, worth approx £240, 000.
Any ideas how much would a 25 year monthly mortgage be, for one to buy out the other.
I'm hoping the guy will buy it, if the payments aren't too high.
He cuts the grass and is quite handy Lol.

Very hard to guage without knowing how much mortgage is left on the property etc

 

[Oddsocks]

My neighbours are splitting up and selling their house, worth approx £240, 000.
Any ideas how much would a 25 year monthly mortgage be, for one to buy out the other.
I'm hoping the guy will buy it, if the payments aren't too high.
He cuts the grass and is quite handy Lol.

You can jump on right move / Zoopla and they have a repayment calculator on there. A lot will depend on equity and affordability that will dictate available rates.

 

[williamalex1]

Very hard to guage without knowing how much mortgage is left on the property etc

Mortgage free I believe.

 

[williamalex1]

I was thinking he would only have to borrow half the value to pay off his misses.

 

[PJ87]

Mortgage free I believe.

Ok in theory £120k mortgage as that's 50% for him to have paid to her

£700 a month ATM

 

[Oddsocks]

£723 a month based on 5.3% over 25 years (50% equity)

Closer to 3% would see it more like £570 over 25years

 

[SwingsitlikeHogan]

…and depending upon their ages (nearing retirement?) and circumstances such as ongoing income up to, then into and through retirement - they could consider interest only as that massively reduces monthly payment. Still leaves the capital to be paid off at some point in time, but that need not be when it would matter to either.

 

[rosecott]

I was thinking he would only have to borrow half the value to pay off his misses.

Billy, why don't you jump in, buy it, and rent it out to the husband?

 

[williamalex1]

Billy, why don't you jump in, buy it, and rent it out to the husband?

I was hoping my wife would run away with his wife pmsl

 

[williamalex1]

…and depending upon their ages (nearing retirement?) and circumstances such as ongoing income up to, then into and through retirement - they could consider interest only as that massively reduces monthly payment. Still leaves the capital to be paid off at some point in time, but that need not be when it would matter to either.

I'll suggest that to him, both aged about 50.

 

[srixon 1]

I was hoping my wife would run away with his wife pmsl

Get him to dig a big hole in your garden. Then just say that the above did happen.

 

[jim8flog]

I'll suggest that to him, both aged about 50.

Most big lenders often will not lend beyond state retirement age so calculate a 15 year mortgage not a 25 year one.

I had to find somebody willing to do a lifetime mortgage when mine needed to be paid off when I reached state retirement age.

 

[williamalex1]

Get him to dig a big hole in your garden. Then just say that the above did happen.

The Billy Connelly bike joke springs to mind

 

[Reemul]

Most big lenders often will not lend beyond state retirement age so calculate a 15 year mortgage not a 25 year one.

I had to find somebody willing to do a lifetime mortgage when mine needed to be paid off when I reached state retirement age.

Not found that to be an issue tbh. I'm mortgaged to 72, no problem getting a good choice either via my advisor.

 

[larmen]

Not found that to be an issue tbh. I'm mortgaged to 72, no problem getting a good choice either via my advisor.

Todays news was that Halifax is going to cap at 70

 

[need_my_wedge]

Not found that to be an issue tbh. I'm mortgaged to 72, no problem getting a good choice either via my advisor.

Me too. Got a 15 year mortgage last year at age of 58. Hopefully pay it off long before then but it’s only a small amount and currently on 5 year fixed rate.

 

[SwingsitlikeHogan]

Not found that to be an issue tbh. I'm mortgaged to 72, no problem getting a good choice either via my advisor.

Likewise our mortgage advisor didn’t seem to have any issues getting us a 5yr fixed rate mortgage two years ago with us both 60+. It was provided on basis of no existing mortgage; guaranteed pension-only income; and the subsequent amount of equity in the property. I’m not concerned about what we’ll do in three yrs time, and not bothered about paying it off. If we choose to pay it off at some point we’ll look to do that. Otherwise it’ll get paid off when the house is sold.

 

[jim8flog]

I’m not concerned about what we’ll do in three yrs time, and not bothered about paying it off. If we choose to pay it off at some point we’ll look to do that. Otherwise it’ll get paid off when the house is sold.

Therein lay the problem for me existing lender insisted on the mortgage I had at the time being paid off.
Already being on pensions may have been part of the problem for getting a new 'standard' mortgage.

I went with a lifetime fixed (equity release) mortgage in the end.

 

[SwingsitlikeHogan]

Therein lay the problem for me existing lender insisted on the mortgage I had at the time being paid off.
Already being on pensions may have been part of the problem for getting a new 'standard' mortgage.

I went with a lifetime fixed (equity release) mortgage in the end.

Must check conditions of loan to see if the lender will require us to clear the loan at the end of the period using equity in property or will be willing to let us go onto a new product. ER remains a possibility I’m not frightened of.