Ask the Specialist

Capital Fortune are asked to help clients on a daily basis, whether it be with a new purchase, remortgage, buy to let or something more unusual. We typically help clients with non-standard, unusual or complex situations and have created this section to allow you to ask our team of specialists any question you may have. Feel free to browse the list of questions and responses. Please note we provide information only in response to the questions posed and not advice. If you do seek advice then feel free to speak to one of our Advisers by calling 0207 710 0400 or send us an enquiry online and one of our Advisers will call you back.

Interest Only Mortgage in Mid 50s

on 27 December 2017.

Hi,

I currently have a mortgage with a rate of 5.84% and want to remortgage to a better rate. My current lender will not play ball based on affordability.

I fear another interest only mortgage may not be available to me which would mean I could only get repayment which may not result in a lower monthly payment. I am 55 this year and my wife just turned 58. How could you potentially help us?

David


Ask the Specialist response:

Hi David

Thanks for your enquiry to us. 

Equity that you have will effect a rate of interest, however, it will be your income which will determine how much you'd be able to borrow and whether you would be able to remortgage away. 

Although your ages would be an issue for a number of mortgage lenders, Capital Fortune have had success assisting multiple applicants in their mid 50s, arranging long term mortgages for them in the process.

If you just wish to obtain an indication on whether we are able to assist you, given your specific circumstances, I'd recommend speaking to one of our Advisers on 02077100400 or send us an enquiry online and one of our Advisers will call you back.

Capital Fortune