53 year old with 74 year old husband refused further advance on mortgage

I

insegnante

Guest
I recently approached my mortgage lender for a further advance to carry out roof repairs and was refused on the basis that my husband will be 74 next birthday. The only way they will lend is if my husband's name is removed from the deeds. I find this insulting as for the past 30 years he has worked to provide a home for his family.
The current mortgage is £10k with 6 years to run. I require a further advance of £15k for roof repairs which will take the LVR to 7.1%. My income is £20k and my husband has a generous pension. Why is the mortgage lender insistent that I pay £440 to remove my husbands name from the mortgage for Equity reasons?
 
Hi insegnante
I would agree with you...that request by the bank is insulting...
Have you considered applying for the local authority Essential Repairs Grant...I would say repairs to the roof of your house would come under that category. If you got the grant then you could top it up with a smaller personal loan....from the credit union maybe.

There is some information here on this link
http://www.citizensinformation.ie/e...mes/housing_aid_for_older_persons_scheme.html
 
Hi insegnante

I presume that you are based in the UK from your use of the £ symbol.

It is better that you get advice from a UK website such as www.fool.co.uk which would be more familiar with UK law and practice.

Brendan
 
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