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Hi - Help Required for my Dad.

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  • Hi - Help Required for my Dad.

    Hi, my mum and dad are both in their 80`s, and dad is due to come out of hospital next week after a heart attack. My mum wants to do some alterations to their house which will benefit my dad, but hasn`t got the money in savings to be able to do it. Their house is valued at about £145,000 and they have a mortgage of around £17,000 with no other debts, Their quote for the alterations is just short of £10,000. My questions are would the mortgage company (Halifax) let my parents remortgage for the extra £10,000 at their age? If not would I be able to be added to the existing mortgage and then using my income get them the £10,000 they need through a remortgage? My income is £25,000 with no debts other than private rent of £800 plus bills a month, which are split between me and my wife?

    Thanks in Advance

    Weimy

  • #2
    Re: Hi - Help Required for my Dad.

    Hi Weimy,

    Halifax are currently one of the few lenders happy to grant further borrowing to people in their retirement.

    As long as your Mum and Dad have enough income to justify the further borrowing they should be happy to help.

    Theyw ill probably insist that the borrowing is moved to what they call a 'retirement home plan' and although this is an interet only mortgage it is actually regulated and called a 'lifetime mortgage'.

    hope this helps,

    Ronny.
    Worldwide Financial Planning is a specialist independent provider of Large mortgages.

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    • #3
      Re: Hi - Help Required for my Dad.

      You may also want to talk to your local council. Some older people qualify for help/financial support with alterations to their home/ home improvements prompted by illness.
      Best wishes

      Sean Hughes

      Independent Financial Adviser

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      • #4
        Re: Hi - Help Required for my Dad.

        that seems like good advice from ronny

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