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Remorgaging or life-time mortgage?

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  • Remorgaging or life-time mortgage?

    Hello!

    I've just finished two first years of my mortgage (which was fixed for 2 year) and started dealing with re-mortgaging. And I now see that it’s a hassle, as (1) My property can be evaluated again by an agent (2) My mortgage insurance needs to be replaced by new one which for some reason is more expensive (i.e. monthly payments) (3) I am asked to supply salary slips, bank statements etc. again.

    Now what happens if in 2 years I loose job and will not be able to supply salary slips? Also every 2 years I become older and insurance monthly payments grow. And what happens if I'll have some illness?

    Is life-time tracker preferable from this point of view?

  • #2
    Re: Remorgaging or life-time mortgage?

    Usually the first two years of a mortgage are a special offer, and then you either keep with the normal mortgage rate, or else remortgage with a new mortgage deal.

    If you leave your mortgage with your provider you shouldn't have to do anything - you've already been qualified for the mortgage.

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    • #3
      Re: Remorgaging or life-time mortgage?

      You want a fixed rate you have to pay a fee and go through the process each time the fixed rate ends.
      Most lenders let you continue using their variable rate without any of thre hassle.
      Right now variable rates are not too bad as interest rates are low.
      You can always switch if rates go up.
      We are all getting older and most will lose their job at some point!
      Then paying the mortgage rather than taking out a new one will be the priority!
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