Remortgage - Free Solicitor Fees + up to 70yrs of age

J

JL77

Registered User
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I am looking for some expert advice.

  • Parents have a home loan got to build house in early 1990s.
  • House worth in region of 400,000
  • Currently have 23,000 left to pay off.
  • Aged 57 and 58.
  • Want to consolidate loans by remortgaging to value of 53,000.
Looking for advice on this:
  • Which bank would be best for such a request?
  • Which banks give mortgages up to 70 years of age?
  • Which banks pay solicitor's fees on remortgages?
Regards
 
Most lenders will go to age 70 (bar Bank of Scotland) as long as there is sufficient income however Ulster Bank and I *think* the EBS have a minumum loan of €65,000 for the fees free remortgage. However there is nothing to stop the loan being repaid by €12,000 after completion......

The alternative is a top up on their existing mortgage - this may or may not incur charges depending on the current lender.

Sarah

www.rea.ie
 
Sarah's point is well made that the current lender should be able to do 'equity release' and some do the legals 'inhouse' or if you use your existing solicitor, it is only a 'mortgage deed' that they have to put in place and there should be no 'title' or 'conveyance'.

Unless the exsiting lender is way out on rates, they would likely to be worth looking at.
 
Any financial institution refusing to take an application based on age can be taken to the equality tribunal as they are guilty of an offence under the equal status act, so the age up to 70 should be no issue.

I would also recommend trying existing lender first as it will save on legal costs.
 
Hi Guys,

Been calling number of banks on the above issue and have found that they will cover up to 70 but of course they have differnent constraints on this.

BOS Ireland will only loan to self employed people to age of 70.
PTSB will only loan to 70 if you have a private pension.

Is this the norm - do you have to be self employed to get a remortgage over 65?
 
No the equal status act covers this. Basically if you have repayment capicity after 65 you can not be declined on age. It is 100% illegal for any lender to decline on this basis.
 
Hi JL77,

There are lenders out there that will provide a mortgage up to the age of 70...........

From the information you have provide it appears that your parents have been declined from the high street lenders. Is this correct?

If so, provided their income is adequate and there are no legal issues, there are certain lenders currently on the market that will provide you with this mortgage. (Start Mortgages & GE Mortgages)

But and its a big BUT they will charge over the bench mark for this mortgage approx 5%........

You must take into consideration what your parents monthly outgoings are per month and compared it to what these lenders can reduce it to (Remortage PDH consolidating all existing loans and mortgage with possibility of cash back)

Unfortunately you will have to pay legal fees approx 1095 euro...this will be taken out of the Loan amount.

Alternatively you could go on the mortgage with your parents and I assume the high street lenders will consider this option...
 
MortgageBrkr said:
Hi JL77,

There are lenders out there that will provide a mortgage up to the age of 70...........

From the information you have provide it appears that your parents have been declined from the high street lenders. Is this correct?

If so, provided their income is adequate and there are no legal issues, there are certain lenders currently on the market that will provide you with this mortgage. (Start Mortgages & GE Mortgages)

But and its a big BUT they will charge over the bench mark for this mortgage approx 5%........

You must take into consideration what your parents monthly outgoings are per month and compared it to what these lenders can reduce it to (Remortage PDH consolidating all existing loans and mortgage with possibility of cash back)

Unfortunately you will have to pay legal fees approx 1095 euro...this will be taken out of the Loan amount.

Alternatively you could go on the mortgage with your parents and I assume the high street lenders will consider this option...
Click to expand...

This is not the case, high sreet lenders are oblidged to consider all applications and can not decline on age alone. If you start charging higher rates due to age you are discriminating. This is all covered off in the equal status act. I am still astonished that so any lenders are openly sticking their 2 fingers up at this legislation.
 
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