Halifax Retirement Mortgage ? What income is considered acceptable? [mortgagecalculator-tips.blogspot.com]
Question by LUCI M: We would like to apply for additional borrowing on our mortgage. We have had our mortgage with Halifax for 18? years and have never missed a payment. When my husband was out of work a few years back we struggled to pay some credit cards and now have a poor credit rating. Does anyone know if this will affect our chances? Do they do an external credit check? Best answer for We would like to apply for additional borrowing on our mortgage. We have had our mortgage with Halifax for 18?:
Answer by falsi fiable
You cannot take money out of your mortgage. The only ways to take equity out of your house are either by refinancing or getting a HELOC (Home Equity Line Of Credit).
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The Halifax retirement mortgage or as it is officially called by the Halifax, the Halifax Retirement Home Plan is an interest only mortgage that is available to those that are aged 65 and over. Because the Halifax retirement mortgage is for those retired it is quite strict policy about what income is included for the qualifying criteria.
The Halifax retirement mortgage is an interest only mortgage, where you pay interest on the outstanding loan balance, payments are made monthly. Since the interest has to be paid the Halifax apply strict criteria about what is allowable and not allowable as income in the affordability criteria.
The minimum amount of loan for the Halifax retirement mortgage is set at being 15,000 GBP and you can select a product from the standard mortgage range available at the time of application. Some products have different loan to value criteria and also some are only available for re-mortgage and others strictly for purchase so you need to check with the broker.
There are some forms of income that count at 100 percent and others that are only allowed to part qualify for the income criteria.
First of all the majority of retirement pensions qualify at 100 percent, retirement pensions can be classified as pension from your company, pensions from the state, pensions from any personal pension plans you have in payment.The Halifax also allow other forms of income that those applicants may be in receipt of, these are not allowable 100 percent towards the affordability criteria, these are; Industrial Injuries Benefit (guaranteed) allowable 100 percent, Pension credit allowable 100 percent, attendance Allowance allowable 60 percent, disability Living Allowance (DLA) allowable 60 percent, rental Income allowable 60 percent but at the discretion of the Halifax.
With the Halifax retirement mortgage investment income is not allowable at all, so any income from ISAs or Investment Bonds would not be acceptable in determining whether or not you qualify for the mortgage advance.
Retirement Solutions Ltd as independent financial advisers can arrange Halifax retirement mortgage for those retired and over age 65.
Retirement Solutions can also advise on annuity rates. Find More Halifax Retirement Mortgage ? What income is considered acceptable? Issues
