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Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 34286
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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We have a mortgage with the Halifax with 13 years left

Resolved Question:

Hi, we have a mortgage with the Halifax with 13 years left until completion. Due to the recession we have only been able to make interest only payments which are up to date.
we want to downsize and the Halifax have agreed in principal - we would go from owing £420,000 to around £150,000.
The problem is that they are telling us we can only have a mortgage until my retirement age of 66 (I am 58 in April) this obviously makes the repayments higher because this only gives us 8 years instead of 13 years. Is this correct or are the Halifax utilising new legislation to restrict us?
regards
Phil
Submitted: 1 year ago.
Category: Law
Expert:  Clare replied 1 year ago.
HiThank you for your questionMy name is ***** ***** I shall do my best to help youI am afraid that the Halifax are entitled to set their own mortgage criteria - and to change their criteria over the years as they have clearly done.In fact it is much less common now for any first level lenders to offer mortgages that extend part retirement ageI am sorry not to give you better newsPlease ask if you need further detailsClare
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