Follow this topic
Q&A » Mortgages
I have a lifetime mortgage in operation for 8 years - I wish to size down to buy retirement flat. Has anyone done this because I want to buy something of less value and use any extra money to pay for fee and costs etc. I know the bldg soc that I am with willl say no and it would mean contacting another company, are there companies that will do this without penalizing me too much.
Report
63Hi Jaypar6
I am sure there are ways of you being able to downsize. The problem that you will encounter is not with a new lender but with your current building society.
They have all the answers for you unfortunately. If there was going to be any penalties involved then it would be those that will impose them.
It is worthwhile speaking to them direct as they will have the terms and conditions of the mortgage and they will be able to explain to you the costs of switching to another provider. They may even have some flexibility in the product allowing you to transfer to another property.
Good luck!
Regards
Tim
Posted on 20 April 2012 |
Love 0 loves
Report
Sign in or register to post an answer.
Register with lovemoney.com to start asking and answering questions on Q&A.
Get started nowRegistered already? Great! You can just sign in to ask and answer questions.
Sign in
Retweet
Comments (
Facebook