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Over 50s mortgage
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# 1
Domfrizby
Old 23-11-2012, 11:58 AM
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Default Over 50s mortgage

Where would be the best place to get a new mortgage for the over 50s please?
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# 2
Annisele
Old 23-11-2012, 10:42 PM
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Probably through a mortgage broker - but it largely depends on your age and your income.

If you're 51 and intending to retire at 70, then you'll be looking at the same sort of deals as somebody who's 31.

If you're 101, you're more likely to be looking at equity release products.

But in either case an independent mortgage broker would be a reasonable first start.
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# 3
Domfrizby
Old 05-12-2012, 10:12 AM
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Quote:
Originally Posted by Annisele View Post
Probably through a mortgage broker - but it largely depends on your age and your income.

If you're 51 and intending to retire at 70, then you'll be looking at the same sort of deals as somebody who's 31.

If you're 101, you're more likely to be looking at equity release products.

But in either case an independent mortgage broker would be a reasonable first start.

I am just over 51 but they do not treat me like a 31 yr old. I will niot be abkle to retire till past 70, but thats wishful thinking.
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# 4
Goldiegirl
Old 05-12-2012, 3:37 PM
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I used to work for the Halifax, and up until three years ago when I left, they did mortgages for er... more mature people.

To a certain extent it'll depend on the term of the mortgage you want.

If you want a 15 year mortgage, that'd take you up to 66, which is the normal state pension age for 51 year olds. In that case you'd be treated the same as a 31 year old.

If you wanted a mortgage that took you beyond the state pension age, they'd probably want more information, e.g. is the work physical or is it a desk job, and they may even ask you employer if they would keep you on after state pension age.

You'd stand a better chance if you were in a non manual labour job, and and the term ended before age around 70.

with the best will in the world, once you are over about 70, the capacity for work can start to decrease, even more so if there's a lot of physical labour involved.
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# 5
sebastianj
Old 05-12-2012, 10:44 PM
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If it is a new mortgage then it depends on the deposit you are able to put forward. Just walk into any building society and ask them, you will get a better answer, I think you can get a 20year mortgage.

sebastian
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# 6
Domfrizby
Old 07-12-2012, 12:06 PM
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Quote:
Originally Posted by sebastianj View Post
If it is a new mortgage then it depends on the deposit you are able to put forward. Just walk into any building society and ask them, you will get a better answer, I think you can get a 20year mortgage.

sebastian

Thanks all, but I was hoping someone with experience would be able to suggest the best place.
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# 7
holly hobby
Old 07-12-2012, 1:19 PM
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Hi ... sorry I missed this earlier ...

The typical max mortgage redemption age is circa 75 yrs (with assessment of post retirement income if necessary).

However, there are a small no of lenders (national counties being one, whom also accept direct business) whom have an extended upper age limit - BUT - sustained affordability throughout the chosen term must of course be demonstrated - so this may be a solution for you.

Here is a direct link for your ref - http://www.ncbs.co.uk/mortgages/mortgages-home.aspx

Of course, sitting with a broker won't do any harm at all .... IF you are seeking a lifetime (termed as equity release) mge (which may be used to purchase as well as release equity), then you need to source a suitably qualified Equity Release Adviser (a qualification that not all general mortgage advisers hold - so do check their status before you book an appointment).

If you want any guidance on lifetime mges give a shout - and I'll walk you through.

Hope this is of some help

Holly

Last edited by holly hobby; 07-12-2012 at 1:26 PM. Reason: typo
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# 8
Domfrizby
Old 11-12-2012, 11:45 AM
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Thanks mate have PMed you.
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