Upper age limits

inandoutagain

I am now 57 and my wife is 54. We want to move early next year and wonder whether we can still get a 20 year or 25 year mortgage and on what multiples. Any advice please?

matty2767

3 yrs ago when we took our mortgage out we were told the limit was a mortgage that took you to 60 years old. i dont know if this still holds true though, my guess is that it will have increased. try ringing a building society and ask them directly.

opinions4u

If you are borrowing in to retirement, most lenders would want to know that your pension income would support the debt.

Yes, you will be able to get a mortgage regardless of age. But for that sort of term the amount available will be based on reduced earnings post-retirement, to ensure you aren't over-extended on finishing work.

If your pension fund will pay a lump sum on retirement, it may be possible to borrow interest only and repay the mortgage with the lump sum.

Professional advice needed me thinks. See a reputable broker.

minimike2

Yes this would still be possible on mainstream lending, but there are many factors to consider here.

Definately a case for seeking a broker for 1:1 advice.