Mortgages for over 65s?

omzig

I'm trying to source a mortgage for my parents at the moment as they need to do renovations to their current property in order to sell it. My Dad is 75 and his pension is the main income - so the mortgage needs to be taken out in his name.

At the moment I've only come across Halifax and Abbey that will offer a mortgage to this age bracket. Are there any others that I have missed out?

Robert_Sterling_3

He should sell the house for what it is worth "as is".
He can do without tarting it up.
Leave that to the new owner.

Martinslovechild

omzig wrote: »

At the moment I've only come across Halifax and Abbey that will offer a pension to this age bracket.

I think that you most banks & building societies are able to offer him a pension, but it will be 'self-vesting', i.e. as he's already over 75, any cash he puts in will automatically start paying out straight away. As with all pension deposits, the amount he pays in will attract 20% tax relief and he can withdraw 25% tax-free straight away.

omzig

sorry that should have been mortgage not pension!

koexelek

omzig wrote: »

I'm trying to source a mortgage for my parents at the moment as they need to do renovations to their current property in order to sell it. My Dad is 75 and his pension is the main income - so the mortgage needs to be taken out in his name.

At the moment I've only come across Halifax and Abbey that will offer a mortgage to this age bracket. Are there any others that I have missed out?

i would say they are your best bets. A lot of lenders won't go past age 65 anymore

dunstonh

Is he looking at a formal mortgage arrangement or equity release?

omzig

He's preferably looking for a formal mortgage arrangement. There is a bit of an age gap between my parents (15 years) and feels that equity release would be the last resort because of my mum's age.

margaretclare

omzig wrote: »

He's preferably looking for a formal mortgage arrangement. There is a bit of an age gap between my parents (15 years) and feels that equity release would be the last resort because of my mum's age.

Mum's age should not matter if it's going to be in Dad's name. When we did equity release, one of us had to be at least 68 before we could release 25% of the then value. As we were doing it in joint names, it didn't matter which one, so long as one was 68 or over.

Robert_Sterling_3

I think if the equity release is in joint names both ages will be taken into account.
If the man is 93 and the wife is 19 then the company might wait 70 years or more for irs pay off.
This is an extreme age difference just to illustrate that both ages must be considered.

dimbo61

Does he really need to take out a mortgage to do up his home in order to sell it ?
Seems a very expensive way to sell your house!
Spending thousands on a new kitchen/bathroom and redecorating will add not add any value to his home.
If he cant sell the property its because of the market ( more than likely ! )
A cheap makeover and reducing the price might get it sold.

storeton

My interest only mortgage finishes in 6 years when I'm 65 and I cannot pay the capital amount as I could not afford any savings plan,

I would like to stay in my property and not sell it,
what if any choices do I have please?