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Mortgages for over 65s?

omzig · 2009-03-28 12:59:01

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…

Comments

dunstonh Posts: 120,015 Forumite

5 December 2011 at 11:22AM

storeton wrote: »

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?

1 - Ask the lender to extend the mortgage for more years to give you a chance to repay the ammount.

2 - equity release schemes

3 - sell and buy somewhere cheaper.

I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.

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