I'm 60 will I still be able to get a mortgage?

wrx_2

In laws want to move to a 200k house and they should get 150K for thier current property (mortgage paid off 10 years ago) So will need 50K they both work and are both 60 can they get the same mortgage as a younger couple or will they be peanalised for being old? Joint they earn about 30K will that be ok?

Also being looking at mortgage geini and thought of setting up over the net so as not to incure broker fees and get some commision but have read on here that its a bit risky doing it yourself. Anyone got any advise on this?

Many thanks for your help

Matt

pcyam

It all depends on which company they go with, they all have different terms and conditions. Where I work its down to affordability and also what type of mortgage if the mortgage goes beyond retirement age. EG if they go on an interest payment only or repayment, if they can afford payments, so long as they can afford the monthly payments then its fine, because if thing every happened then the banks have the house as security.

Your best bet is to go and shop aroung and ask.

In terms of applying online I'm not sure, they only thing I can think of is how much mortgage knowledge you have and if your confident in applying yourself without advice.

herbiesjp

Yes they can get the same mortgage rates as younger people - otherwise they would have a case for discrimination.

However, the term they may be looking for could be limited, by their finances post normal retirement age of 65. If they have enough verifiable income post retirement age then there are lenders that could indeed look at this for you.

There are planty of brokers/advisers that do not charge a fee.

kenshaz

The rates are the same ,but the term reduced