mortgage for 57 year olds??

benhur11

I am 57 and need to apply for a mortgage for the first time, or rather I have not had a mortgage for over 20 years, when I sold my house and went into tied accomodation.

I will hopefully be able to put a substantial deposit when my pension kicks in, of around £80,000.

On a mortgage of £120,000 my bank quoted me very high monthly repayments in excess of £1600, because of the time limit of 65 years of age, which is more than I could afford out of my pension.

How can I get the repayments down to around £600/£700 a month

benhur11

opinions4u

I would strongly suggest you see a whole of market mortgage adviser.

There should be a number of different options open to you, but without getting a feel for your overall circumstances it's difficult to guide you on a messageboard.

Questions that leap to mind are:

Purchase price?
Current income?
Planned retirement date?
Anticipated income after retirement?

It might be that there is a case for a part repyment / part interest only mortgage.

chambta

If you have proof of income beyond retirement getting a High Street deal to aged 70 shouldn't be an issue. Beyond that you may have a problem if the figures then are still not practical.

littleowl

Have a look at Nationwide - I believe it allows mortgages up to the age of 75.

Kavanne

You need to speak to an independent advisor, they will know which lenders have the highest age limits!

Conrad

Some lenders can go up to age 99 if they have grounds to think ongoing afordability is ok and there are a number of ways in whcih to approach this, for example some people intend to downsize at retirment or have an inheritance due.