Age caps on mortgages?

Alan_Cross

Anyone in the know as to whether there are any age 'caps' imposed on mortgagees by lenders which might get in the way of remortgaging?

Fluffylovecheeks

I was very recently told that it is very hard to get a mortgage that goes past retirement age
I had to take a 16 year mortgage (I am 48) because of this

opinions4u

Alan_Cross wrote: »

Anyone in the know as to whether there are any age 'caps' imposed on mortgagees by lenders which might get in the way of remortgaging?

They tend to be unhelpful to under 18s.

Some lenders will restrct lending to planned retirement age.

I would expect any lender allowing a mortgage term beyond retirement age to assess your ability to meet the payments once your employment income ends.

Alan_Cross

Ok so that begs the question: what happens when one's current mortgage deal finishes and you have reached 65 or thereabouts?

SVR and no other options?

Fluffylovecheeks

I have no Idea...the reason I was told this is because I cannot say what my pensions will pay...how can I it is 17 years away....at retirement when you know how much you are getting it may be different

opinions4u

Alan_Cross wrote: »

Ok so that begs the question: what happens when one's current mortgage deal finishes and you have reached 65 or thereabouts?

SVR and no other options?

as I said above "I would expect any lender allowing a mortgage term beyond retirement age to assess your ability to meet the payments once your employment income ends."

If you have pensions and benefits a lender could choose to take these in to account.

Time to see a whole of market mortgage adviser perhaps.

Alan_Cross

opinions4u wrote: »

as I said above "I would expect any lender allowing a mortgage term beyond retirement age to assess your ability to meet the payments once your employment income ends."

If you have pensions and benefits a lender could choose to take these in to account.

Time to see a whole of market mortgage adviser perhaps.

I take your point but I cannot see that you have taken mine: the scenario is that you are still with a lender, your current deal is finished, you still owe £xk
and you are about to retire....

opinions4u

Fluffylovecheeks wrote: »

I was very recently told that it is very hard to get a mortgage that goes past retirement age
I had to take a 16 year mortgage (I am 48) because of this

Well a 16 year term makes absolute sense in those circumstances.

I take your point but I cannot see that you have taken mine: the scenario is that you are still with a lender, your current deal is finished, you still owe £xk
and you are about to retire....

You are in exactly the same position as anybody else.

1) You stay with your current lender (who may offer you SVR or a range of other products) or
2) You remortgage elsewhere asuming you can find a lender willing to advance you the money based on income and age.