Can I Get a Mortgage that continues past 65

Jawa

Hi,

After separating I am looking a place of my own. I have a deposit of approx £30K and looking at borrowing approx £125K. Unfortunately I only have 15 years until I reach 65. This means that my monthly payments become extortionate. Are there any lenders that will allow me to borrow past 65? I do have various pensions that will pay out at 65 to pay the monthly mortgage.

Thanks.

dunstonh

Are there any lenders that will allow me to borrow past 65?

yes if you can prove affordability beyond 65

Peelerfart

My understanding is that you have to be able to demonstrate affordability.
i.e. The ability to pay,whether that is salary or pension or other

I'm sure there will be someone more qualified then me along soon to clarify.

Good Luck
PF

Mrs_Bumble

The income that you will receive after age of 65 needs to be sufficient to make the payments of your mortgage, the lender will ask for proof of these but lenders are out there that will go to 70, 75 etc.

Euphoria1z

buy to let? but let to yourself...?? i remember it being in the news that someone over the age of 100 (i think) got a buy to let mortgage. could be an option if no other option exists, obviously rates will be higher.

Mrs_Bumble

In my opinion if you went that route with the sole purpose of letting to yourself then it is tantamount to fraud.

Conrad

Interest only would make the payments a lot lower and you could still pay off lump sums as and when on some mortgages. Note some lenders will ask you to confirm you have an ISA to repay the debt - but don't always check.

Jawa

Thanks for the replies everyone.