Mortgage term past retirement date?

LukeT

I am a home owner who currently doesn't have a mortgage. I am looking to take out a mortgage on my home in order to buy a buy-to-let.

I would like to spread my mortgage term to 25 years. However, I'm 44 years old.

Will lenders be willing to provide a mortgage that lasts beyond my 65th Birthday?

Many thanks,

Luke

dunstonh

Will lenders be willing to provide a mortgage that lasts beyond my 65th Birthday?

Yes. If you can show you can afford the mortgage post retirement. E.g. evidence of pension income. They may accept some of the rental income as well.

LukeT

dunstonh wrote: »

Yes. If you can show you can afford the mortgage post retirement. E.g. evidence of pension income. They may accept some of the rental income as well.

Thanks for your help DunstonH. Hopefully, my wife and my pension provision and the rental income will be acceptable.

Many thanks.

bacard1

Yes, abbey and quite a few others will lend they say until 85. However getting them to do this is another thing. My partner is older than me and we wanted to get a mortgage until she was 72, we own our own business and have someone that runs it for us. So we can carry on with income when we give up work, however we got rejected. I switched advisor and he did a little digging, and found out that he could fast track it if the mortgage if reduced the term, so my partner would only be 69. If we went over 70 most mortgage providers would get a underwriter to look at it. Needless to say he applied to the halifax and withink a week the house was survery and a offer was being sent.


cheers

LukeT

bacard1 wrote: »

Yes, abbey and quite a few others will lend they say until 85. However getting them to do this is another thing. My partner is older than me and we wanted to get a mortgage until she was 72, we own our own business and have someone that runs it for us. So we can carry on with income when we give up work, however we got rejected. I switched advisor and he did a little digging, and found out that he could fast track it if the mortgage if reduced the term, so my partner would only be 69. If we went over 70 most mortgage providers would get a underwriter to look at it. Needless to say he applied to the halifax and withink a week the house was survery and a offer was being sent.


cheers

Very useful, thanks.