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Mortgage at 60
caveman38
Posts: 1,319 Forumite
Would there be any chance of getting a mortgage at 60.
I have the cash to buy a small appartment on the coast which we only want to use occasionally.
All our funds are tied up in investmests and ISA's which would earn better interest than if I was fortunate enough to get a HSBC tracker.
If they allowed me a mortgage would evidence of my investments be a vehicle for pay back of the capital.
Thanks for your time, I haven't had a mortgage for 20 years and know nothing.
Any help / advice or alternatives welcome. Cheers.
I have the cash to buy a small appartment on the coast which we only want to use occasionally.
All our funds are tied up in investmests and ISA's which would earn better interest than if I was fortunate enough to get a HSBC tracker.
If they allowed me a mortgage would evidence of my investments be a vehicle for pay back of the capital.
Thanks for your time, I haven't had a mortgage for 20 years and know nothing.
Any help / advice or alternatives welcome. Cheers.
0
Comments
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Lots of things to consider before giving a definative answer, but generally, you could potentially get a mortgage up to age 75 with some lenders, however, they need to prove that you can afford the monthly repayments on that mortgage, through Retirement or investment income for example.
There are also "Lifetime Mortgages" that roll up the Interest instead, but they have their own perils and pitfalls.
Best to speak to an adviser near you (Whole of Market ideally) and get them to run through the options available.
Good luck!I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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