Longest Possible Mortgages for Over 50's

chriscript1952

Hi
I suspect this is a common problem for those of us who have to start again after the age of 50 (I've just had a brush with my 53rd birthday) with only limited funds for house purchase and not currently owning one!
My last house - bought only in 1999 was less than £50k - and so I was able to obtain a 15 year mortgage quite easily but - the huge increase in property prices since then means that getting back onto the ladder isn't quite so easy.

With only a 10% deposit level but with a reasonable job and pension is there any provider that will give my partner and I a maximum mortgage?
Brokers tell me that I might be able to get one to age 70, dependent upon being able to work to that age etc.

Any advice, experiences or thoughts would be much welcomed.

Thanks in anticipation Fellow MoneySavers

Chris

theGrinch

I know you can certainly get a BTL mortgage until 75.

In the case of PPR, try someone like heritable bank but I am sure at only 53, you will find something

carolann_4

Re above: who can you get a BTL mortgage from upto age 75?

ksh123

2 years ago, when I was 50, I had no problem getting a 25 year mortgage from the Abbey.

chriscript1952

Thanks for the Heritable name. I've spoken to them but to start with a mortgage to retirement age - 65 - is being quoted although their website states they will go to 75.
I've also heard that the Yorkshire will go beyond retirement age, much the same as the Abbey you mention, but I wonder whether such mortgages require high pensions/deposits and are for smaller amounts than are needed for even a modest purchase these days?
I'm plugging away at it and the information given has been really helpful.

Chris

quoia

I'd have thought that providing there was a guaranteed repayment of the loan should you happen to die before it had been cleared, then there shouldn't really be any length restriction.

If I do not repay my current mortgage before its term is reached, then I'll be long dead.
Unless of course I happen to survive until nearly my 135th birthday !

How is this?

Well I have an INTEREST ONLY mortgage on a 99 year term.
Took it out a few months after my 35th birthday.