Long term mortgage for over 50

goldenoldiegirl

Hi,

This is my first posting although I've been reading these forums for a couple of years and found some great advice!

I've recently split from my partner and I'm now trying to remortgage the house in my sole name. The current mortgage is interest only but the lender won't do the same mortgage product for me as there's less than 25% equity in the property (LTV for interest only mortgage is 75%).

The've offered me a repayment mortgage over 19 years which would take me to age 69. The monthly repayments are almost double what I'm paying now so I wondered if it is possible to get a repayment mortgage beyond the age of 69 (to lower the monthly repayment)and if so any suggestions for which lender might do this? I haven't been able to find anything on the Internet so any suggestions would be appreciated!

Wh05apk

Some lenders such as Coventry will allow it to go to 75, although you should be comforatble that your income will continue, either from pensions or income to meet the repayments.

Better to struggle now, than when you are in your 70's?

TrickyDicky

Could you not sell the place and downsize to something more affordable?

goldenoldiegirl

Many thanks I'll have a look at Coventry.

Houses aren't selling very well in my street at the moment so my intention is to live in the house for a few more years - it's a small house so not really able to downsize much more! Hopefully at some time in the future I'll have a bit more equity in the house to reassess my finances but at the moment I'd like to try and keep my outgoings down to a minimum just so that I'm not stretched to my limits.

Thank you both for your replies.

Wh05apk

Suggest you speak to broker, as there are alternatives.

dimbo61

Have a look at offset mortgages as a good way to build up savings while repaying mortgage earlier