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Lending over the age of 75
Twoknee
Posts: 2 Newbie
My mum has an offset mortgage with northern rock which matures in 4years when she is 75 but there will still be an amount outstanding left to pay at that time approx £12k. Does anyone know of any lenders that would consider lending for buy to let purposes for the over 75's?
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I can think of one off the top of my head.
Get her down to a local Mortgage Broker to discuss her full situation and if its apropriate for her then he will recommend it to her.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 -
I think you might struggle with the amount and age, sadly I suspect most brokers will charge for this, and so, your mother may actually do better getting a personal loan, failing that, could you help her, or ultimately she may wish to consider equity release.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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How will a buy to let mortgage help here - is your mother living in the property, or is it rented out??"You were only supposed to blow the bl**dy doors off!!"0
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maninthestreet wrote: »How will a buy to let mortgage help here - is your mother living in the property, or is it rented out??
Sorry missed that bit, I suspect this has been picked up from a previous post where someone suggested over 75's should take on a BTL basis! If so if they continue to live there, it will be a very expensive mortgage, and also fraudulent.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 -
Could she start saving up that £12,000 from today?
That's about £3000/year for 4 years.
If she can save, say, £60/week for the next 4 years it'd be paid off.0 -
You need an IFA, not a mortgage broker, as the permissions for this go beyond the usual mortgage broker's remit.I can think of one off the top of my head.
Get her down to a local Mortgage Broker to discuss her full situation and if its apropriate for her then he will recommend it to her.I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
kingstreet wrote: »You need an IFA, not a mortgage broker, as the permissions for this go beyond the usual mortgage broker's remit.
Is that if the method of repayment is sale of property in the event of death?! Not too sure that applies if it is a repayment mortgage.
If the question is whether a buy to let provider can go beyond age 75, then yes. The mortgage works to age 90. But I don't think that's what your asking reading between the lines.
Other issue will be min loan with a lot of lenders is £25k0 -
kingstreet wrote: »You need an IFA, not a mortgage broker, as the permissions for this go beyond the usual mortgage broker's remit.
????
How can an IFA help with a mortgage?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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Crashandburn wrote: »Kingstreet was referring to the fact that with age of the OP mother, this could fall under the remit of a lifetime mortgage if indeed the property was being sold on death. Hence the need for IFA
In that case you would need a mortgage broker licensed in Equity release.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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