Maximum age mortgage

Ben27

Hi, I'm trying to help my Dad get a re-mortgage on an unencumbered property. He is 69 and wants to borrow £50k for about 11 years but it seems most places will only let him borrow up until 75. He owns the house outright, which is worth about £150k, and the monthly payments for the mortgage would be roughly 25% of his income, and he has no other debts.

Are there mortgage companies that lend beyond 75 and if so, which ones?

Many thanks in advance,

Ben

holly_hobby

Try Ipswich BS and Yorkshire BS who are have in the past had a flexible approach to max ages (obviously Dads income and status shall have to satisfy the lenders criteria).

Without knowing what the funds are for, if they are to adjust his property to improve his daily living activities - have you approached age concern/CAB to see if there is any assistance ? If its an income problem, is he in receipt of benefit entitlement ? (again CAB will be able to assist with his entitlements to both means tested and non-means tested benefits.

You should also consider that if the 50k is just to sit in the bank and be lived off, this will effect any entitlement to means tested benefits Dad may apply for (subject to residue amount held in his account).

Hope this helps

Holly

Ben27

Thanks for your reply Holly,

He wants to do some home improvements, buy a new car and have a long holiday in Australia, where my brother lives. His income is all from various pensions and he doesn't get any benefits as such or would be applying for any. He gets an endowment that matures in a few years time also so think he just wants a bit of an advance on that, so to speak.

I'll call the ones you suggested to see if that comes up with anything interesting.

Cheers,

Ben.