mortgage for over 70s

mezzanine

I have an interest only mortgage ending soon and cannot pay the mortgage amount required. I am trying to remortgage but at 74 am finding it hard to get a mortgage
I am still at work running a business and my wife works so we have the necessary amount coming in to pay the monthly payments. Is there anyone out there who will give me a mortgage at my age? Any advice would be most welcome

Dave_Ham

Good for you still working, not so good I am afraid that you have had no repayment vehicle.

Have you got any proof of income into retirement (current or when you stop working)

What loan size and what value property?

No kids that could potentially stand the mortgage given they are likely to inherit further down the line - although you would require specialist legal, mortgage and accountants help here to ensure it all stays above board..

The_J

Try Darlington Building Society

edit: This is strictly non-advised. I have heard they are good for the golden oldies

Joe_Bloggs

The idea behind a mortgage was that it would be paid off over time.

The idea behind interest only mortgages ,in my mind , are unclear. At the end you have to pay up or sell/cash in something that can clear the mortgage debt. You cant have a perpetual mortgage as an individual/couple because we all die at sometime. Perhaps there is a corporate angle to the solution. Some kind of business takeover deal ?
J_B.

koexelek

The_J wrote: »

Try Darlington Building Society

Ipswich Building Society also worth a go. Don't think they would do it interest only though.

None of the big boys will do it because of age.
The other option is equity release.
Stonehaven do a product where you can pay the interest as you go along, rather than letting it roll up

betmunch

Theres a few places, not just Darlington or Ipswich.

personally I dont think we should be naming lenders without doing a full fact find, if the client then pays out fees to these places and the application falls down on some other aspect that a fact find would have uncovered then I feel we could be held responsible for the "advice" to go to that lender.

Just my feelings on the subject

Dave_Ham

Could not agree more with Betmunch, and have said as much on many other threads.

Fair play to you guys, I use Ipswich a lot as am in there geographic catchment area but their criteria is not declared easily for a client to establish.

I personally appreciated the Darlington tip too Big J as not used before, but again always advise caution when just throwing a name out there for the client to look at - even with the best intentions....

koexelek

betmunch wrote: »

Theres a few places, not just Darlington or Ipswitch.

personally I dont think we should be naming lenders without doing a full fact find, if the client then pays out fees to these places and the application falls down on some other aspect that a fact find would have uncovered then I feel we could be held responsible for the "advice" to go to that lender.

Just my feelings on the subject

Read the disclaimer we have to put on. We are not giving advice, just helping to point people in the right direction

I'd like to think us brokers might have a bit more idea than the general public, so we are just trying to help.
Like anyone else, I would not give full advice without a full factfind and all the facts, but I am happy to give "free tips" to try and point people in the right direction.

The_J

Good point boys, have edited my original post. Although all posts here should never be seen as advice and I would strongly recommend that anyone get advice from a broker as a matter of course. Going directly to a lender should be stopped by the FSA because it discourages competition, encourages non-advised sales of financial products and prioritises everything that is 'wrong' about financial services.

Equity release is also an option but I cannot stress how important independent financial and legal advice is on this.

betmunch

koexelek wrote: »

Read the disclaimer we have to put on. We are not giving advice, just helping to point people in the right direction

I'd like to think us brokers might have a bit more idea than the general public, so we are just trying to help.
Like anyone else, I would not give full advice without a full factfind and all the facts, but I am happy to give "free tips" to try and point people in the right direction.

Its a fair point, but I would rather be safe than sorry.

Especially when its in a thread that specifically asks for advice. I do realise I may be being over cautious.

Joe_Bloggs

Dear J,koexelek,Ham,betmunch

What is in the deal for the Darlington or Ipswich lenders to cater for the particular needs of some when other lenders rule out such lending.

How can the lender afford the risks ?

J_B.