Mortgage/Loan for 70+

usman122

Hi,

I have an issue where my parents are looking to buy a new property
but they need a loan of around 100K. The issue is that my dad is nearly 70 and most high street banks only give loans with a max end term date of your 75 birthday.

Do you have ideas/tips on where we can get a loan/mortgage which has a longer end term date. There is no problem with repayments as myself and my brothers will sort it out.

Any ideas?

MonkeyMad

Why don't you and your brothers get the mortgage in your names then?

usman122

Its a long story lol True that's another option but wanted to know if it was possible for 70+ loan

MonkeyMad

I read an article that said some banks will lend if the applicant was 85 on termination of loan (Leeds Building Soc I think).

But they would also be looking at the income your parents had (and if as you say you and your brothers would be making the payments) then you might struggle to convince them that they actually had the cash flow they would need.

Gilea22

My husband who is 70 and I am 66 want to rent out my house and so we need to convert my residential mortgage to a B2L - forget Halifax - they are not interested in real B2L and quoted silly numbers and wanted to fine me even though the property is not being let out - so much for caring about customers who have several accounts with them and an ISA. If I had been a new account holder that would have been different.
HSBC say they over great deals for Advantage account holders all parties have to be with them and Advantage account holders, its in the small text.
We when with a fairly reputable Estate Agent - Connells and the mortgage account adviser wanted over £300.00 registration before he would look at the mortgage - but they say they don't add any fees.
The adviser said no problem he would get us a fixed rate with the Halifax and then tell them we wish to convert to "Consent to Lease" - I told him about the letter I had from the Halifax and he said it would be okay they would not charge anything extra, maybe an admin fee. Then he said he had a back stop which turned out to say you had to have a track record to rent out the house for 6 months - a catch 22 situation as we did not have a B2L mortgage and he said just rent it out and in 6 months come back and he would fix things up. The Halifax situation was tomorrow tomorrow so in the end I telephoned their compliance/ complaints office to find that the supposed mortgage had stalled 2.5 weeks ago and the person at Connells told me it was because we did a paper/fax application then it was Easter, then it was May Bank holiday and so on and on. The upshot has been I can not let my house out and did not go to another broker on the Connells' person's advise because it was a done deal he said, despite my concerns.
We went into Nat West were my husband has a personal and business account plus a substantial amount in a Trust account. We were TOO OLD as my husband was 70 and they would only give me a 4 year mortgage.
AGEISM IS ALIVE AND WELL WITH THE BANKS.
For the record we both work out of choice.
Are there any real B2L mortgages out there.

jason1231972

Gilea22 wrote: »

AGEISM IS ALIVE AND WELL WITH THE BANKS.

At the risk of possibly sounding (grossly) insensitive, can you not see why such 'ageism' exists? Male life expectancy in the UK is under 78 years, and female is just over 82. Not to say either of you would necessarily pop your clogs at this age - without knowing anything at all about you - but the proven 'risk' is there - the risk being obviously that of one or both of you passing away before the mortgage is repaid.

Banks are not charities.

To use an opposite example, if you're against so-called 'ageism' in the financial sector, how would you feel, as a 66 year old woman, if you were classed in the same bracket as a 17 year old boy for car insurance purposes? It cuts both ways.

DCFC79

Gilea, is there a point to your post apart from having a rant/moan.