mortgage for over 65

inmypocketnottheirs

emz123456 wrote: »

hi there,
would a intrest only be any good? they are paying £650 a month at the minute?

or is a gurantor a option?

What would the point if interest only be? They would be better to get into a housing association tenancy.

Where in the country are you?

kidmugsy

There was an article in the Telegraph recently: one BS would do mortgages to 85. It might be worth searching for.

kidmugsy

This is the wrong article but it names the BS: it's the National Counties.

http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/9185397/Interest-only-loans-how-to-defuse-your-mortgage-time-bomb.html

Wh05apk

kidmugsy wrote: »

This is the wrong article but it names the BS: it's the National Counties.

http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/9185397/Interest-only-loans-how-to-defuse-your-mortgage-time-bomb.html

But they have very restricted income multiples, speak to a broker.

Thrugelmir

emz123456 wrote: »

they are paying £650 a month at the minute?

Don't lose sight of the fact that this includes all the costs of ownership, i.e. property maintenance etc. So not directly comparable with cost of a mortgage.

kaya64

how about them looking for a repossession , some of them are going really cheap, just a suggestion like .

Simon_gloster

Wh05apk wrote: »

Why do you think the term will be limited to 10 years? Some lenders do not have a maximum age.

Mainstream, residential and new business? 0% chance.

Sub-prime, GE, Blemain etc possibly until aged 80 on a resdential new business basis.

Only existing borrowers porting old terms generally have mortgages up to 80-95 years of age subject to scrutinised pension income from their lender.

Wh05apk

Simon_gloster wrote: »

Mainstream, residential and new business? 0% chance.

Sub-prime, GE, Blemain etc possibly until aged 80 on a resdential new business basis.

Only existing borrowers porting old terms generally have mortgages up to 80-95 years of age subject to scrutinised pension income from their lender.

Are you talking as a qualifed professional?

Because you are talking rubbish, there are mainstream residential lenders who may consider this, however, it isnot straight forward in tems of income, hence why I said speak to a broker rather than just one lender.

Simon_gloster

I'm not saying they wont get a loan, just generally avoid the big boys if a term of 10 years plus is required, therefore its not rubbish what i'm talking.

Brokers don't even call her back........because they probably have had a chat and cannot place it.

Just reading the opening post I knew the chances were slim to non hence me going on about the age thing. It was just an observation and opinion thats all Wh05apk.

Conrad

Wh05apk wrote: »

Are you talking as a qualifed professional?

Because you are talking rubbish, there are mainstream residential lenders who may consider this, however, it isnot straight forward in tems of income, hence why I said speak to a broker rather than just one lender.

This is total nonsense.

NO lender will lend such an amount to these applicants at that age. It will fail the responsible lending test.

Mums income will likely be unsustainable and thus ignored. The short term will kae payments very high. It is unlikely interest only would be accepted in this case. The whole thing would fail the FSA's Treating Customers Fairly principles on just about every count.