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Mortgages for the over 70's

I have two properties with a combined value of circa £600k but an outstanding mortgage (on interest only basis) of circa £50k. My current mortgage supplier wants the mortgage to be fully paid by the time I am 70. To do this I would have to sell one property which is something I do not want to do. What are my other options?

Comments

  • abaxas
    abaxas Posts: 4,141 Forumite
    Ninga1945 wrote: »
    I have two properties with a combined value of circa £600k but an outstanding mortgage (on interest only basis) of circa £50k. My current mortgage supplier wants the mortgage to be fully paid by the time I am 70. To do this I would have to sell one property which is something I do not want to do. What are my other options?

    Sell other stuff.
  • Dave_Ham
    Dave_Ham Posts: 6,045 Forumite
    Tenth Anniversary Combo Breaker
    Go to a different lender, there are some that will go to 90 years of age. Obviously a few other variables, although would suggest you attack a broker on this one as many buy to let lenders will only deal with brokers.

    Good luck
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Broker, 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.
  • PasturesNew
    PasturesNew Posts: 70,698 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Why don't you want to sell one? Sell up, take a cruise. Chill out.
  • holly_hobby
    holly_hobby Posts: 5,363 Forumite
    1,000 Posts Combo Breaker
    Are they both private residences, or do you let one ? As your post does not make this clear.

    But in a nutshell, yes there are a couple of options that may suit - even if both private residences..

    Hope this helps

    Holly
  • maninthestreet
    maninthestreet Posts: 16,127 Forumite
    Part of the Furniture
    How old are you now?
    "You were only supposed to blow the bl**dy doors off!!"
  • Wh05apk
    Wh05apk Posts: 2,938 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Another option would be to look at a "lifetime" mortgage whereby interest on the mortgage is rolled up, depends whether you are in a position to make monthly repayments or not.
    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.
  • CBR600F_2
    CBR600F_2 Posts: 107 Forumite
    Go on Cash in the Attic. You get to have Angela Ripon rifle through your draws and make some money. What's not to love?
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