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Mortgages for the over 70's
Ninga1945
Posts: 1 Newbie
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?
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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.0 -
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 luckI 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.0 -
Why don't you want to sell one? Sell up, take a cruise. Chill out.0
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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
Holly0 -
How old are you now?"You were only supposed to blow the bl**dy doors off!!"0
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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.0
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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?0
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