Mortgage in retirement

mulletdreamer

Over how long can mortgages be taken out? My current one takes me up to retirement but I should have a pretty good pension and I'm just wondering whether any mortgage companies allow the term of mortgage to run into retirement, thus lowering my current payments...could I go on paying until I'm eighty? ninety? a hundred?!!!

homer_j_3

The short answer is Yes.. Do you want to do that, I am not sure.

I would seek professional advice such as an Independent Financial Adviser with authority to arrange mortgages aswell. I would recommend somebody like this as it may be necessary to review what your pension provisions are and also may be ablle to assess your whole financial picture which may avoid you having to continue paying your mortgage into retirement.

If it is just a case your mortgage payments are too expensive at the moment then you may be able to remortgage or reduce these payments with your current lender but I would say that its important to seek advice as your retirement should be joyous and one where you dont have to worry or lose sleep about debts, cost of living etc especially if you have worked hard to build up a decent pension for yourself.