Get a mortgage and being over 65

lucym22

hiya,

Im writing this on behalf of my parents, they have applyed to there local council to buy there house on the right to buy scheme, the council have accepted and said they can have the house for £42,000 The problem is, my mom is 60 and my dad is 68. We have been to see Lloyds today, the bank they have always banked with and it turns out they wont lend to anyone over 75, so the mortgage they could offer would only be for 6yrs until my dad reached 75 and the repayments would be over £650 a month which would be way too much. There looking for a 10yr mortgage. Ive inquired with Barcleys and they dont lend to anyone over 70, so that's even worse. Has anyone been in this situation and got a mortgage at a older age. They dont have much in the way of deposit £1000 at the most, any advice would be great. Thanks x (sorry if i've posted this in the wrong area, still pretty new to forums)

Wh05apk

There are lenders who will go to 75 or even older, provided the mortgage is affordable on pension income.

Deposit is not an issue as the RTB discount is taken as the deposit.

Speak to a broker for this, as the lenders who can help tend not to be the high street banks.

Jimbo1976

As Wh05apk says there are lenders which do lend to people past normal retirement dates, so it is best to speak to a broker.

You explain that they cannot afford £650pm, but how much can they afford? Over 10 years the mortgage is still going to cost more than £400pm. Also they will need to pay buildings insurance etc.

They will also be liable for maintaining the property, so if it needs a new roof then they will need to pay for this.