Mortgage options for over 50's?

danny306

Hi there,

I am trying to help my parents out with their mortgage as it is expiring in 2 years. They still have 50% LTV but as their ages are 56 and 62 they are having trouble finding a new lender. Also my father lost his job a few years ago so has set himself up as Limited company which does not currently make much money in its first 2 years.

I know this is a wild question but... Is there anyway of a bank re-mortgaging and lending 50% LTV with-out taking into count income multiples or age!?

Thanks for any help!

Dave_Ham

They pretty much all work this way, although to be fair depending upon the self employed income, employed income and mortgage value there may be options out there.

Also, any pensions etc. may provide suitable options..

All the best

scotty197340

Hi,

Most Lenders will lend up to a maximum age of 70 at the end of the mortgage term, for example if your father is 50 now, he could still apply for a 20 year mortgage.

With regards to the income, that could be a little more tricky, although that is a substantial amount of equity, so your best bet is to find a whole of the market mortgage adviser who can look into it for you.

Good luck,

Scott