Age related mortgages

kcbroad

I am in my seventies and want to buy a house using a mortgage. I have spoken to LLoyds and they will give me a mortgage but only up to my 75th birthday. Do any other lenders go beyond this age? The proportion of mortgage I am looking for is around 50% of the house value.

HappyMJ

kcbroad wrote: »

I am in my seventies and want to buy a house using a mortgage. I have spoken to LLoyds and they will give me a mortgage but only up to my 75th birthday. Do any other lenders go beyond this age? The proportion of mortgage I am looking for is around 50% of the house value.

After that age you would be looking at a lifetime mortgage....but very expensive. Try searching for Stonehaven for an idea of costs.

Another option which may be cheaper is to sell the property and move into rented accomodation investing the proceeds and living off the interest.

holly_hobby

No, if you have a clean credit record and sufficient (acceptable) income to support your mortgage throughout the reqd term, you do not need to source a lifetime mortgage (which have restricted relatively low LTVs based on age in any event), as there are a couple of standard providers whom do not have the upper 75 ceiling (subject to the above criteria).

Go and see an experienced mortgage broker whom will assist and be aware of whom I'm referring to.

If you DO req a lifetime mortgage, this is a specalist area of advice, and you need to seek a suitably qualified Equity Release adviser to assist.

Hope this helps

Holly x

kcbroad

HappyMJ wrote: »

After that age you would be looking at a lifetime mortgage....but very expensive. Try searching for Stonehaven for an idea of costs.

Another option which may be cheaper is to sell the property and move into rented accomodation investing the proceeds and living off the interest.

I am afraid that is not an option.

kcbroad

holly_hobby wrote: »

No, if you have a clean credit record and sufficient (acceptable) income to support your mortgage throughout the reqd term, you do not need to source a lifetime mortgage (which have restricted relatively low LTVs based on age in any event), as there are a couple of standard providers whom do not have the upper 75 ceiling (subject to the above criteria).

Go and see an experienced mortgage broker whom will assist and be aware of whom I'm referring to.

If you DO req a lifetime mortgage, this is a specalist area of advice, and you need to seek a suitably qualified Equity Release adviser to assist.

Hope this helps

Holly x

Thanks that is good advice. My position is that I need to move to another part of UK. Therefore I wish to rent my current house and then buy in the new location. I can afford 50% deposit on the new property. My income would readily cover any mortgage payments.
I think I need to discuss this with a broker.

pcgtron

kcbroad wrote: »

Thanks that is good advice. My position is that I need to move to another part of UK. Therefore I wish to rent my current house and then buy in the new location. I can afford 50% deposit on the new property. My income would readily cover any mortgage payments.
I think I need to discuss this with a broker.

Or just sell your current property and buy a new one. Surely much simpler

holly_hobby

Ah you will be retaining and renting out your current (mortgage free ?) home, as part of the house move ... then this added info actually gives you a few more options and solutions, which your broker will discuss with you. .

Ensure they are whole of market/independent.

Hope this helps

Holly

kingstreet

I agree. It may make life easier raising a let to buy mortgage on the current property instead. This will see a longer period possible, perhaps upto age 90, on interest-only if preferred, with the mortgage amount based on the rental income, rather than personal income.

Definite broker job for best options.