Would they allow a 55 year old a long term mortage?

Kayalana99

Just looking for some advice on thoughts atm.

I really want to get a B2L property but will need about 27k...Its going to take me a long time to get to this point.

I was thinking of asking my Dad who is already in the B2L if he would be willing to put up half the money, (so say a 100k house we'd both put in 12.5k) and I'd do all the running round and he could just be a back seat LL but own 50%.

He is 50 now, so would probally be about 55 if/when I approach him with this offer as I would first have to save my half still instead of the whole amount.

Thing is with him being 55 I would probally want a 30-40 year repayment mortage...so is this idea just not worth even considering?

-

Also while I'm here....we have a mortaged property that we live in which we have not long brought so has 10% equity. Rather then putting all my money in the bank for the £27,000 that I need, would it be worth paying it off my mortage as I go then re mortaging when I need it? Or is their a chance I wouldn't get the money back out that easy?

kingstreet

There are lenders who will lend on a BTL upto age 90, so yes, it is feasible.

Thrugelmir

Kayalana99 wrote: »

Also while I'm here....we have a mortaged property that we live in which we have not long brought so has 10% equity. Rather then putting all my money in the bank for the £27,000 that I need, would it be worth paying it off my mortage as I go then re mortaging when I need it? Or is their a chance I wouldn't get the money back out that easy?

Leveraging with debt compounds the risks. If the interest rate on your mortgage exceeds the rate on your savings. Why wouldn't you pay down the mortgage? Like the fable of the hare and the tortoise there's many ways to achieve your goal.