Mortgage options for over 60 in Scotland

Woolwich_Kim

I have a relative who will be 61 soon. She is mortgage free, still works and lives in Scotland.

She wants to move houses but will the sale of her house wouldn't be enough to buy an equivalant in the area she wants so will need a mortgage in order to make this possible.

What are her options at her age? Is it possible for her to get a mortgage?

katejo

Woolwich_Kim wrote: »

I have a relative who will be 61 soon. She is mortgage free, still works and lives in Scotland.

She wants to move houses but will the sale of her house wouldn't be enough to buy an equivalant in the area she wants so will need a mortgage in order to make this possible.

What are her options at her age? Is it possible for her to get a mortgage?

When I got my current mortgage I had to restrict it to 22 years because 25 would have taken me beyond 65. That was with Woolwich and ok it did start before the compulsory retirement at 65 requirement was changed. However how would the friend pay the mortgage if she became ill or lost her job?

Woolwich_Kim

katejo wrote: »

When I got my current mortgage I had to restrict it to 22 years because 25 would have taken me beyond 65. That was with Woolwich and ok it did start before the compulsory retirement at 65 requirement was changed. However how would the friend pay the mortgage if she became ill or lost her job?

Thanks.

She plans to continue working but if she fell ill or lost job, I imagine she would use her daughter as a guarantor or that her pension would cover the repayments and she'll have to cut down on cost of living. She wouldn't take out a big mortgage, just enough to be able to buy in a area she wanted.

Would a big personal load be a good idea in this case?

Another option would be to rent.

Wh05apk

Depends on the numbers, if she intends to continue to work, some lenders will go to 70 (or beyond)


Failing that she could look at equity release?