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Mortgage aged 73 and 69?

My parents are aged 73 and 69, and have just bought a new house with cash for £450,000.

They would like to re-mortgage for about £50,000 in order to put a small extension on the house.

Do they have a chance at getting a mortgage at their age? Their joint pension income is around £26,000 and they have savings of £40,000.

Any and all advice appreciated!

Comments

  • Mrs_Soup
    Mrs_Soup Posts: 1,154 Forumite
    Ninth Anniversary 1,000 Posts Name Dropper Combo Breaker
    If they think they have enough income to pay a mortgage wouldn't it make more sense just to use the savings and then pay those back asap from the income that they have to have used to pay the mortgage?
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