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Mortgages for older borrowers
Baking_Mad
Posts: 406 Forumite
can any of the mortgage experts please let me know which lenders currently offer mortgages to the age 70.
Many thanks in advance
Many thanks in advance
0
Comments
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Anyone please?0
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How the borrower is willing to repay the mortgage?Happiness is buying an item and then not checking its price after a month to discover it was reduced further.0
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I thought they all went up to full year before 75? I'm not an expert though.0
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Supply some more detail regarding your situation. Lenders may consider lots of things however the circumstances of the potential borrower is paramount.0
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Plenty go to 70 on the basis of working (a few do the 65/state pension age and pension thereafter to 70 - or 75), many go to 75 (usually with pension after 70, although some will accept some types of work to 75) and small selection go longer (just done one on a self employed barrister working to 80!).
If you are against 'age buffers' get a broker to review - age is the current 'war zone' for placing mortgages.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
Senior_Paper_Monitor wrote: »Plenty go to 70 on the basis of working (a few do the 65/state pension age and pension thereafter to 70 - or 75), many go to 75 (usually with pension after 70, although some will accept some types of work to 75) and small selection go longer (just done one on a self employed barrister working to 80!).
If you are against 'age buffers' get a broker to review - age is the current 'war zone' for placing mortgages.
Agreed, it's not as simple as 'we lend to age 70'.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
OH is the main breadwinner, age 57, no pension income in place as yet so has to be straight forward mortgage based on his current income. I'm currently looking for work after a lengthy career break to raise children. Even when I do get a job I don't expect my income to be any more than £20000 and I believe that even on joint mortgage application the term is determined by the older applicants age, unless the situation has changed???
We have been renting for the last ten years simply because of this issue. His income is substantial enough to secure the mortgage we'd need but his age makes the monthly repayments sky high and virtually unaffordable
I feel like we'd never get on a property ladder...0 -
Baking_Mad wrote: »I believe that even on joint mortgage application the term is determined by the older applicants age
This is not true of all lenders - get some advice.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Baking_Mad wrote: »His income is substantial enough to secure the mortgage we'd need but his age makes the monthly repayments sky high and virtually unaffordable
Maybe substantial now. Possibly not in his 70's.
Get saving in a serious manner. Sometimes it boils down to a lifestyle choice and how much you want to achieve your dreams.0
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