Mortgages For Over 50's

ia3059

I will be 55 next birthday and I have just sold my house. I have paid off my mortgage but want to buy a smaller property. I will be able to pay around 50% and want to take out a mortgage for as long a term as possible to keep down monthly repayments.
I will however be likely to completely pay off the new mortgage within a couple of years when funds become available.
What would be the longest term I can get for a new mortage?
Who is a good lender for someone in my age group?
I want to keep arrangement fees to a minimum and I do not want penalised for early repayment. I would consider a fixed rate for a short period but I do not want tied in to anything longer.

Any advice on this please?

Rollinghills

You'll be better off posting on the mortgage forum
http://forums.moneysavingexpert.com/forumdisplay.php?f=15

Lenders lend up until 65 years old as a standard, some will lend for longer but you may have to prove what income you'd have when retired. You will probably need to see a broker who knows about mortgages in your 50s and beyond.

bouicca21

Well I'm older than op and had no difficulty getting offers of mortgage to age 70.

kingstreet

ia3059 wrote: »

I will be 55 next birthday and I have just sold my house. I have paid off my mortgage but want to buy a smaller property. I will be able to pay around 50% and want to take out a mortgage for as long a term as possible to keep down monthly repayments.
I will however be likely to completely pay off the new mortgage within a couple of years when funds become available

If you are planning to talk to lenders directly, you may wish to omit that from your discussion as lenders don't like short-term mortgage lending.

What would be the longest term I can get for a new mortage?

It varies from lender to lender. You'll have some willing to lend no longer than age 66 which is your state pension age, unless you have evidence of income in retirement.

I'd say choose a term which ends before age 70, then you'll have a number of lenders open to you without proof of income in retirement.

Who is a good lender for someone in my age group?

There is none in particular. It's the one which will offer the best deal in your circumstances.

I want to keep arrangement fees to a minimum and I do not want penalised for early repayment. I would consider a fixed rate for a short period but I do not want tied in to anything longer

Pick a penalty-free tracker from a lender willing to lend to you over a term you feel suits you.

An independent broker would be your best first port of call for this.

ia3059

Thanks for the replies. I will take all on board and see where it takes me.