High maximum age lenders

Monkey88

Hi,

I'm wondering if anyone is aware of lenders that allow a maximum age by the end of the mortgage to be 80-85?

My partner and her mother would like to arrange a joint mortgage. My partner is 26, while her mother is 64. Savings are adequate and joint income between them is sufficient.

House value is around £160k, the purchase price would be £100k (Purchasing from a relative) and they have £10-£15k cash deposit available.

Thanks in advance

ACG

I am assuming mum will not be working until 80-85 - will she have a similar sort of pension income once she retires?

Monkey88

Sorry, I should have mentioned mother is already retired. Joint income is around £2k per month (after tax)

ACG

There will be lenders for this - subject to affordability. I think it will probably be one for the smaller building societies rather than high street lenders.

Rates should be relatively normal, but its probably not a bad idea to speak to a broker as it is a little quirky.

Monkey88

Hi,

Thanks for your reply. I've been in contact with several brokers but most of them come back with the same response that lenders will only consider a maximum age of 75.

I'm sure there must be a handful of lenders out there, I'm just not sure where to look to approach the correct brokers that would be able to assist with this.
Affordability shouldn't be a problem, combined with the cash deposit they'd be looking to a secure a mortgage of no more than £90k, for a house valued at £160k.