Age limit for remortage is there one?

FabDee

Hi all

I am about to see RBS about remortage this week and hopefully they will offer a remortage rate, fixed or something that suits us, hoping to add on about £18,000 as well to clear other debts. My mortgage now is 7.3 and I want out.

My question is what is the age limit to get a mortage on, I am 43 and OH is 47, would we get a mortage for 20 years, taking my OH to 67, could we get that does anyone know?

Thanks

FabDee

MortgageMamma

lending into retirement is an area which requires careful thought and planning. whilst most lenders will agree to lend into retirement some lenders will want evidence that the loan will be affordable in retirement. Lenders vary enormously on their policy on max age lending. Some lenders will lend until someone is 100!!!!

In the case of royal bank of scotland, their policy is to lend until 70, however their criteria states

"Royal Bank of Scotland would expect the mortgages to be repaid by the time the applicant(s) retires. In exceptional circumstances we may consent to lend beyond retirement age"

So they may potentially ask for evidence of pension arrangements.

FabDee

Hi

Thanks for that info.

I have a civil service pension and husband has one that is just stopped due to company changing arrangements. He is going to leave it with them as its not great.

We are hoping to get a lower rate and pay more each year to mortage and start saving up every year to pay off early. Thats the plan anyway.

Thanks again.
F

SUESMITH_2

ours wouldnt lend past 65