Over 50's remortgage

davetj

Hi has anyone had any luck trying to get a fixed deal for 5 -10 years when in there mid 50's?? I'm currently working part time with a basic salary of 18000 whilst my partner took early retirement and has a pension of 610 a month and a private income of 960 a month from a property she rents. We need a mortgage for 53000 on a 150000 property. The best deal we've found is a two year repayment monthly of 430. In an ideal world I would like to get a fixed deal for ten years with repayment of 20 years but at our age this is probably wishful thinking! Any advice would be appreciated. Thanks

KayTM

Yes, no problem [edit: on the fixed deal for 5 years]. However, they would only agree to a total loan period up to the official retirement age of the breadwinner. Thus the mortgage is closer to 15 years rather than the longer term of 20, which you would like.

It might have been possible to get a longer term of loan if we could prove income post-retirement but we didn't bother trying to do that.

betmunch

davetj wrote: »

Hi has anyone had any luck trying to get a fixed deal for 5 -10 years when in there mid 50's?? I'm currently working part time with a basic salary of 18000 whilst my partner took early retirement and has a pension of 610 a month and a private income of 960 a month from a property she rents. We need a mortgage for 53000 on a 150000 property. The best deal we've found is a two year repayment monthly of 430. In an ideal world I would like to get a fixed deal for ten years with repayment of 20 years but at our age this is probably wishful thinking! Any advice would be appreciated. Thanks

Depending on your exact circumstances you may have the option of taking a loan up to your 75th birthday using your earnt income.

Then its just a case of what products those lenders are offering.

Do a full fact find with a qualified broker to establish your options

davetj

thanks alot for the advice. Can anyone suggest providers which might look favourably at our situation.

betmunch

davetj wrote: »

thanks alot for the advice. Can anyone suggest providers which might look favourably at our situation.

No one should be suggesting providers without having done a full fact find with you.

There's a lot more to an application than what you have posted in the OP, I'm just trying to make sure you don't give up as what you have said shouldn't exclude you from getting a mortgage

davetj

thanks again