Mortgage over retirement age

Dkw_2

Hi

I am looking for information as regards getting a mortgage under the circumstances of we have been offered to buy our council property on the right to buy scheme, the valuation being £125,000 with discount we can buy for £52,000 we went to a local high street bank yesterday whom offered us a morgage for a period of 7 years as my husband is now 58 yrs old so they obviously are going on his state pension age of him being 66 so that was the boundary with it although we would rather do a period of ten years as this makes the monthly payments as to what we would really like to pay each month, My husband does have private pensions although they are worth around 50,000 and as over a possible long retirement period this doesn't amount to a great sum. We really don't have any clue which way to go about this situation so any advice would be greatly appreciated.

Many thanks

marksoton

This is probably better off on the mortgage board.

But i seriously doubt you'll find many lenders prepared to offer much better terms.

And if finances are that tight a 3 year mortgage extension makes that much difference i'd question how wise purchasing is.

bouicca21

Ask around - I had no difficulty getting a mortgage to age 70 from Halifax.

Dkw_2

Thanks although I did private message Andrea(mse) prior to posting she advised this on this board also we may have a chance of inheritance prior to 7-10 years to pay off the amount borrowed completely

::)

marksoton

Dkw wrote: »

Thanks although I did private message Andrea(mse) prior to posting she advised this on this board also we may have a chance of inheritance prior to 7-10 years to pay off the amount borrowed completely

::)

The problem is mortgage lenders criteria isn't ever based on maybes,it's based on the here and now and historical.

You've nothing to lose by sitting down with an appropriate broker though and seeing what products are on offer.

Dkw_2

Hi

It was Halifax whom offered us these terms yesterday maybe things are a bit more guarded now with this situationI don't know

kingstreet

Since MMR Halifax won't lend past state pension age unless you have detailed evidence of income in retirement.

If you are within ten years of retirement, Nationwide will base lending only on your retirement income.

Fortunately, there are other lenders who will lend to 70 if you enter that as your retirement age.

kingstreet

bouicca21 wrote: »

Ask around - I had no difficulty getting a mortgage to age 70 from Halifax.

Pre or post 26/4/14?

teddysmum

kingstreet wrote: »

Fortunately, there are other lenders who will lend to 70 if you enter that as your retirement age.

Would this not be fraud, if actually intended to retire at 66?

bouicca21

I was open about not having a compulsory retirement age, but that I intended to retire before 70, and pay it off with part of my lump sum retirement benefit. My income was more than sufficient for the payments, and I only wanted to borrow a tiny sum, with something like a 15% ltv. there was pretty well no way the bank could lose out, especially given the way prices were rising.

I must have squeezed in just under the ropes.

Pixie5740

bouicca21 wrote: »

I was open about not having a compulsory retirement age, but that I intended to retire before 70, and pay it off with part of my lump sum retirement benefit. My income was more than sufficient for the payments, and I only wanted to borrow a tiny sum, with something like a 15% ltv. there was pretty well no way the bank could lose out, especially given the way prices were rising.

I must have squeezed in just under the ropes.

You haven't said if that was pre-MMR introduced on 26th April 2014 though.