Mortgage over retirement age

Dkw_2

Given prior advice on here I have just spoken to London & Country morgage brokers for initial advice they have someone calling me back to discuss in further detail about the fact we both have minor credit glitches in past easily 6 years ago, can anyone advise as regards what is the best thing to do in this situation wether to proceed with them as the bank didn't bother with this situation as we are in a good credit position now with no loans credit cards finance or anything of like?

Many thanks

Mossfarr

I would arrange an appointment with the financial advisor at your bank.
I have purchased two properties since I took early retirement (one BTL & one residential) both with mortgage terms until the age of 70 years (and YES one of them was after April 2014)!
Your bank already has details of your income/expenditure so you only need to let them know about other income/investments.
You don't have to take a mortgage with them but its free advice!

scaredlady

Just a quick thought ,if finances are going to be that tight that you want to extend the mortgage as long as possible, will you be able to afford any repairs that may come up in the future.
We own, my family council rent. We have to fork out for boilers repairs etc, they just make one phone call.

theartfullodger

Lenders can be helpful: Try a number of the bigger brokers and see what they suggest. e.g.
http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/11992413/Older-borrowers-may-be-offered-mortgages-into-their-80s-and-90s.html

I got an (admittedly Buy2let) mortgage at age 66 that ran to age 80 a couple of years ago. I hope to re-mortgage another property next year when I'm 68..

Keep trying, keep asking.

xylophone

Had your husband considered taking just the 25% PCLS tax free from his personal pension?

This would reduce the amount you have to borrow - he could continue to contribute to his pension.

Jhoney_2

On the basis of your question alone, try santander (75). Their rates may not be as good and at times their service is not best but horses for courses.

However, you would be best talking to an independent mortgage broker or advisor - not a bank, to see what is best given all your personal circumstances.

Best of luck.