Over 50 Mortgages advice reqd

KevA

Hello all, I am looking for a bit of advice. I lost my Mum last year and she has left me a little bit of money in her will. Now my issue is I used to have a mortgage on a house but due to one thing or another we had to sell up to clear various debts etc. I am 56 years old now and we are living in rented accommodation, I would dearly love to purchase a home of our own again, would I have a chance of getting a mortgage, I have heard so many scare stories ?

Rich2808

It's perfectly possible - most lenders are happy to lend up to age 75 some 85.

But it of course depends on circumstances - how much do you want to borrow and for how long and how much do you earn. If you need a mortgage past retirement age do you have a pension or investments that can fund the mortgage?

So it may be easy or not so easy but it depends on your circumstances.

KevA

Thank you for the reply Rich. Would anyone know what mortgage dealers to contact at all ?

amateur_house

I am in my mid-fifties and got a mortgage from HSBC with no problem. I have chosen a term so that it will be paid off by the time I am 67, but the mortgage advisor said it would be possible to have a longer term if I could show evidence of income beyond that age. So if you will qualify for a state pension it should be possible to get a longer term.

KevA

Great thanks very much for your help. I will look into it

Thrugelmir

Speak to a local mortgage broker. They'll be able to advise you what's possible.