Over 50 Mortgages advice reqd

KevA · 1 October 2016 at 2:38PM

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 · 2 October 2016 at 1:23PM

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 · 2 October 2016 at 3:07PM

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

amateur_house · 2 October 2016 at 7:55PM

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.