Mortgages for Over 70s

ferryman24

Hi first post please be gentle :-)

Wonder if anyone has had to deal with this.

My dad is a widower after my mum died a few years ago. He and my mum remortgaged their house a couple of times and for reasons best known to them didnt take out extra life insurance to cover this difference.

Bottom line is dads mortgage hasnt been paid off fully. He kept the mortgage as an interest only mortgage unfortunately. Situation he is in now is that the bank have sent him a letter advising the mortgage finishes in December and asking how he intends to pay off the balance.

His lender wont allow him to take out a new mortgage on the property due to his age.

Not sure what to do. The house is worth more than the outstanding balance of the mortgage however he doesnt want to move.

Does anyone know of any lenders who would lend to someone aged 70. A 10 year repayment mortgage would probably be affordable and would allow him to fully repay the balance.

Any advice from someone who knows about this or has been through a similar problem would be gratefully received.

Thanks for reading

:-)

xyz123

You mentioned 10 years repayment is affordable. On what income basis is that? Have you spoken to any decent brokers?

Thrugelmir

ferryman24 wrote: »

A 10 year repayment mortgage would probably be affordable and would allow him to fully repay the balance.

That needs establishing before it can be considered an option.

horseymchorseface

another option is to downsize or sell and go to private renting.


Your dad was hopefully fully informed of an interest only option and unfortunately has come back to bite him as he has no other payment vehicle to pay it off.