Too old to get mortgage?

julie.hardy

My mother is 65 years old and lived in our family home for 35 years. She is currently going through a divorce and desperately wants to stay in the house. To keep the house she needs to remortgage to the value of £280,000 but due to her age and working part-time she has been refused from the bank where her current mortgage is. She is being told that keeping the house is not feasible without equity release or continuing to co-habit with her husband which has upset her. Other 60+ members must have gone through this before - what are her options so she continues to own the property? Can 60+ get mortgages?

thanks

kingstreet

Yes.

But they need the income/affordability to do it.

For example, on a 25 year term, she would get perhaps 4.5x gross annual income, so she would need an income of £62k and would need to be able to demonstrate a similar retirement income.

Sea_Shell

I think her options are very limited sadly. Is the £280k what she needs to buy her husband out of the property? (i.e. half) What is outstanding on the current mortgage? Assume this is currently joint?

As sad as it is, on top of the break-up, i think she needs to prepare herself for looking for another house that she can afford with her half of the equity (assuming the divorce agreed 50/50), less costs.