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Mortgage for over 85 year old
Lis_Clark
Posts: 2 Newbie
Hi
Can anyone recommend a lender for a remortgage for an 86 year old with a 27K annual pension income. He needs 103062.00 loan
Can anyone recommend a lender for a remortgage for an 86 year old with a 27K annual pension income. He needs 103062.00 loan
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Comments
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I don't think there is any way lenders will lend to someone of that age.I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
The 365 Day 1p Challenge 2025 #1 £667.95/£391.55
Save £12k in 2025 #1 £12000/£120000 -
Even with a guaranteed pension0
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There are lenders doing retirement interest only mortgages now as long as there is sufficient pension income. The devil is in the detailsI am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Even with a guaranteed pension
If it is repayment mortgage the payments would be prohibitively expensive as the mortgage would need to be repaid over a very short term as the chances are the mortgage holder would die before it was repaid. If you can find a lender to do an interest only mortgage geared towards retired people as suggested above that is an option but I have never heard of one. Is this a new mortgage to buy a property or do they already have a mortgage? You say remortgage which suggests they already hold one.I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
The 365 Day 1p Challenge 2025 #1 £667.95/£391.55
Save £12k in 2025 #1 £12000/£120000
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