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Mortgage Advice for the over 50's
royster2k
Posts: 2 Newbie
Hi all,
I'm looking for some advice regarding my chances of getting a mortgage now I'm just about to turn 50.
The house I currently own has an equity around £200,000 and I was wondering how easy it would be to get a mortgage of around 75,000 for between 10-12 years so it would be paid off before reaching retirement age.
What are the things I need to know as I have heard rumours that mortgage provider do not like lending money to people once they reach this milestone in their life.
Any helpful advice would be greatly appreciated.
Thanks in advance
I'm looking for some advice regarding my chances of getting a mortgage now I'm just about to turn 50.
The house I currently own has an equity around £200,000 and I was wondering how easy it would be to get a mortgage of around 75,000 for between 10-12 years so it would be paid off before reaching retirement age.
What are the things I need to know as I have heard rumours that mortgage provider do not like lending money to people once they reach this milestone in their life.
Any helpful advice would be greatly appreciated.
Thanks in advance
0
Comments
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It shouldn't be a problem.
I recently, aged 61, switched my existing mortgage from Halifax to NatWest for a five year fix to when it will be paid off. That was for £125k loan.
I had no trouble going via a broker.0 -
Seems very young to me to be worrying about it. Got a mortgage at 48 and age didn't even cross my mind.
Try a calculator to see how it's looking and what the payments might be.2024 wins: *must start comping again!*0 -
I'm 71: And have two mortgages running to age 80.0
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Where did you hear that?
If people over 50 had difficulty getting a mortgage then anyone still with a mortgage at that age would not be able to get new deals with different providers once their fixed rate ended, and probably have to pay a higher standard rate with their existing one. If that was the case I think it would be more than a rumour!0 -
I moved house as a single person on a pension aged 68. Went via broker and had several offers. Mortgage was for £100k and lasted until I was 75.Wombling £457.410
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