Mortgage Advice for over 50's

royster2k

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

dwsjarcmcd

royster2k wrote: »

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've no idea where you heard this from as it's not true. Lenders will look at your circumstances and assess from there (income, affordability, credit history, LTV etc). If the term is finished before your retirement, then great, if it goes beyond your your retirement, then they will want details of what your expected pension would be when you retire.

dimbo61

I had a couple of mortgages sorted when I was 53 so if you have special circumstances find a broker

Thrugelmir

royster2k wrote: »

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.

Only constraint is the ability to repay the mortgage. As one gets older time becomes an overiding factor.