82 years old and wants a mortgage?

BML

I'm 82 years old with a property worth about £400,000 and would like to move to a house worth about £600,000. My logic may be faulty but my thoughts are that if I die a couple of years after being given a mortgage surely all the Building Society need to do is to sell the house to get their money back or will it be impossible for me to obtain a mortgage?

kingstreet

Lenders don't work from the perspective of repossession to recover their money.

If you have the income to support the mortgage you might want to investigate the retirement interest only option.

Caz3121

I don't think the advice changes much since last year - all be it you are a year older https://forums.moneysavingexpert.com/discussion/5830000/mortgage-for-the-over-80s

csgohan4

You are aware costs are involved for the lender to repo a house which the bank does not want to get involved with if possible.

If it was possible, I would get a 1 million pound house on the basis if I die the bank could repo which would be silly and totally non compliant with current FCA guidance. Banks only go on now, not the what if I'm afraid.