Mortgage at 63 years old....

mamabuddah

Is it possible?

Dinner break work discussion....lol

At 63 is it possible to get a mortgage?
Property £77k with a deposit of 10%
Will be a second property(first property owned outright approx £129k)
Will be keeping original property.
Combined income £2500 a month (g’teed From pensions)
In 3 yrs another £650 a month g’teed pension to be added.

Is it feasible?
What sort of term is available?

Do mortgage lenders frown on applications from older citizens...lol

[Deleted User]

Most high street lenders will cap at an age of 70, or 75, or 80. You could go up to this since you are using pension income already and its not going to change when state retirement age kicks in.
Technically Barclays dont have any upper age limit for already retired applicants but ive never pushed it with them so i dont know how they manage this in practice

I have done a residential on pension income up to the age of 97 before.

Its all possible but i think you will be more likely to struggle with the 10% deposit on a 2nd property and possible affordability to run 2 properties.

So age may not be the limiting factor here

Mortgage_Adviser

Would you be able to raise the money against the first property and buy the seconf one outright?

£69,300 will only be 54% mortgage as opposed to 90% mortgage of done on a new property, therefore increasing the options that you have.

mamabuddah

Mortgage_Adviser wrote: »

Would you be able to raise the money against the first property and buy the seconf one outright?

£69,300 will only be 54% mortgage as opposed to 90% mortgage of done on a new property, therefore increasing the options that you have.

Is that equity release?

Socajam

Would you be able to raise the money against the first property and buy the seconf one outright?

This is a foolish idea especially at your age.
It is best to keep your first property 100% mortgage free than to have both properties with mortgages.
This is how people get themselves into problems and enter a downward spiral into debt.

[Deleted User]

mamabuddah wrote: »

Is that equity release?

Its releasing equity, but not equity release.

Rather than mortgaging the new house you want to buy you could remortgage the mortgage free property you have so that you have enough to buy the new one as cash

The mortgage on the existing property would work the same as a normal mortgage and have a set term to repay the debt (or interest only i suppose) with a set monthly payment.

Equity release is something completely different.

[Deleted User]

Socajam wrote: »

Would you be able to raise the money against the first property and buy the seconf one outright?

This is a foolish idea especially at your age.
It is best to keep your first property 100% mortgage free than to have both properties with mortgages.
This is how people get themselves into problems and enter a downward spiral into debt.

Why would both properties have mortgages? The thought was to stick a mortgage on the 1st property and buy the 2nd one outright. The original plan was to leave the 1st one mortgage free and put a mortgage on the 2nd one.

6 and half a dozen really. Whatever fits best for the client.

Also, you just cant say blanket statements like 'This is a foolish idea especially at your age'. I assume/hope you are not in an advice role. Everyone is different and has different needs. It takes a lot more than a 2 minute question on a forum to decide if it is a good idea or not.

M_Python

Socajam wrote: »

Would you be able to raise the money against the first property and buy the seconf one outright?

This is a foolish idea especially at your age.
It is best to keep your first property 100% mortgage free than to have both properties with mortgages.
This is how people get themselves into problems and enter a downward spiral into debt.

Did you miss the part about buying the second property outright

Socajam

Deleted_User wrote: »

Why would both properties have mortgages? The thought was to stick a mortgage on the 1st property and buy the 2nd one outright. The original plan was to leave the 1st one mortgage free and put a mortgage on the 2nd one.

6 and half a dozen really. Whatever fits best for the client.

Also, you just cant say blanket statements like 'This is a foolish idea especially at your age'. I assume/hope you are not in an advice role. Everyone is different and has different needs. It takes a lot more than a 2 minute question on a forum to decide if it is a good idea or not.

I am 62 and mortgage free and living a life of not having to worry about mortgages.
There is no way in hell will I touch my mortgage free property to do something like this.
At the OP's age, one have no idea what is around the corner especially with Brexit floating around.
Anyway it's the OP's choice. Let's hope we don't read about this in a year or two from now of the mess that was created by remortgage first property to buy second.
Let me continue on my merry journey enjoying my mortgage free boring life.