Mortgage for 60 year olds

Delph

Husband and I have a mortgage that has only a small balance left, but we're hoping to borrow more to move to a bigger house. Is it hard to get another mortgage at age 60? We'll both be working to age 65 or 66. Incomes not high but we could afford to borrow more.
Are there any lenders better than others for our age group?
Any advice welcomed.

Socajam

Can I ask a question, why at 60 do you really need a bigger house?
Why not pay off the mortgage you have now and retire at 60, enjoy the time travelling, doing things that you have put off when you did not have the time. Life is so short these days that we do not have time put up.
I have seen two friends 54 and 57 buried within the last month and they were not sick. This have really shuck me up because it tells that we are in that age where everyday we wake up is a day that we should be doing things to enjoy the time we have left.
I paid off my mortgage at 59, have a 2 bedroom flat and have used that time to enjoy myself without the need for more debt. Every week, I go on day or 2 day trips to places out interested, hiking whilst I have the use of my body.
I have refused or decreased my housework duties to : as long as the bathroom and kitchen is clean, the rest if cleans on a monthly or when need basis. Shopping for food is monthly and clothes shopping is if I am really desperate, but at my age of 62, I really do not need any more clothes

Thrugelmir

Delph wrote: »

Husband and I have a mortgage that has only a small balance left, but we're hoping to borrow more to move to a bigger house. Is it hard to get another mortgage at age 60? We'll both be working to age 65 or 66. Incomes not high but we could afford to borrow more.
Are there any lenders better than others for our age group?
Any advice welcomed.

Try some online calculators to see what level of borrowing is possible. Affordability is the key. Your age doesn't preclude you from obtaining a mortgage.

enthusiasticsaver

Your age does not mean you cannot get a mortgage but you will have a shorter time to repay it as a lot of lenders will not lend past 70 and do you really still want to be paying a mortgage in your mid 60s? Do you want to carry on working until 65 or 66?

I would also question why at 60 you want a bigger house let alone a mortgage. No way would I borrow more at that age. Like Socajam I have seen friends suffering with ill health and dying earlier than expected and I am 59. Retired at 58.

Delph

I didn't want to go into details of our personal circumstances, but we do need a larger house (it's not just us at home) and definitely could not afford to retire before age 65.

Delph

Thanks Thrugelmir, will try some online calculators. Past experience has been that these don't necessarily indicate whether lenders *would* lend though, or that any particular mortgage product would be offered.

Delph

enthusiasticsaver wrote: »

Your age does not mean you cannot get a mortgage but you will have a shorter time to repay it as a lot of lenders will not lend past 70 and do you really still want to be paying a mortgage in your mid 60s? Do you want to carry on working until 65 or 66?

I would also question why at 60 you want a bigger house let alone a mortgage. No way would I borrow more at that age. Like Socajam I have seen friends suffering with ill health and dying earlier than expected and I am 59. Retired at 58.

Believe me Enthusiasticsaver, I'm not doing this because I look forward to being on the treadmill for as many years as possible! It's to do with family circumstances, which I don't wish to share. If I could choose an easier life I would.

[Deleted User]

Delph wrote: »

Husband and I have a mortgage that has only a small balance left, but we're hoping to borrow more to move to a bigger house. Is it hard to get another mortgage at age 60? We'll both be working to age 65 or 66. Incomes not high but we could afford to borrow more.
Are there any lenders better than others for our age group?
Any advice welcomed.

I've just done one with a couple in early 60's and the lender was able to use employed income up to age 80. Not something I would like to do but needs must sometimes. There are options out there though so just find a broker and they'll point you in the right direction.

Nebulous2

Nationwide were prepared to go to 75 when I checked them.

There are two interlinked snags for you affordability, if you have regular responsibilities lenders will want to see you can afford these and the mortgage plus the shorter timescale means the monthly payment will rise more sharply as your debt increases, compared to younger people who can get a 40 year mortgage.

bouicca21

Not recent but When I needed a small mortgage in my 60s I had no difficulty in getting one from Halifax that would run till I was 70. They did however make it clear that they might have been less willing if my work had involved demanding physical labour. They also wanted me to borrow more than I needed - I only wanted £30k, but that was too small!

kingstreet

Nebulous2 wrote: »

Nationwide were prepared to go to 75 when I checked them.

There are two interlinked snags for you affordability, if you have regular responsibilities lenders will want to see you can afford these and the mortgage plus the shorter timescale means the monthly payment will rise more sharply as your debt increases, compared to younger people who can get a 40 year mortgage.

You can only use upto 70 as retirement age with Nationwide and if you are within ten years of retirement; retirement income is typically used in affordability as it's the lower of that and earned income.

You are right about 75 as long as they aren't within ten years of selected retirement age (70 max) and have pension conts on payslips or other evidence of pension arrangements.

Lending into retirement

The maximum retirement age is 70. The mortgage term must not extend beyond the 75th birthday of the eldest applicant.

Where the mortgage term extends into retirement, the following criteria apply

Retirement is less than 10 years away

Details of both current income and anticipated retirement income must be provided
The lower of the current income or anticipated retirement income is used for affordability purposes

Retirement is 10 years or more away

Current income is used for affordability purposes
Evidence of the existence of a current and/or past pension (other than State Pension) e.g. payslip showing a pension deduction, or a pension payment on a bank statement, or a pension statement.