Retirement Mortgage

Rich48

Hi, just wondered if anybody here knows about retirement mortgages.

My situation is that I live at home, when my parents pass away, I'll need to buy my sister out of half of the house.

Part one of my query is that if I don't have enough savings to do afford half the value of the house, am I able to take a mortgage for half of the amount to pay my sister? Or are there complications in going down this route?

Part two of my query is, if I'm retired when my parents pass away, or close to retirement, do lenders offer mortages in this situation? I'll have a healthy income in retirement.

Many thanks:)

Rich48

 Or can anyone recommend any banks etc who specialise in this sort of thing?

MWT

A lot will depend on affordability and how old you are at the time.

Lending for terms that take you up to 70 are relatively common now, and some lenders will go beyond 70, but it all hangs on your ability to credibly afford the payments.

If you are still depending on employment income then the lender has to believe that you can maintain the income stream as you get older, so accountant & lawyer are perfectly credible, working involving manual labour would be less credible.