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Mortgage for over 60's
lawleys
Posts: 2 Newbie
Hello, I'm a fully employed wanting to buy 2 houses, one for myself I'm just 60 & also buy one for my son who's 30. Looking for interest only loans. I have a modest wage, as does my son & his partner. I also have over half million for a deposit. Is there any hope that i could get a Mortgage, is there a loan company who would look at me at my age? or even look at the possibly of helping help my son buy a property ( we are not in same areas to live together but I would consider it, if right property came up) or what would you suggest?
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Hello, I'm a fully employed wanting to buy 2 houses, one for myself I'm just 60 & also buy one for my son who's 30. Looking for interest only loans. I have a modest wage, as does my son & his partner. I also have over half million for a deposit. Is there any hope that i could get a Mortgage, is there a loan company who would look at me at my age? or even a loan company who would look at the possibly of helping me help my son buy a property ( we are not in same areas to live together but I would consider it, if right property came up) or what would you suggest?
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Are you suggesting that you are planning on buying both properties or will you just be giving your son a gifted deposit for him to buy his own house? It's unlikely with a "modest" wage that you would be eligible for an interest only mortgage."You've been reading SOS when it's just your clock reading 5:05 "0
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How are you going to repay the mortgage if you are coming up to retirement and on a modest wage? Interest only loans are not usually given now so that will be a problem and many lenders insist on mortgages being repaid by 70. Can your half million not buy two houses anyway? To fully answer your question you need to give more details like amount of mortgage needed in both cases and values of properties and income amounts and how you intend to repay the mortgages.I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
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Don't think banks do interest only for residential mortgages.
Your age will impact mortgage application, how many more years of employment, when you plan to retire etc.
Yours and your son's affordability, I suppose your son's will be in his name, his income, affordability etc.
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"Don't think banks do interest only for residential mortgages."
You need to speak to a good broker... the above is a myth they are still out there. Random strangers with limited knowledge of you and your sons finances and the LTV you are looking for will be no help what so ever.
Not saying it's possible but it maybe just not on here !1 -
You need to speak to a good broker... the above is a myth they are still out there. Random strangers with limited knowledge of you and your sons finances and the LTV you are looking for will be no help what so everYup. See also - https://forums.moneysavingexpert.com/discussion/6282423/mortgage-borrowing-semi-retirement-and-beyond#latest.
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First Direct do.london21 said:Don't think banks do interest only for residential mortgages.
Your age will impact mortgage application, how many more years of employment, when you plan to retire etc.
Yours and your son's affordability, I suppose your son's will be in his name, his income, affordability etc.What I do not give, you must never take by force.
Mortgage outstanding - 30/12/22 - £25,900. 31/01/23 - £22,300. 28/02/23 - £20,500. 31/03/23 - £17,500. 30/04/23 - £15,800. 30/05/23 - £13,800. 31/06/23 - £11,300. 31/07/23 - £9,800. 31/08/23 - £8,300. 30/09/23 - £6,000. 31/10/23 - £3,000. 30/11/23 - £1,200. 06/12/23 - £00.00
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