Mortgage for over 60's

lawleys

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?   

lawleys

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? 

sammyjammy

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.

enthusiasticsaver

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. 

london21

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. 

caprikid1

"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 !

RetSol

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

Yup.  See also - https://forums.moneysavingexpert.com/discussion/6282423/mortgage-borrowing-semi-retirement-and-beyond#latest. 

Tahlullah.H

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. 

First Direct do.