Interest only mortgages

MD1970

I'm looking to buy a home close to my elderly Mum but I would struggle with a regular repayment mortgage as my income is £20-£25k and as I am 51 my understanding is that I can only get a mortgage up to my retirement age so it would be 15 years rather than 25 years. Does anyone know if I would be able to get an interest only mortgage as the payments would be far more affordable (with a view to paying it off with expected inheritance at some point in the future). There are ads for interest only lifetime mortgages for over 55s (but they seem more like equity release re-mortgages). I currently rent.

K_S

@md1970 I'm afraid an interest only option is unlikely to be available to you, based on the limited info in your post. Primarily because a future inheritance isn't a repayment vehicle that lenders will consider and also because even with interest only residential mortgages, the vast majority of lenders will require the applicant to meet affordability on a capital repayment basis.

If it's the term that's limiting your borrowing, there are lenders who will allow a stretched term (into retirement) based on current income as long as your payslips show pension deductions or you're paying into a pension separately (if self employed for example).