Which Main Stream Lenders will give me a mortgage over 55 when my home is paid for

Julia1343

Hello Martin

I read all over the internet that there are mortgages out there for over 55's who's property is unencumbered. I work and intend to continue well into retirement.

Please spill the beans??? At age 57, which main stream banks/building societies will offer me a remortgage at a reasonable lending rate on my fully owned property. After all we haven't gotten to this stage of our lives by making poor banking choices. BUT, there appear to be NO SOLUTIONS.

I don't want an equity release because we all know they are a rip off.

The more I research, the more I get upset that banks are using age as an excuse.

Thanks

MorningcoffeeIV

Most banks will offer mortgages to over 50s.

If you're struggling, you may be unrealistic in the term you're looking to borrow over.

Age isn't being used as an excuse, but a realistic risk factor.

ACG

All of them will lend to people aged 55.
But they will all need repaying at some point - usually when you plan on retiring or age 75 (whichever is earliest), some lenders may go to a higher age. 

But if you just want an open ended mortgage, you would be looking at equity release - some of them allow you to pay the interest or even make repayments.

Stop reading the internet, speak to a broker if you are struggling. 

kingstreet

NO SOLUTIONS?

Why? What exactly is the problem?

We are routinely arranging normal residential mortgages with the usual top lenders which run to 70, 75 even 80 so there must be a particular reason you are having this problem.

The property is unencumbered? What is the loan purpose? Is the property mortgageable? Which lenders have declined an application? What reason(s) did they give?

MWT

Julia1343 said:

I don't want an equity release because we all know they are a rip off.

You couldn't be more wrong on that point.

They should not be the first choice if you have the ability to get a repayment mortgage based on your income and a credible claim that you will be able to continue in your line of work beyond retirement age.

Where you do not have those options they can be a very flexible alternative that still lets you make repayments if you decide to do that or not if you don't. 

The right product needs to be selected to meet your needs which is why they do require advice to be taken, but it would be a huge mistake to just write them all off as a 'rip off'...

In your case, is the issue that you are trying to get an interest only product with insufficient guaranteed income in retirement?

Julia1343

Thanks for all the comments.

I've always arranged my own mortgages and not made poor decisions and have historically enjoyed the challenge to be fair however over 55's aren't getting a fair crack at the whip. The first thing you see is 'Equity Release' - possibly related to the reirement age, it's seems logical anyway.

I want to continue to do my own donkeywork and without the use of a middleman and on principal, why should I be forced to use a broker, they aren't rocket scientists. IIt's all about compare and contrast.

That said, no one has offered lender names or mortgage names? Who is providing standard mortgages (not equity release mortgages) for over 55's?

I can't find any real detail online and as you've gathered I don't want a broker. I got in touch with 1 main stream lender but they say that a mortgage for an unencumbered property is a 'specialist' mortage. Why specialist? Do they mean specially high rate for people that got over the finish line the st time around?

Most of us have already been shafted for 25 years, I'm not intending doing it twice.

I am sceptical because I like to use my own brain when it comes to MY finances. I have the best credit score you can get and I wonder why it's so hard to obtain a bog standard mortgage 55+

I don't want a lengthy repayment mortgage (15 or 20 yrs depending on calcs/affordability). The internet isn't being very helpful and neither are the lenders.

I'm old school, nothing wrong with that.

Thanks

 

Hoenir

Julia1343 said:

Please spill the beans??? At age 57, which main stream banks/building societies will offer me a remortgage at a reasonable lending rate on my fully owned property. After all we haven't gotten to this stage of our lives by making poor banking choices. BUT, there appear to be NO SOLUTIONS.

How much are wishing to borrow and over what time frame? 

 Repayment or interest only? 

What's your proposed repayment method? 

What is the purpose of releasing a large sum of capital? 

MWT

Julia1343 said:

I want to continue to do my own donkeywork and without the use of a middleman and on principal, why should I be forced to use a broker, they aren't rocket scientists. IIt's all about compare and contrast.

That said, no one has offered lender names or mortgage names? Who is providing standard mortgages (not equity release mortgages) for over 55's?

 

Many lenders out there will do this, Barclays for example will lend as long as your age at the end of the term is up to 70 (and you are not retired before then)...

There is nothing magical about being 55 that prevents you from getting a mortgage.

If you are getting push-back from High St. lenders there is something wrong in the way you are approaching this...

This is where the brokers deliver a great service in helping to present your case in the right way to the right lenders, but you clearly don't want that service.

So what are you telling them is the reason that you want to get a mortgage?

It may be as simple as using the wrong explanation for your needs as it isn't obvious from what you've said so far that you actually have a need for the funds...

You have not mentioned the nature of your work, sometimes that can be more or less credible when you talk about continuing to work beyond retirement age...

These are all things that a good broker would help you with but if you want to proceed on your own and are willing to share more details here then people may be able to at least help you understand what it stopping you from getting past first base with the lenders you have approached so far...

housebuyer143

I like to find my own mortgages but you need to accept when a broker's help might be useful and you might find they can find you a good deal and save you the stress you seem to be having.

Most lenders lend over 55 but what are you getting the money for? Do you have enough to afford the repayments?

You don't need a specialist mortgage, you are just doing a remortgage even if it's unencumbered, that's what it's classed as. It might be as simple as you are confusing the person on the phone with the way you are approaching this. 

Sometimes in life you need to accept that someone can do it better than you and get their advice/help.

ACG

Julia1343 said:

Thanks for all the comments.

I've always arranged my own mortgages and not made poor decisions and have historically enjoyed the challenge to be fair however over 55's aren't getting a fair crack at the whip. The first thing you see is 'Equity Release' - possibly related to the reirement age, it's seems logical anyway.

I want to continue to do my own donkeywork and without the use of a middleman and on principal, why should I be forced to use a broker, they aren't rocket scientists. IIt's all about compare and contrast.

That said, no one has offered lender names or mortgage names? Who is providing standard mortgages (not equity release mortgages) for over 55's?

I can't find any real detail online and as you've gathered I don't want a broker. I got in touch with 1 main stream lender but they say that a mortgage for an unencumbered property is a 'specialist' mortage. Why specialist? Do they mean specially high rate for people that got over the finish line the st time around?

Most of us have already been shafted for 25 years, I'm not intending doing it twice.

I am sceptical because I like to use my own brain when it comes to MY finances. I have the best credit score you can get and I wonder why it's so hard to obtain a bog standard mortgage 55+

I don't want a lengthy repayment mortgage (15 or 20 yrs depending on calcs/affordability). The internet isn't being very helpful and neither are the lenders.

I'm old school, nothing wrong with that.

Thanks

 

This post did make me smile. 
My very first 3 words were "All of them". 

To summarise:
1) All of the lenders will lend to people above 55. Literally pick a lender, any lender. They will lend to people over 55. 
2) All of the lenders will lend on unencumbered properties - although most will lend for a limited number of things. 
3) 95-99% of the information is available online, certainly enough to make an informed decision. 

Nobody has said mortgage brokers are rocket scientists. You do not need any qualification to do what you are requesting it really is very simple. I wonder for someone who has done such a good job in the past how you are actually struggling in all honesty. 

I dont understand the arrogance in your posts. 

Edi81

Wow! Way to insult all the brokers on here. 

You have still not said the purpose of the money - home improvements, repay other debt or what. 

Have you use the intermediary sites eg Halifax, nationwide etc to read their criteria?