Mortgages for the elderly

FiestaRed

Does anyone know if it's at all possible to get a mortgage in later life please?

I'm approaching 80 and retired but looking to move from an house to a bungalow. Bungalows now seem to attract a premium price so I would need a mortgage or similar to pay the difference.

Any help or advice would be greatly appreciated.

Brie

I believe it is possible but suspect that you couldn't apply easily through the normal process so a mortgage adviser might be required.  

FiestaRed

Thanks for the reply Brie, really appreciated. 

MikeJXE

Are you crazy.  Why would you want a mortgage at 80 ?

I’m 84 and sold up 5 years ago, best move I made to rent, move when and where I want at ba time of my choosing 

movilogo

Bungalows typically cost less than equivalent plot houses - at least in most places.
80 is an age when one thinks of clearing any debt rather than taking any new debt. 
You may get a mortgage using equity release or special schemes where lender becomes part owner of your new house. But tread carefully as these loans often come with stings attached.

Keep_pedalling

movilogo said:

Bungalows typically cost less than equivalent plot houses - at least in most places.
80 is an age when one thinks of clearing any debt rather than taking any new debt. 
You may get a mortgage using equity release or special schemes where lender becomes part owner of your new house. But tread carefully as these loans often come with stings attached.

Depends what you are moving from, we recently moved from a 3 bed semi to 2 bed detached bungalow and although that freed up £90k in equity that was mainly because we moved out of Cambridge where a similar bungalow would have cost at least the s@me possibly more.

Mortgages are available up to the age of 90+ as in the example in the link but I would speak to a broker to see what is available.

https://www.familybuildingsociety.co.uk/mortgages/later-life-mortgages?utm_source=google&utm_medium=cpc&utm_campaign=later_life&utm_content=pmax&infinity=ict2~net~gaw~cmp~17727448492~ag~~ar~~kw~~mt~~acr~3558080552&gad_source=1&gbraid=0AAAAADMF7cm1kR_dQSatTfQkCgrHCAG3i&gclid=EAIaIQobChMIneGn7av6iQMVcZNQBh2_nCDBEAAYASAAEgL-avD_BwE

Jellynailer

FiestaRed said:

Does anyone know if it's at all possible to get a mortgage in later life please?

I'm approaching 80 and retired but looking to move from an house to a bungalow. Bungalows now seem to attract a premium price so I would need a mortgage or similar to pay the difference.

Any help or advice would be greatly appreciated.

Try Leeds Building Society who do mortgages for people of your age.

kingstreet

Please get advice from a properly authorised later life specialist broker.

They will be able to talk to you about standard repayment mortgages; retirement interest only; interest roll-up products where you make no payments and give you the opportunity to compare the pros and cons.

If you go direct to a lender, all they can and will tell you about is their product(s) appropriate or otherwise. The bulk of the products you will wish to consider aren't available on the high street.

MWT

You will also find that some of the products have specific requirements for advice to be taken (equity release for example) and the fees for that advice can vary considerably from zero to a few thousand pounds.

So when you talk to a broker who specializes in this field do ask about the fees involved so there are no surprises.