small mortgage/product for 'old people '.

marc3

Hi-apologies where this is prob covered elsewhere but my search reveled nothing.

any way-we are older peeps -71 and 68 and doing the downsizing thing .

got reasonable amount of equity but could usefully do with additional £50 k to buy the home of our (diminished ) dreams.

we would use a broker but lije to do our own rough/broad brush research first ,and dont want to simply go on line and have about a 100 calls/emails chasing us

just a bit of early research as to costs /products and timelines.

i am guessing it would have to be repayment only/and prob pay about 1.5% above the rate that younger people get ,and max 10 years-but we really do not know-and before delving deep want to get a rough idea 'so not to waste our or anyone else's time -hence can anyone point us in the direction of where one can get that sort of rough info.

(gone are the days when you could rock up at wh smith-buy what mortgage magazine in hard copy and just read it at night with yer cup of horlicks )

ACG

You have a few potential options, each have their own pros and cons. Each has their own requirements of which you may or may not be eligible for depending on your circumstances.

Retirement Interest only (RIO) mortgages - typically interest only but I think most allow you to overpay so could be treated as repayment. I think they can go on indefinitely.

Equity release - These require no monthly repayments. But you can pay the interest and some allow overpayments. Easier to get, but more expensive.

Standard mortgage - depends on your income/employment status. Typically these need to be done by 75, but some can go up to 85. This will likely be the cheapest but might not be the easiest.

But in all honesty, I think you should go direct to a broker. Appreciate you want to do your own research and I respect that. But you could spend weeks doing that with these 3. You also do not know what you do not know and so you could miss something quite vital. A brokers job is to literally take your information, reduce your options right down and explain them to you.

Standard mortgage for example, if you wanted interest only to age 85, although its a standard mortgage, ultimately its going to be some obscure lender you have probably never heard of and will likely need a broker to find it. Equity release I think can only be accessed via a broker. So involving one from the outset is probably going to help you a lot. Thats not to say dont do your own research, but use the broker as a resource to answer your questions. We are not just there to flog you a mortgage, we are there to help.

gwynlas

We went through a broker and were only able to get £59,000 for 6 years due to partner then reaching 80 but providing you have the sufficient income you should easily get a 9 year term.