Mortgage In Old Age Pensioner With Mortgage

Published / Last Updated on 04/04/2019

Having a mortgage in old age or being a pensioner with a mortgage is worrying for many, but even more so if you have an interest only mortgage and no means of repaying the capital and you are heading towards the end of the term of your mortgage.

"Maximum age at end of term" was the 3rd most popular criteria search according to Your Knowledge Bank (a mortgage search aggregator).

So consumers out there worried if they are near the end of term of their mortgage and if you are in your 60s or 70s.

Option 1: Negotiate a mortgage extension with existing or new landloard

  1. Lenders cannot discriminate on age (but they may have a maximum age for the end of all mortgages)
  2. They cannot force you out of your home but will apply pressure for you to do something – e.g. ask to to prove that:
  3. Your house is on market for sale or you are actively seeking another financial arrangement

Option 2:  Move out/downsize

Option 3: Equity Release – there is even a Super LTV (Loan to Value) 58% - work on around 30-40% LTV at 65.    There are better rates available the lower the LTV. Take professional financial advice.


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