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Mortgage for pensioners - do they exist?

(4 Posts)
LuluNTutu Sat 19-Nov-16 21:55:02

My DF is 71. His mortgage is £80k on a house worth approx. £500k. Mortgage term expires next year.

Does anyone know if it's possible to get a mortgage as an OAP? He desperately wants to stay in family home. His pension is £1700 per month, so he could afford the repayments.

Has anyone / anyone's DP been in this situation, it seems so hard that he can't get a mortgage because of his age.

Gracey79 Sun 20-Nov-16 19:33:34

Is it currently on an interest only basis? I would think if he approaches the existing lender and offers to put it on capital repayment they will be willing to help, lots of lenders have recently removed maximum age caps for mortgages too.

LuluNTutu Sun 20-Nov-16 20:36:07

Thanks Gracey, yes it is interest only.

Ta1kinpeece Sun 20-Nov-16 20:39:08

Far better is for him to transfer the house to you (in trust to avoid stamp duty)
you to take out the mortgage
him to pay you "rent" equal to the interest

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