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Anyone managed to successfully apply for a mortgage until age 75+?

(4 Posts)
AutumnEve Tue 28-Mar-17 18:36:56

DH is approaching 60 (I'm 46) and we're looking to extend our mortgage term in order to bring monthly payments down.

What sort of criteria do banks look for when applications come in for mortgages until age 75/80?

Does anyone here have this kind of mortgage or are they super rare?

(DH wants to work "until the end of time"; whether that will happen or not, only time will tell!)

blue2014 Tue 28-Mar-17 18:43:17

I think wage and likelihood of being able to work at 75 in that career (for example, unlikely if a brickie) some lenders are better than others. Worth getting a good mortgage broker I would say but try Santander?

user1484830599 Tue 28-Mar-17 18:48:46

You can check out most lenders lending criteria on their websites. Google bank name lending criteria and you should be able to find it, the intermediaries (Mortgage Brokers) website for most banks is pretty useful.

Santander say
Where no loan part is on interest only, the mortgage term cannot exceed the applicant's 75th birthday.

We do not lend above an applicant's intended retirement age and we will not accept any case where your client's selected or anticipated age of intended retirement is past their 75th birthday.

Nationwide say
The maximum term that Nationwide will lend up to is 40 years.

New borrowers -Nationwide mortgages must be repaid on or before the eldest applicant's 75th birthday.

PlayingGrownUp Tue 28-Mar-17 19:43:51

Considering your age some may consider a short term (as in 10/15 years).

However I'd say your best bet is to contact your current mortgage provider and ask them for an extension. They will almost definately consider it especially as you are named on the mortgage.

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