Downsize vs new mortgage at 60

[redbushtea]

Our mortgage term on our London house is coming to an end. There is still money owed (interest only mortgage).

There is enough equity for us to be mortgage free by downsizing to a smaller property, which we are considering. The alternative is to take out a new mortgage, but is this advisable at our age?

You are unlikely to get a new mortgage at your age, so I would consider downsizing.

I'm not sure if it advisable or not but it certainly is possible.
Mortgage terms up to 70 are the norm now and there are products that have terms until 90 plus assuming you can prove that your pension can pay/afford the repayments

My Mum got a five year mortgage at 70!

Are you in a position financially to pay a mortgage?

Yes its advisable, if you are not keen to move home. The mortgage lender will take into account your income for the term of the mortgage and if you can afford it, you can agree say, a 5 or 10 year fixed or tracker mortgage with them.
Being mortgage free is great, but what if you move somewhere, where you feel less happy?

First step is to see what mortgage you could get, over what term. Armed with the facts, you can then decide.

Thank you everyone for the replies.

We own a small business which could go either way in the current uncertain economic climate. So remortgaging would need very careful consideration.