Bigger mortgage age 54??

[Remortgage]

Is this too much of a gamble… ?

£700k equity.
£100k salary (1 person age 54)
£30k savings towards

No other debt or unusual outgoings, good credit history

the risk is house prices not increasing in our chosen area?

my aim is to make money on the house price increase rather than have a bigger house

if we borrowed £300k our repayments would go from £830 pcm with 6 years remaining (£62k mortgage outstanding) to £2k or similar. We would prefer to pay about £1400 pcm and wondered if it’s possible to pay part interest only and part remortgage?

Anyone know if we’d likely be granted the mortgage bring as we are older buyers?

I believe some lenders will give mortgages to pensioner, so I'm sure you can find a mortgage provider to give you a mortgage at 54. I'd guess it would be worth going to a mortgage broker who would know which providers would consider you. I've had a part interest-only part repayment mortgage in the past, so I'd guess that is possible too.

I hadn’t thought that nor everyone would consider us!

We went with L&C who got us a mortgage via nationwide who lend up to age 70.

www.landc.co.uk/

Thread 3: "Anyone not being picky - and STILL can't find anything?"

Check the above house buying support thread on the mumsnet property & DIY board. Lots of great advice and information on there.

Cheers theladydidgood

70 gives us more years than 65… good to know.

although the more I read about house prices the less I think it’s viable..

you don’t see a lot of interest & repayment mortgages about. I suppose this is out of the ordinary??

Yes it's either an interest or repayment only mortgage rather than a mixed one. If I were you try to buy within your £700k equity budget or with a smaller mortgage. Only because costs are going to 8ncrease again in the autumn so I'd future proof now.

I think the Skipton B.S lend beyond 70 years for a mortgage.

We’re in the process of borrowing part repayment/ part interest only on a single salary of about yours to the age of 70. Through a broker, but the lender is NatWest.

Natwest wouldn't lend us beyond 67 when we remortgaged and we have excellent pensions that would more that cover it
We had about £800k equity

try a longer repayment mortgage to lower payments. Where possible overpay and shorten the term on remortgaging whenever a fix runs out.

a few lenders go to 75 eg platform available via IFAs. if they ask a retirement age don’t say below 75 as they will either not lend beyond that age, or ask for proof of retirement income. just say 75 or 80. There’s no statutory retirement age.

Halifax will lend to 70.