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Original poster

Mortgage over 50...

31 replies

NewEP · 26/07/2018 18:28

Asking for advice on behalf of my father. He is a doctor and is looking to take out a mortgage on a property. I believe he has a hefty deposit to put down (I don't ask how much) but know he is worried he will not be given a mortgage because he is in his 50s, or that the repayments will be enormous because of his age...

Anyone have any experience of getting a mortgage over the age of 50?

OP posts:
dogzdinner · 26/07/2018 18:30

Not over 50 but in late 40s. Wasn't a problem but obviously relying on a salary to pay it off, they wouldn't let it run beyond retirement age.

Finfintytint · 26/07/2018 18:33

We took out a small one in our fifties over 15 years. No issues.

Original poster
NewEP · 26/07/2018 18:42

@Finfintytint may I ask what small is? Completely understand if you would rather not say.

OP posts:
Original poster
NewEP · 26/07/2018 18:45

@dogzdinner didn't know that about retirement. My post is a bit vague as I don't know what he is looking to spend exactly and don't know what deposit he had, but it's good to know it's doable! I worry about him. He's worked so hard his whole life and has just ended up paying out for lots of big things, keeping family members afloat etc. He left the house to my mum when they divorced as he wanted his children to have a home and was left renting. Even on a GP salary when you're on your own and have 5 kids to pay for you're not left with a huge amount. I would love for him to have his own home.

OP posts:
RJnomore1 · 26/07/2018 18:47

My 74 year old father has just been told he can get a mortgage as long as it's paid off by his 80th birthday.

Mainstream high street bank.

Original poster
NewEP · 26/07/2018 18:48

@RJnomore1 wow, that's brilliant!

OP posts:
RJnomore1 · 26/07/2018 18:50

Well we may differ on that but hopefully for you it's useful to know!

Original poster
NewEP · 26/07/2018 18:50

RJ I mean it's brilliant that he has the opportunity to do that.

OP posts:
theluggageslegs · 26/07/2018 19:26

Recently got a mortgage with an 18 year term, to run until my partner is 70. Needed a higher deposit (c. 25%) or monthly payment wouldn’t have been affordable.

letsdolunch321 · 26/07/2018 19:31

Got a mortgage on my own at 47, first approached Santander who were very difficult. Applied to Halifax got the mortgage no problem. Having divorced and moved 3yrs ago now mortgaged with Barclays.

JiltedJohnsJulie · 26/07/2018 19:40

Do you feel able to go through the figures with him OP? There are companies that will give mortgages at this age, and for long periods but in his 50s he needs to think sensibly about the length of time he’s likely to be working for and will he be able to keep up the repayments if he suffers a deterioration in his health.

My job might skew my outlook a little but I meet too many older people who are about to lose their homes when they find they can no longer keep up the payments either because of age or illness.

confusedmomm · 26/07/2018 20:16

Of course He can! He'll just have a slightly higher rate, but he can definitely get it!

confusedmomm · 26/07/2018 20:18

He could also look at having it interest only so that the monthly payment is much lower generally;

mrs2468 · 26/07/2018 20:22

They usually ask how you will repay it after retirement age if it's to go past then eg evidence of income which would be a pension statement

Wandastartup · 26/07/2018 20:22

He’ll have a good pension.He could try a company used to dealing with medics eg Wesleyan or BMA finance.

DoraJar · 26/07/2018 20:35

Nationwide will give mortgage until 70 (I have a 17 year term - though overpaying and hope to see it gone soon!)

AlbertaSimmons · 26/07/2018 20:38

We took out our mortgage two years ago, both then aged 53. Decent deposit, 15 yr term, manageable repayments, Virgin Money - and we're both self-employed. Go through a good broker and he'll be fine.

PickAChew · 26/07/2018 20:38

I have a mortgage until I'm 70. It's a fairly normal cut off, I think.

MerryInthechelseahotel · 26/07/2018 20:46

I took one out when I was 52 with NatWest I will be paying it until I'm 67. It was a 15 year mortgage but that was only for 80,000 so maybe he's looking for more.

MerryInthechelseahotel · 26/07/2018 20:46

90 actually not 80

LondonMischief · 26/07/2018 20:49

Nationwide allow you borrow up to 85. Most high street banks will do 80. The bank will ask you when you plan to retire and I know doctors work into their 80s. With a sit down desk job that’s perfectly feasible..

theboxofdelights · 26/07/2018 20:53

We moved house recently and went through a broker, we were advised that the cut off was 70 (in 50s),

theboxofdelights · 26/07/2018 20:55

Oh, and we have got three incomes, two salaries and the other an income for lifetime, whoever lives the longest. Not based on anything other than breathing.

NorthernSpirit · 26/07/2018 21:02

I earn over a 6 figure salary and recently took a mortgage out for £350k. The mortgage term was 25 years and would have taken me over retirement age (to 70).

I had to prove to the mortgage provider that I could afford to pay the mortgage when I retired from work at 67. They wanted to see proof of pensions etc that would pay it.

It’s do-able but was loads of faff.

DD2017 · 26/07/2018 21:10

Get him to see a broker. They'll advise the mortgage to meet his needs from the whole market and won't usually charge either (although payment may be around 0.2% higher than going direct).
There's no obligation to take the mortgage

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