Mortgage term ending past retirement age?

[Beach1983]

Anyone managed to secure one recently?

ideally we want a term of 28 years but my husband is 41, that would mean mortgage ending 3 years after retirement age. Plan is to reduce term next time we remortgage in 5 years when I’m earning more when kids are older so it doesn’t actually run into retirement.

I’ve read that Santander will lend up to age 75 with no proof of pension to cover payments past retirement? Anyone had any success with this recently?

We’re moving and have just been given a new mortgage offer from our existing lender which will take DH up to several years past his state pension age. I think it depends on the lender and what their maximum age is.

Yes, Nationwide do this

Won't state retirement by 68 by then?

The UK doesn’t have a fixed retirement age, you can choose to retire when you want, or never.

Banks generally care about when you will retire, not the state pension age.

Ok great! Thanks for all your replies!

We took out a mortgage last year. They asked when intended to retire and the mortgage term runs past that date (only by about 3 months I think though). They just said it was up to me to ensure I had the income to pay the mortgage for those extra 3 months.

Mine runs u til I'm 70. With the Halifax

@unicornsarereal72 Did you have to supply evidence that you would be able to pay the mortgage with your pension?

Ours went to 68 but we’ve over paid to get it down to 60.

It's down to your what your husband says is his retirement is not state retirement.

So if he said he's retiring at 70 then the lender will take the term to 70 without asking for pension documents. Most lenders use 70 as the cut off age.

Newcastle ok'd mine to 68 on a 30 year term (in the last 7 years I've overpaid sufficiently to reduce by 5 years so far, and hope to keep overpaying to drop at least another 5 in the next 7 years. Its not much a month more but the impact is HUGE)

70 is pretty standard

@Beach1983 no. But I do have. Financial advisor involved so maybe that's is what swayed it.

It’s possible to take out a mortgage past retirement age, there are specialist interest only ones. Only worth doing if you have a pension big enough to pay down the capital though.

@Fuuuuuckit that’s the plan! No intention of actually letting it run past retirement but the monthly payments would be better for us now until kids are older and I go back full time! Good to know this is definitely an option!

I used to work in mortgages and most accept to age 70, some aged 75. One thing they take into account is the type of work the applicant is and whether it's feasible for them to be still doing that work at the end of the term like a builder for example. They may want an action plan for moving into a more manual line of work but if you go through a broker they'll be able to help.

More non-manual not manual!!

I think having proof of pension income could be important for some lenders - I’ve just had a mortgage to age 74 approved with Nationwide but my bank statements show how much I’m paying into a work pension scheme. They obvs don’t show overall level of benefits but they can see what the scheme is.

I'm 41, and had a mortgage offer 3 weeks ago from Santander which is for 26 years, so in theory I would be 67 when I've repaid the mortgage and interest completely. Planning to overpay to bring it down to 60 though. I believe Santander go up to age 70.

My mum - who is 73 - has just taken out a brand new mortgage with Barclays for 10 year term...... It's a regular repayment mortgage, fixed rate. My DM isn't working and neither is her husband.

My mum - who is 73 - has just taken out a brand new mortgage with Barclays for 10 year term...... It's a regular repayment mortgage, fixed rate. My DM isn't working and neither is her husband.

Is this equity release?

Nope. Just a bog standard mortgage.

I know it sounds a bit mental - it's a really complicated situation that involves us buying a house together, building an annexe. To do that we have to sell DM's house first, do the annexe building while she lives in the main house, and then sell my house - then finish off building on the main house with my equity.

What we're actually planning is that once my house is sold and I'm mortgage free, I'll either just take over the payment of the mortgage myself or we'll re-mortgage. But DM has sufficient finances to cover the mortgage herself if disaster struck. Ideally we'd have taken the mortgage out in my name but we can't do that because I'll still have a mortgage on this house so DM suggested she find someone to offer her a mortgage. I thought she was bonkers and had no chance - but there are a surprising number of lenders offering OAP mortgages!!!! And my DM isn't wealthy or anything, just has a small, steady income in her retirement.....

That seems crazy!

but there are a surprising number of lenders offering OAP mortgages!!!! And my DM isn't wealthy or anything, just has a small, steady income in her retirement.....

Sorry not your idea, this bit.