Mortgage - Maximum Term Question

[nosubstitute]

I am getting divorced and once I have settled with my wife I have not much equity.

I need to borrow as much as I can for as long as I can to keep the monthly payments manageable in the hope that in a few years time my salary will go up and I can over pay.

Does anyone know what the top end on the age limit is for a mortgage?

[Sarnie]

65 with most lenders, 70 with some, dependant on your retirement plans/provisions.

[rfisher]

Can you pay a mortgage out of your pension income?

If you can then why won't a lender let you take a mortgage after 65?

Is it just because of the probability that you will die before the end of the term of the loan?

They'd get their money back when the house was sold anyway wouldn't they?

[Sarnie]

rfisher said:

Can you pay a mortgage out of your pension income?

If you can then why won't a lender let you take a mortgage after 65?

Is it just because of the probability that you will die before the end of the term of the loan?

They'd get their money back when the house was sold anyway wouldn't they?

Sale of Property Upon Death is not currently an acceptable repayment vehicle

[scotal]

Most lenders will go to 75 these days, a few of the smaller lenders (and Woolwich) stick to 70.

Any lender will want to know how you intend paying for your mortgage in retirement.

Some will be happy if you state you intend working beyond 65, but they will want to know about pension provisions.

ETA< if you are young, and will be under that top limit, then the max term on mortgages varies from 30-40 years.

Edited by scotal on Friday 11th November 10:17