Mortgage when 57

[m3sye]

How likely would my mum be to gt a mortgage at 57? Would she have to do it over a short period of time or would they still look at doing over say 25 years?

[Sarnie]

25 years isn't going to happen.

She'd be limited to 8 years with some lenders and could go to 13 with a few others. Depending on her income provisions into retirement she could go to a 18 year term, which would be the maximum.

[Wacky Racer]

I would imagine in normal circumstances 65 would be the limit, 70 at the absolute tops. Also depends what the LTV ratio is and security offered I suppose.

[m3sye]

Thanks for your help

[Skyedriver]

Echo the above
I got a mortgage for around £60k at the age of 57,over 13 years so working until I'm 70, was putting around 60% down however.
You might be able to assist her if you act as a guarentor in the event that she was to default.

[westberks]

arranging one for a farmer at the moment and lenders have wildly different rules for this situation; Halifax are a good example, 75 maximum age but 70 for self employed using income for mortgage.

[m3sye]

westberks said:

arranging one for a farmer at the moment and lenders have wildly different rules for this situation; Halifax are a good example, 75 maximum age but 70 for self employed using income for mortgage.

So at 57 she would still be looking at around 10 years max?

[LeoSayer]

Surely if she has some evidence of pension to pay for it and decent LTV then why not?

[westberks]

LeoSayer said:

Surely if she has some evidence of pension to pay for it and decent LTV then why not?

you'd like to think so! this is one particular area that has been affected by the crunch and subsequent tightening of lending. Most lenders have reduced maximum age regardless of income. I had a doctor on an £80k pension who had a loan to age 80 without any problem, we then went for additional monies after Santander changed the rules and she was turned down point blank for extra cash.

If the pension is bullet proof there are some that will go to ages between 70, 75 and a couple above that, but it needs to be verifiable at application.