Can I remortgage without equity release at my age (68)?

Posted on 20 December 2007

Hi Katie, in your reply to Mr Churms you say 'Of the few lenders that could offer you a mortgage, only a few could do so for more than a few years' Can you please tell me who these few are? As I would like to re-mortgage, and not use equity release. I am 68 but I work and have an annual income in excess of £50,000. My house is worth about £320,000 and I would like to re-mortgage about £80,000.

Albert

Hello Albert,
 
Lenders with no age cap are: Halifax, Nationwide, Cheshire, Newcastle, Accord (part of Yorkshire building society that is only available through mortgage brokers) Dunfermline, Northern Rock and U.C.B. Homeloans.
 
Abbey don't have a limit if you are borrowing less than 75%, Principality has the same rule.
 
Norwich and Peterborough will go to 80 years on repayment and to 70 years for interest only, Co-op allows mortgages to the age of 75 at the end of the term, Cheltenham and Gloucester also have a maximum of 75 years old at the end of the term, as do GMAC. Coventry go to 85%.
 
Apart from Norwich and Peterborough, all of these should accommodate interest only if you wish.
 
Lenders are currently changing and restricting their criteria all over the place following the liquidity crisis in the money markets, so you should call them to check that their age criteria is still valid.
 
As ever, I would suggest that a broker can arrange this easier for you, I would simply recruit one on board to deal with making the research phone calls.
 
Best regards,

Katie

Category: Equity release, Mortgages in retirement

 

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