Can I take out a 20 year mortgage at age 49?

Posted on 1 September 2007

Hi Katie,

I am 49 next year.  We are thinking of moving  - could I take out a mortgage for 20 years due to my age?

 

Yes, the upper limit is 70 or 75 with Abbey, Halifax, Nationwide, West Bromwich Building Society, Accord, Derbyshire, Skipton, and Chelsea.

I am not keen on people borrowing into retirement as they often live on half of the income that they are used to so. I always encourage my own clients to think really hard about whether they need to. Consider making the mortgage term as short as you can to afford the monthly payments. If you intend to downsize again in the future consider taking that part of it on interest only. 

Best regards,

Katie

Category: Lower mortgage payments, Mortgages in retirement

 

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