I'm 68 years old, can I get a mortgage?

Browse answers

Posted on 13 February 2013


I want a 10year mortage for £12,000 & I am 68. Is this possible at my age?

Colin,

Most lenders have a minimum loan size of around £25,000 so you would be below this limit, and with your age as well, it isn't a likely prospect.

However there are a couple of other options to consider. You could look at an unsecured loan for the £12,000, and the best provider would usually be your own bank. Alternatively we could look at Equity Release. This market has changed over the past couple of years, and depending on teh value of your property, could be the best way forward.

If you'd like to have an initial discussion with one of our consultants, then please let me know, and I'll arrange a convenient time to speak to one.

Regards,

Simon

simon.collins@johncharcol.co.uk

More than mortgages, talk to me about:
Financial Protection | Investments | Personal and Corporate Pensions | Home Insurance
General Insurance | Valuations | Conveyancing | Wills | Home finders


Categories: Mortgages in retirement, Equity release


Ask your own question

Question

Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.

We recommend you seek professional advice with regard to any of these topics where appropriate.

Terms & conditions

Your initial mortgage consultation is obligation free. There will be a minimum fee for our mortgage service of £450, of which £150 is payable when you apply, and we will retain the commission from the mortgage lender. Alternatively, you can choose the fee only option which is typically 0.65% of the amount borrowed. The precise amount will depend on your circumstances and mortgage loan amount, and will be discussed and agreed before you make a mortgage application.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY DEBT SECURED ON IT

Legals

John Charcol is a trading style of Towergate Financial (West) Ltd, which is authorised and regulated by the Financial Conduct Authority; our registration number is 147692. John Charcol Associates LLP is an appointed representative of Towergate Financial (West) Ltd, which is authorised and regulated by the Financial Conduct Authority.  Registered office: Towergate House, Eclipse Park, Sittingbourne Road, Maidstone, Kent ME14 3EN. Registered in England No: 02292688.  This mortgage site is only directed at persons within the UK. The FCA does not regulate some investment mortgage contracts.  Calls may be recorded for training and monitoring. Max call charge from a BT landline is 3.9p per minute. Calls from other networks may vary.