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

Posted on 13 February 2013 by Colin

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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

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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.

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