Can I get a repayment mortgage?

Posted on 20 February 2012 by lesley

I am 67, home value is £98.000 with no mortgage. Can I get a repayment mortgage?


Your age will not prevent you getting a repayment mortgage and like any application the amount you can borrow will depend on proving you can afford to maintain the monthly payments and your property being suitable security for a loan.

However, there will be a restricted choice of lenders because of your age and the maximum term they will let you take.  The vast majority will want the mortgage repaid by your 75th birthday and this could result in your monthly payments being higher than you can afford.  For example using a rate of 2.99%, a £50,000 mortgage over a term of 25 years would have a monthly payment of £236.85 whereas the payments increase to £660.44 over a 7 year term.

There are a few lenders who will consider loan terms beyond a 75 and I think that you would benefit from speaking to one of our independent mortgage advisers.  Please call 0344 346 3672 and tell the consultant the date and title of your question, they will then be able to help you find the right mortgage for your situation.


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.

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