We're 67 years old. Can we remortgage when our interest only mortgage finishes this year?

Posted on 1 May 2013 by Mr & Mrs K Norris


Our home is worth £250000 my wife and I still owe a mortgage of £72000 which terminates in Nov 13. We need to remortgage it. Can we at ages 67 do this?

Mr & Mrs Norris,

The quick answer is that 'yes' you can remortgage. Age in itself is not a total deal breaker, however over the past few years many lenders have taken a negative stance on the more mature borrower. Although lenders will still lend, they typically cap the term at age 75 which is likely to make the mortgage very expensive to you.

There are still some lenders who manually underwrite and who can therefore judge each case on its merits. Lenders such as these may be prepared to consider longer terms and are the more likely route that we would pursue.

If you'd like to speak to one of our consultants about your enquiry, please let me know and I'll arrange a suitable time for one of them to contact you.

Regards,

Alistair

contact@johncharcol.co.uk

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