Ask the Specialist

Capital Fortune are asked to help clients on a daily basis, whether it be with a new purchase, remortgage, buy to let or something more unusual. We typically help clients with non-standard, unusual or complex situations and have created this section to allow you to ask our team of specialists any question you may have. Feel free to browse the list of questions and responses. Please note we provide information only in response to the questions posed and not advice. If you do seek advice then feel free to speak to one of our Advisers by calling 0207 710 0400 or send us an enquiry online and one of our Advisers will call you back.

I am aged 60 and looking for a 25 year mortgage - what options do I have?

on 29 January 2014.

Hello, I do wonder if you can help.

My husband and I are aged 60 and need a very small mortgage of £50,000 to purchase a property near to our daughter. We have sold our main house which is just too big for us. We will have a deposit of £200,000. I have spoken to my own Bank and they have told me they cannot lend beyond age 75.

Is there anything you can do?


Ask the Specialist response:

Thanks for the enquiry. This isn't an unusual situation and we do typically assist clients looking to borrow beyond age 75.

The answer really boils down to what income and life insurance you have.

Firstly, your joint income will need to be sufficient to support the mortgage of £50,000. An income in the region of £20,000 plus would usually be required.

Secondly, we would need to look at what happens to the income if either applicant died before the end of the mortgage. For instance, would the mortgage continue to be affordable in the remaining partner's name? Is there life insurance in place to help protect you against this eventuality?

So, on the face of it, it looks as though we could assist to age 85. If you need any further information I'd recommend speaking to one of our Advisers on 0207 710 0400 or send us an enquiry online.

David Rostron MEng(Hons) CeMAP CeRER
Business Manager