Home Forums Family & Relationships so what options are available for a 69yr old about...

kiplin69 Posted 1 year ago
so what options are available for a 69yr old about to be divorced with half the equity from a house sale .can one get a mortgage at 69? any advice would be greatly appreciated in an uncertain world .
Share
1 like & 14 replies
    • SelsdonLion 16th May 2021 at 8:52 am

      Hi Kiplin, there are options but you’d be better off talking to a mortgage broker. If you post this on the money section you’ll probably get a few ideas

      Reply
    • Trampus 16th May 2021 at 9:16 am

      You can certainly get a mortgage at 69 as long as you can prove to the bank that you can repay it. However you’re options are limited because of age etc and the timescale you have to repay. A lot depends on how much equity you will end up with. If it’s a lot then you may be able to get a small flat etc outright. Have you considered renting. You will definitely need to talk to a financial adviser though.

      Reply
    • Chris S 16th May 2021 at 4:09 pm

      I believe that it is possible for people of your age to get mortgages, provided that you can prove the mortgage lender that you can afford the repayments. There would probably be restrictions on the length of the term though.

      Reply
    • Carters Nanny 16th May 2021 at 5:21 pm

      Yes you can, I have just got one and I am 68, I had a mortgage advisor, you need a good credit history, and be able to prove you can afford repayments, and you will have a decent deposit by the sounds of it……dont rent its dead money, I am paying half of what I was paying in rent.

      Reply
    • Rowan 16th May 2021 at 8:21 pm

      Yes you can but get a good adviser who can look at all options etc …when life throws curved balls things can seem like as you say doom and gloom but things will work out . All the best in your new chapters.

      Reply
      • kiplin69 16th May 2021 at 8:52 pm

        thank you Rowan it’s so supportive on here . I am slowly getting used to the idea and its good to hear people have come through the other side .

        Reply
    • CSK 16th May 2021 at 10:12 pm

      Wishing you well. Not easy. As they said, one door closed and another one opens. I can recommend Soussan Husseini-Sech as a mortgage advisor. She helped both my children get their mortgages. One of the few I trust. She’s on face book. Look her up. I have mislaid her card and only have her personal number.

      Reply
    • Yogi61 16th May 2021 at 10:50 pm

      I don’t know the full details but my friend was in the same situation and very wary about taking on a mortgage herself she went for a rent to buy instead. I think local authorities can advise on this scheme.

      Reply
    • OutdoorPete 16th May 2021 at 11:00 pm

      Think broadly. Assuming you have some equity you are still going to have to find a place to live. Depending on where you want to go you could maybe buy a small house or flat but be aware of service charges and ground rent which you would have to pay on a flat.
      Consider other options such as houseboats, these often come fully equipped and can be found in some wonderful locations. Good luck in the. Ext phase of your life.

      Reply
    • Nameste21 18th May 2021 at 7:57 am

      You can get a mortgage I would say. I’m in the process of moving, second divorce and been told a mortgage is available up to age 75 as staying with current lender and porting part of the mortgage…get financial advice for sure….

      Reply
      • kiplin69 18th May 2021 at 8:28 am

        thank you its giving me a bit of hope of light at the end of an emotional tunnel . This is my second divorce as well it hurts everyone no matter what the reasons

        Reply
    • Sandyg 21st May 2021 at 10:58 pm

      depends what your half is .As a cash buyer you can get a good deal.and if you hurry before stamp duty reduction ends,and buy quick so you don’t lose too much capital in renting , you can buy a small.place perhaps and then you can relax knowing its yours..I am so glad I did that Went from a 6 bed fame home to a 2 bed,but that’s enough for me on my own.

      Reply
    • RaisonDetre 21st May 2021 at 11:32 pm

      Yes….look at south of france or spain for somewhere cheap to live, in the sunshine, have fun and chill xxxx

      Reply
Add