Mortgages for over sixties

  • Brummiegal's Avatar
    Why is it so difficult to obtain mortgages for sixty somethings? Many have good pensions and secure income yet it is very difficult to obtain a mortgage for btl purposes on an interest only basis!
  • 2 Replies

  • KateD's Avatar
    Employee
    Hi Brummiegal

    I’m sorry you are having trouble getting the product you are wanting.

    All our mortgages are available on a Capital Repayment basis to UK residents ages 18 and over. The mortgage term must end before the age of 75 and the purchase should be for a main residence.

    At present Buy-To-Let mortgages and interest only mortgages are not offered through Tesco bank.

    I would suggest your next course of action would be to speak to an Independent Financial Advisor who may be able to recommend products that suit your circumstances.

    Kate – Customer Care
  • laslomas's Avatar
    I returned from Spain and found house prices in my chosen area way out of reach. I applied for a 55+ Equity release mortgage through a well known provider. I had £170K to put towards the purchase and the other £60K needed to make my purchase was raised in this way. Although repayments are not necessary I opted to repay the interest on a monthly basis so the debt does not increase. The interest is higher than a normal mortgage, but like you I was not able to obtain one. I had heard of Equity Release, but thought that I already had to own a property in order to release the cash, but not so!! Perfect for me. I have my property and am repaying interest only. I can always revert to the basic product at a later date if my income changes drastically and it is agreed for life.Good lick in your quest.