You are never too old to get a mortgage

Many homeowners are reaching 65 without paying off their mortgages. So what is the maximum age you can remain a borrower?, asks Lorna Bourke
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“Most lenders have a cut-off age of 65 or 70, though the Coventry Building Society will lend until age 85 if you have pension income to support the borrowing,” says Ray Boulger of mortgage broker Charcol.

“Halifax also has a retirement home scheme available to people over 55. They lend on an interest-only basis and you don’t have to pay off the capital.”

Can older people get a guarantor?

Yes, so long as the guarantor can afford to continue the mortgage if the older person can’t.

What happens if I buy with my partner but one stops earning?

If a property is owned by more than one person, mortgage lenders require that both names are on the mortgage deed. Joint owners are jointly liable for the full mortgage payments and if one person is unable to pay, the lender can pursue the other.

If we split up? Can their name come off the mortgage?

Joint owners are both liable for making repayments and if one person stops paying after a break-up the lender can pursue the other regardless of who is living in the property. The house would have to be conveyed into the name of one person before the lender would release the other from the mortgage liability.

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