Mortgage for older person

Suzeeq

Registered User
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I am 60. I need a mortgage of 300,000€ to buy a property that is to be my new home. I own a property worth 350000€ that I live in now but intend to let out. I have savings of 150,000€ and no debt.
Ive been told by PTSB that I cant pay a mortgage over age 70 even if I'm still working then.
1. Which is best bank to approach in terms of not having an age cut off.
2. Should I re-mortgage my current property to finance the new property
I'm very confused and would appreciate any help
 
1. Which is best bank to approach in terms of not having an age cut off.
2. Should I re-mortgage my current property to finance the new property
I'm very confused and would appreciate any help

All lenders appear to have an age limit, some only 65.

The age limit would also apply to re mortgaging your current property.

Have a look at this;

http://www.irishtimes.com/business/...will-you-just-have-to-pay-up-faster-1.2182533

Why not sell your current property and buy the new property outright ?

Even if it could be done, a large mortgage and all the hassle of being a landlord is not what I would want heading into retirement.
 
I doubt it is a runner, all lenders will have an age limit and because of the short term the income required would be substantial. Remortgaging would come under same requirements as ability to repay rather than security is the priority for most lenders. As above advice it would look like selling existing house to buy the new one would make more sense as well as probably being the only option.
 
I am 60. I need a mortgage of 300,000€ to buy a property that is to be my new home. I own a property worth 350000€ that I live in now but intend to let out. I have savings of 150,000€ and no debt.

Buying a second house with the aid of a mortgage is a huge liability for you especially considering your age. Sell your current home and invest the surplus cash after purchasing to provide a tidy income for you into your retirement years.
 
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