Mortgage in mid 50s

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dubdub123

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Hi, just trying to get some high level info to help someone out.
They are mid 50s in secure employment (garda) however retirement age is 62.
Homeowner, no mortgage and lets assume no other loans.
Looking at separation and whether they may be able to obtain mortgage... Will lender look up to age 62 only or go to later age as they expect to continue working? My own mortgage is up til my mid 60s.

Should they wait til legal separation agreed before taking out new mortgage?
Any other things to be aware of?

I did a transfer of equity myself few years back and bought my ex hpuse but this situatuon is different

Any info appreciated
 
The retirement at age 62 is not really relevant. It would make very little difference is they could work until 66.

At age 55, he will have only 7 or 10 years to pay off a mortgage before retirement, so no mainstream lender will give him a mortgage.

If they had 30% of the cost of a new house, they might be able to get an investment property mortgage.

Brendan
 
Ok thank you, appreciate it. He is a member there and I'll mention it to him to speak with them.
 
I’m in my 40s and have spoken one lender and a broker recently who have said they will lend to 70 if there is pension income.

Don’t forget a guard will get a big lump sum which could be used to pay down mortgage.
 
Dr Strangelove said:
I’m in my 40s and have spoken one lender and a broker recently who have said they will lend to 70 if there is pension income.

Don’t forget a guard will get a big lump sum which could be used to pay down mortgage.
Click to expand...
Thank you appreciate that.. thats a good call out about the pension.
 
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