mortgage terms

Talk to a mortgage adviser, or start making informal enquiries. A traditional bank may be better than a building society or new bank.

A lot depends on your personal circumstances.

If you are likely to have sufficient income after retirement to continue servicing the debt then it should be possible. I have known people over retirement age get mortgages. These are often interest only without a repayment vehicle however, so when they die the debt would be at the same level as when it started.

You could also do part of each. Take part of your mortgage to be repaid by

65, leaving part of it as interest only to continue. If your pension includes a decent lump sum and you don't plan a round the world cruise you could pay a chunk off with that.

There are many permutations, but best one would depend on your personal circumstances- so get advice/quotes.

James

Yes it's possible. But watch out for brokers taking extortionate fees. Here's one direct from the lender -

Do a search to find others.

hth

Daytona

And that 30 year mortgage will have a fixed interest rate - yet another feature which is virtually impossible to find here.

Tony

In message , Anthony R. Gold writes

I'm curious. Since that appears to be the case in the States, is it possible to get an American bank to mortgage a property in dollars?? Or is this *really stupid* idea?? I remember Geordie B was recently talking about fixed rate mortgages of 25 years in length in the UK.

George

"I often wonder about what the future holds.. About 6 pints of lager and a packet of crisps"

In message , Anthony R. Gold writes

Not impossible though but would you really want their terms? The fed rate is about 1% yet their 30 year deals are about 6%. Even their variable rates are in the 5% range,

Foreign currency mortgages were a bit of a craze for a while. The main problem is that you are betting on currency exchange rates and they can move against you just as often as they move in your favour. Generally the recommendation is that your mortgage should be in the same currency as your income. So if you have a house in the UK, but get paid in dollars then such a mortgage could be a good idea. If your house is in the UK and your income in pounds then you are taking a risk on exchange rates.

James

In message , James W. West writes

Agreed to some extent. In fact, if any of the three elements, i.e. income, loan, security, is denominated in a different currency to the other two, then you are exposing yourself to some exchange risk.

In message , Doug Ramage writes

Yes, my memory was that if the change in exchange rate caused the max LTV to be exceeded then the debt switched to sterling, thereby crystallising the increased debt.