Mortgage past age 70?

Does anyone know of a lender who would offer a mortgage to someone currently aged 68 ? Both him and his wife's income are required to cover the mortgage repayments so any help would be appreciated. They are currently mortgaged with IIB who would not approve a request for additional finance. Thanks.

Are they looking to purchase a house? If so the absolute max age is 70 (with some lenders it is only 65). If they are looking to release equity then maybe they would consider using a company like .

See previous posts regarding it being illegal for a lender to decline an application based on age.

See previous posts regarding it being illegal for a lender to decline an application based on age
Bambino, all lenders will agree to accept an application over the age of 70 but there are certain conditions that apply....

That is not illegal!!!!!!!

Afraid it is illegal, if you read the legislation in question, ie. the equal status act you will see it is against the law to discriminate against a person due to there age.
This means that a lender can not legally decline to lend to a customer based on age alone. And they also can not legally refuse to accept an application on the same basis.

But the need for a life assurance policy covering the mortgage will prove to be too costly to provide for a 70 year old.

No you don't need a life policy. The CCA covers this, if you are aged over 50 you do not need to have a life policy on your mortgage.

I think the issue for the lender would be one of acting on the security. If for example this was a joint loan on the family home, and one party died, the lender may have to wait until the 2nd party passes on.

They would be declining the application on that basis.

If its structured properly, then of course some lenders would go over 70.

The equality angle might work, but the test would be what would a 'prudent lender' do and if it all hangs on one party remaining alive, with no other security than the residence .. it probably wont fly.

Also on any of the equity release products, one with a variable rate (though much higher than normal) would have the benefit of taking repayments without penalty. (Though the rate is higer than Life Loan)