Mortgages For The Over 55's

[answerbanker]

I am single now after a divorce and selling my house (no mortgage on it), for about 85k but will need to get a mortgage to buy what I want next - possibly about another 35k. I work full time, have no debts and my Building society have offered me up to 120k if I want so getting a mortgage isnt a problem. Im reluctant to get into debt at my time of life though. Are there any special deals for over 55s or has anyone any advice or experiences to pass on please ??

[honeydip]

Do you have any kids at all aswerbanker?

[answerbanker]

I do Honey, but they are all self sufficient

Any reason why you ask ??

[Peter Pedant]

decide when you want to retire
actually it looks as tho you will have to go on to 65.

then get a repayment mortage to end on the year you retire.

I allowed for technnical reasons to allow one mortgage to run into retirement
and something like £400/mo is quite a millstone when you are retired.

Finally - factor in your lump sum when you retire - a sort of useful wind-fall.

Special deals - none you are more likely to drop dead in the four or five years up to sixty so it is unlikely. Do increase life insurance if you can. (term life that is)