Age limits on Spanish Mortgages

My wife and I are 64 and 68, respectively and need mortgage for an oof plan purchase we made 3 years ago, that has now been completed. We are concerned about the 75 year old limit an was wondering what advice sou may have to deal with this.

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My bank, Solbank, said that their limit was up to 70years old (this was 4 years ago, so they could have changed their policy by now.)  When we got a mortgage I was nearly 58, and my husband 4 years older.  As we were going to get a joint mortgage they took their calculations from my age.

Have you made any recent mortgage enquiries from the banks?  What area is the property in?

This message was last edited by abbbb1 on 10/21/2008.

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Hello

We to a have mortgage wit Solbank which we took out four years ago on a 30 year term. We were 58 and 59. We included Our son (in name only) who was only 36 at the time. They are now prepared to extend to 40 years  if required.

F

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Thank you both for your responses to my question. It sounds more hopeful now. I have only contacted Barclay's Bank so far, but will be making additional inquiries., especially Solbank. Did you deal directly with the bank or did you go through a lawyer or broker? Our property is La Herencia de Casares on the Costa between Marbella and Gibraltar. I will follow up on your info, and let you know how it all works out. Many thanks.

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A great deal will depend on what your provable income is and how it is derived. Most lenders have a standard maximum age at start of the mortgage of 60 years of age. That being said it is one of those grey areas for Spanish lenders that if a strong point can be argued and the application has merits in that it can be repaid within a given period of time (most lenders have a maximum age at completion of 75) based on affordability they will consider it. However some lenders are rigid in their age maximums. As Falklands says one way of addressing the problem is to incorporate a younger family member onto the mortgage using their age for assessment of the loan instead of your own ages. But the younger applicants financial situation will also be taken into consideration regarding income and other debts.

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Hi LichKid

There are a few lenders that go to age 80. I can recall a couple of years back arranging a mortgage for a chap who was 71 - depending on your circumstances it is possible to obtain a mortgage for a 12-16 year term.

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I dealt directly with Solbank.  At the time I'd wanted a 15 year mortgage, but they said that 12 was the maximum that they could offer me.  

As with everything, it's probably best to shop around and see what deals are out there.  

Good luck with your search.

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