If
you decide to take out a mortgage
in your 60s, or older, you will have to make the same choices
as a younger borrower.
But the decisions you reach could well be different. Here are
the things you will need to think about
• The amount
This will depend on a combination of factors, including the
value of your property, what you can afford to repay, and what
your mortgage
lender is willing to lend you.
Unless you have a very high level of disposable income, lenders
are more likely to consider you if you ask for a relatively
low proportion of your property's value.
Generally, it's better to choose repayment, but if you are willing
to sell up and downsize to clear your loan at the end of the
term, an interest-only deal would have the advantage of lower
monthly repayments.
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