Because of the potentially very long term of the mortgage, the maximum amounts that can be borrowed are generally less than you would be able to borrow with the usual residential mortgage. Here are examples of the maximum amount of borrowing possible based on age. (Note: in the case of a couple the age that the lender’s operate on is that of the younger of the two.)
Age Loan To Value Maximum borrowing on property worth £300,000
55 25.5% £76,500
60 31.0% £93,000
65 36.0% £108,000
70 41.1% £123,300
75 47.0% £141,000
Note: These are examples only but do represent a reasonable estimate of the maximum borrowing possible at the ages shown. In the event that there are serious medical conditions a higher level of borrowing may be possible.
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