# mortgage for older expats



## surabela (May 13, 2016)

We are curious: I am 63 and my husband will be 68 at the time we are ready to buy. Is it possible to get a mortgage for 10 years? What about 7 years? I can be the only one on the mortgage if that would be better. Excellent credit, substantial downpayment (50% or more). I have heard banks in Spain do not want to lend money to older people. Just trying to explore our options. Thanks in advance.


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## mono (Jan 22, 2016)

What about some alternative type of loan?


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## Elyles (Aug 30, 2012)

surabela said:


> We are curious: I am 63 and my husband will be 68 at the time we are ready to buy. Is it possible to get a mortgage for 10 years? What about 7 years? I can be the only one on the mortgage if that would be better. Excellent credit, substantial downpayment (50% or more). I have heard banks in Spain do not want to lend money to older people. Just trying to explore our options. Thanks in advance.




Actually, the banks here don't like to give long term mortgages to people over 60. We had to argue with them about one for 15 years instead of 10. Although we are fortunate enough to not need a morgtage, we got a small one for about a third of the value of our residence and will pay it off in three instead of the 15 allowed. Santander bank has been great


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## surabela (May 13, 2016)

Thanks! We will be using Santander as well.


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## pablo1 (May 9, 2016)

surabela said:


> We are curious: I am 63 and my husband will be 68 at the time we are ready to buy. Is it possible to get a mortgage for 10 years? What about 7 years? I can be the only one on the mortgage if that would be better. Excellent credit, substantial downpayment (50% or more). I have heard banks in Spain do not want to lend money to older people. Just trying to explore our options. Thanks in advance.


Yes, it is true. Very hard to get a mortgage over the age of 60 even if you have half of the mortgage in cash.

You would need a guarantor to get a mortgage. For example your son/daughter would guarantee paying the mortgage if any one of you was to pass away for example.


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## Elyles (Aug 30, 2012)

pablo1 said:


> Yes, it is true. Very hard to get a mortgage over the age of 60 even if you have half of the mortgage in cash.
> 
> 
> 
> You would need a guarantor to get a mortgage. For example your son/daughter would guarantee paying the mortgage if any one of you was to pass away for example.




We needed no guarantor because we used our assets as collateral despite them being in the US. We could have paid cash but when the exchange rate was so high, it made no sense. We are paying it off now, actually making equity on our purchase. When a real estate broker in a past life, with a family heavily into the mortgage business I learned the principle of OPM (Other People's Money) 


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## pablo1 (May 9, 2016)

Elyles said:


> We needed no guarantor because we used our assets as collateral despite them being in the US. We could have paid cash but when the exchange rate was so high, it made no sense. We are paying it off now, actually making equity on our purchase. When a real estate broker in a past life, with a family heavily into the mortgage business I learned the principle of OPM (Other People's Money)
> 
> 
> Sent from my iPad using Tapatalk


Of course if you have other assets worldwide it would make the case for a mortgage much easier but I don't think the OP has mentioned anything about other assets apart from having excellent credit and more than 50% deposit.


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## Elyles (Aug 30, 2012)

pablo1 said:


> Of course if you have other assets worldwide it would make the case for a mortgage much easier but I don't think the OP has mentioned anything about other assets apart from having excellent credit and more than 50% deposit.




We had 75% deposit so no problems here with the bank


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