Hi! Welcome to another blog by me; Andy Rowden – the over 55s’ finance specialist here at The Financial Detectives.
Sometimes people ask “what’s the oldest you can be to actually get a mortgage?” A lot of people seem to think that when you finish work or reach age 65 etc., lenders will no longer actually be prepared to provide a mortgage for you. Although it’s always good advice to try and repay any mortgage that you’ve got as quickly as possible, there are mortgages available for people that are well into their eighties, nineties, and so on. Obviously, they’re not always ideal and there are a number of different options and varieties of mortgages into retirement or later life lending.
Some would be more of the standard traditional mortgage types that you may have had when you were in your twenties or thirties. Others will be much more specialist and specifically for over 55 people. But there’s a range of options and it’s important to just have a look at all those options to see which is the most appropriate for you and your circumstances.
Another question I get asked is regarding wills. People often ask if a solicitor needs to do the will for them? The answer to that is no, the solicitor doesn’t need to do it. A solicitor could do it of course, if you want them to. But there are alternatives. You can go to a non-solicitor person to do it. Often there are people out there with all the qualifications necessary to advise effectively on wills.
My experience through looking at different options for our clients, when I first started looking at it, was that if you go to a wills specialist, you may find that the overall advice or the price of the advice is a bit cheaper. Some people say, “don’t you get what you pay for?” Well, as long as you go to a specialist, somebody who can actually properly look at the wills and so on, you will be fine with that.
You don’t necessarily have to pay solicitors’ prices. Some people have even had experiences where maybe some solicitors were more interested in actually becoming executors of the estate or will when it needed to be actioned. And I don’t know whether you’re aware, I certainly wasn’t aware before, but sometimes solicitors will charge between 2% to 4% of somebody’s estate to manage it.
There are alternatives to that, quite often cheaper. You can go to people who will be professional executors that will actually tell you up front what their total fees will be. Because quite often you find that you may well go to a solicitor and it will be 2% to 4% of the estate and then there will be a number of ad-ons on afterwards. So it’s just looking at all the options available, but most certainly you do not need to have a solicitor today. You just need to make sure that obviously everything is done properly, particularly from the finance point of view and being very aware of the three to four things that can attack somebodies estate. The first one is divorce, the second one is marriage after death, third one can be bankruptcy creditors and the fourth to be aware of is the care home costs, fees and so on.
Hope that helped 🤩