Getting a mortgage in your 50s and beyond used to be a challenge, but things have changed!
Nowadays, mortgage lenders are more willing to help older applicants buy homes or refinance. So, if you’re thinking about getting a mortgage later in life, here’s what you need to know.
Age limits and what lenders look for
Let’s start with age limits. Lenders usually have their own rules about how old you can be when your mortgage needs to be repaid. It varies, but usually, you’ll see age limits ranging from 70 to 85 years old, sometimes even up to 95 years old! But whatever your age, you’ve got to show the lender that you can manage the monthly payments for the entire term of the loan.
Getting a mortgage after retirement
Think you can’t get a mortgage once you’ve retired? Think again! As long as you can show the mortgage lender that you’ve got the income to handle the monthly mortgage payments and you fit their age criteria, you’re good to go. Plus, if you own your home outright or have substantial savings, you’ve got even more options.
Why you might want a mortgage now
Why would you want to take out a mortgage when you’re over 50? Well, there are plenty of reasons:
- Life Happens: Divorce, separation, or becoming a widow might mean you need a new place to call home.
- Accessing funds: Home renovations, repaying existing debts, or helping your kids get onto the property ladder may be things you’re thinking about.
- Downsizing: Maybe the kids have flown the nest, and you want a cosier home.
- Expanding or Moving: Feeling the itch for something new? You may be looking to buy a bigger home or explore a new location.
- Investing in property: You may be looking to get into the landlord business or buy a holiday home.
Expert guidance
Our expert advisers provide access to a wide range of options including those that aren’t always found on the high street. Securing a mortgage in your 50s and beyond may seem a bit daunting at first but with the right guidance and approach it’s entirely doable.
Call Errol on 0333 772 1551 or drop them an email on info@mortgage-broker-services.co.uk
YOUR HOME MAY BE REPOSSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Some buy to let mortgages are not regulated by the Financial Conduct Authority.
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