After the age of 55, there are lifetime mortgage products available to you such as a lifetime mortgage and a retirement interest only mortgage.
However, traditional high-street mortgage lenders are being innovative for more mature customers and allow terms of up to 85 years and beyond in some cases.
All 3 mortgage types can be used for purchasing a new home, remortage, repaying an existing mortgage, or releasing equity either as a lump sum or in smaller chunks as and when required.
Age should not be a barrier to get a mortgage, unfortunately is it with some lenders and brokers, with us, however we have the full range of older borrower lending solutions available.
We are an independent mortgage broker, and we work with both traditional mortgage lenders and the full range of later-life lending products, we will recommend the best, most cost-effective way forward for your individual situation.
The reason there now a higher demand for maximum age mortgages is:
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The mortgage products that do not do not have an age limit on the term are:
Certain traditional mortgage lenders will let you do a 40-year term at the age of 60 taking you to age 100. These do have a term, i.e. age 100, however this will be sufficient for most of us. The eligibility will be based on your income, affordability, credit score, and outgoings.
Retirement interest only mortgages, these run from age 55+ for your lifetime and are good where there is good pension income in retirement as a monthly payment will be required.
Lifetime mortgages, these also run from age 55+ until you die or go into long term care. Monthly payments are optional, and if made, will help to keep the cost of the loan to a minimum. A lifetime mortgage is the most popular form of equity release mortgage.
Home reversion plans, you sell your property in exchange for a cash lump sum and keep the right to live in your property until you enter long-term care or die.
For advice on mortgages for the over 50s, please get in touch for a free, no-obligation consultation. We will answer your questions and recommend the best way forward for you.
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