Mortgages for Over 65s

Yes, if you have enough deposit available, it is possible to get a mortgage to buy a house if you are over the age of 65.

Recently, we have helped many older clients get on the property ladder, some have been first-time buyers wanting the security of owning their home in retirement.

Depending on whether you can make monthly payments or not will depend on which mortgage option will be the best one for you.

It is important to use an independent mortgage broker as over 60s lending is a very specialist area of expertise. Most mainstream mortgage advisors will not be aware and able to advise on the full range of lending solutions available to you.

Our mortgages for over 65s broker team will:

• Answer all your questions and understand your objectives.
• Recommend the best product for your needs, potentially saving you thousands of pounds.
• Shop around the lenders for the best rate available.
• Help you do everything in the right order, i.e. mortgage, legal, valuation, surveys etc.
• Help you overcome any hurdles we face along the way with the underwriting process.
• Progress your mortgage through to completion and beyond.

There are both pros and cons of getting a mortgage as a pensioner, here we will explore some of these.

Pros of pensioner mortgages:

• Can be used to repay a current mortgage that is ending soon.
• Security of owning your own home in retirement.
• Remortgage to repay debts to reduce outgoings.
• Equity can be used to supplement retirement income.
• Home improvements or renovations can be funded via equity.
• Renting is wasted money, and you can benefit from future house price increases.

Cons of pensioner mortgages:

The cons of pensioner mortgages really depend on the type of mortgage that is being recommended, your experienced later life mortgage expert will ensure you fully understand the disadvantages that are personal to you ahead of any application.

Yes, you can get interest-only mortgages for over 65s. Whether you are looking to repay a current interest-only mortgage that is ending soon, a new purchase or a remortgage, then there will be options for you.

For a traditional interest-only mortgage or retirement interest-only mortgage, you will need to have a lot of equity and income available. For a lifetime mortgage, you will need to have equity available.

An independent broker will recommend the most appropriate product for your situation.

Yes, buy to let mortgages for over 65 are available. With investment properties, they are typically assessed rental income, which will need to be more than enough to cover your mortgage payment.

If you are an experienced landlord and have a satisfactory level of income, deposit, and assets, then you stand a much better chance of being accepted for a buy to let mortgage for a new purchase.

If you are looking for a buy to let remortgage and have lots of equity, then this will be possible also.

No, there’s not an age limit with mortgages, they can run for a lifetime, however, there may be age limits with certain lenders.

Mortgages for over 65s lenders have been particularly good over the past few years innovating and creating new products aimed at mature customers. We are all living longer, have children at home for longer, and working later, therefore, the demand for later life borrowing has increased.

It’s always best to use an independent mortgage broker who specialised in helping older customers. This will give you peace of mind that you will be getting the most cost-effective solution to meet your goals.

Yes, it is possible to get a mortgage for life. Your options for a mortgage for life are:

1. Traditional mortgage, there are some lenders, who specialise in later life, that will let you take out a 40-year term at age 65 providing it is affordable.
2. Retirement interest-only mortgages, these run for life and can be a helpful solution for many pensioners that have good income in retirement.
3. Equity release products, there are two types of products available that allow you to stay in your home until you die or go into long term care. These are a lifetime mortgage or a home reversion plan.

It is important to work alongside an independent mortgage broker to establish what type of loan is best for your situation. A combination of these products would also work as part of a longer-term holistic advice plan for you.

The best mortgages for over 65s deals will be available via an independent broker. If you are considering applying directly to a bank, please think carefully about how important it is to shop around and seek experienced advice.

Mistakes made by applying for the wrong product or rate can be costly to get out of, especially with retirement and equity release mortgages.

An experienced later life mortgage broker, like us, will understand your requirements and search the market for the best and most cost-effective solution for you, potentially saving you thousands of pounds.

Depending on the type of bad credit, yes, it may be possible to get bad credit mortgages for over 65s.

The most popular types of bad credit in pensioners that we experience are:

• County court judgements.
• Defaults.
• Missed payments.
• Individual agreements.
• Late payments.
• Low credit score.
• Anything else.

Getting an up-to-date copy of your credit report is always a good place to start, our mortgage advisors will then look through this and see if you fit lending criteria.