Many lenders traditionally refused to lend to the over 60’s, however, we have access to a number of lenders who understand that many pensioners are fit, active and that their financial affairs are best served by obtaining a mortgage, whether that be with the intention of releasing equity, making home improvements, down-sizing or simply moving because they want to!
Our clients have told us that they’ve found it difficult to obtain finance once they hit 60, even more so at 65 & 70!
Which is why we’re delighted to be able to source repayment mortgages for pensioners aged upto 85. At Martland Mortgages, we understand that many people have complex financial affairs well into their retirement and indeed may want a mortgage to assist with home improvements, relocations or to release some equity. Make no mistake, these are mortgages, rather than the expensive and poorly performing equity release plans that you might have seen advertised.
Of course, as with any mortgage, the repayments have to be affordable but our panel of lenders is able to take all forms of income into account whether that comes from pension, investment income, BTL rental income or employment income. After all, many of us are now working well past compulsory retirement age and outliving previous generations.
Mortgages are available up to age 85 (subject to lending criteria)
With LTV (Loan-to-value) ratios of upto 75%. As ever, we regard each application as unique so please fill in our factfind form and we’ll be delighted to help source a mortgage to match your circumstances.
Mortgages in retirement
These are usually granted on a repayment basis only. However, in very limited cases, we are able to arrange an Interest Only mortgage with the lender so long as there is an alternative means of repayment already in place.
Such alternatives might include a Cash ISA, equity in another property or other investments. Each situation is unique and every case is judged on its merits. As ever, we’ll look for the most appropriate mortgage for your own unique, personal circumstances and will present the facts to the mortgage underwriters on your behalf. Please complete our Factfind document and provide as much background information as possible so we can establish what types of products would be available to you.