When you mention ‘Pensioner’, what do you think of? Is it an old lady in a shawl, knitting away? Or is it an elderly gent, stooped & worn, reaching for the tin of butterscotch?
Well, we know differently. Even though many mortgage lenders have traditionally refused to the over 60s, we know that age is but a number and many retirees are still extremely active, running businesses, spending time on building projects and spending money on travelling, hobbies, sports & home improvements. Even if they’re a little stiff & sore at times, there’s no reason at all why the older generation shouldn’t have access to mortgages to help bring their plans to fruition.
It may be that you want to release some equity that’s tied up in your bricks & mortar. Perhaps you want to make life easier by making some home improvements or moving to a bungalow. Or perhaps you’re still keen on running your buy-to-let portfolio and bringing ongoing income from your business flowing. Whatever your mortgage needs, we think that age shouldn’t be a bar. So long as you can comfortably meet the repayments and have protection in place then why shouldn’t you?
So we’ve fostered long relationships with lenders that are happy to lend into retirement. In fact, they’ll lend on a repayment mortgage upto a maximum age of 95 at end of the loan’s term. For Interest Only or Buy To Let mortgages, they’ll lend to a maximum age of 89 at commencement of the loan.
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 (upto age 70). After all, many of us are now working well past compulsory retirement age and outliving previous generations so why shouldn’t mortgage products for pensioners move with the times?
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 and upto a maximum age of 95 at the mortgage end. However, we’re also able to arrange Interest Only mortgages with the lender so long as there is an alternative means of repayment already in place. There’s also products suitable to BTL Landlords too.
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. Our skill, backed by decades of experience is in understanding the mortgage market place and looking for the most appropriate mortgage for your own unique, personal circumstances.