Getting a mortgage as you get older can be more difficult, but not always impossible- especially if you have Windsor Hill Mortgage experts to guide you through it and find the most appropriate deal for you and your situation.
If you are over the age of 60, you can (Depending on your personal situation) get a mortgage, however, the term of your mortgage will likely need to be shorter than ‘typical’ mortgage terms.
Getting a mortgage as you get older can be more difficult, but not always impossible- especially if you have Windsor Hill Mortgage experts to guide you through it and find the most appropriate deal for you and your situation.
If you are over the age of 60, you can (Depending on your personal situation) get a mortgage, however, the term of your mortgage will likely need to be shorter than ‘typical’ mortgage terms.
How to get a mortgage in your 60s
Each lender has different requirements that need to be met to be eligible for each mortgage, this is where a Windsor Hill Mortgage advisor comes in. Our advisors work from a comprehensive panel which is representative of the whole of the market with access to over 70 lenders, this enables them to find the most appropriate mortgage for you and your needs.
You will need to agree to pay the mortgage off before reaching the lender’s age limit, this is the maximum age you are allowed to be at the end of the mortgage term. Each lender will have different maximum age limits and your mortgage adviser will be looking to find you a mortgage with a lender that will fit your personal circumstances. Particularly for more complex mortgages using a mortgage adviser is strongly advised. The advisers will be able to carry out detailed research for you and be able to support you throughout.
Preparing for retirement
The lender will want to know your plans for your finances, and a large thing that will impact these will be when you will retire. Some lenders may allow lending to retirement, whereas some may require the mortgage to be paid prior to reaching retirement.
As with every person looking to get a mortgage, the lender will run affordability tests on you to ensure the amount borrowed is affordable for you and your life circumstances, this is to ensure their loan will be paid back protecting themselves as well as you, not lending irresponsibly. Lenders will do the same with retirement income and will assess if your mortgage is affordable with your retirement income, taking into account state pension, private pensions, investments, savings, any property you own and if you will still work another job. By looking over these and running their affordability assessment they can see if it is appropriate to lend to you.
It is in many cases, possible to get a mortgage later in life- and with the right help and advice, you can find the most appropriate mortgage for you.
Your home may be repossessed if you do not keep up repayments on your mortgage’ and ‘Equity Release will reduce the value of your estate and may affect your entitlement to means-tested benefits and tax status. You are strongly advised to register a lasting power of attorney to mitigate the risks associated with managing financial affairs in the event of cognitive decline.
The information contained within was correct at the time of publication but is subject to change.
IMPARTIAL FINANCIAL ADVICE
Whether you’re a first-time buyer or a seasoned property developer our team will find you the very best deal.
Our experienced financial, insurance and mortgage advisors take real pride in offering impartial advice, so you’ll have the peace of mind that your best interests are at the heart of everything we do.
Based in Bath, we enjoy getting to know our clients and listening to their requirements we provide the right financial solutions every time.
