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Mortgages for Over 60s

Mortgage Service for Over 60s

If you are of pension age getting a mortgage can be more challenging.

Special features of what our services offers include:

  • Mortgage solutions for over 60s
  • Access to UK lenders where age is not an issue
  • Whole of market service - we work with most UK lenders
  • Access to leading market mortgage rates
  • Access to exclusive loan deals not available on high street
  • Fast turnaround - speak to us today if you need to move quickly
  • We have lenders who will take into account previous defaults and missed payments 
  • Looking to raise additional finance on top of your existing mortgage or buy to let mortgage? - we have access to a range of finance solutions

To investigate your mortgage options if you are in pre or post retirement call our mortgage team on 0117 313 7780 or fill in our call back form.

In recent years mortgage lenders have begun to recognise that an increased lifespan and longer working life means that more people in the over 60s age bracket may have the means to repay mortgages. This is gradually leading to an increase in mortgage deal options for older borrowers.

Proving your income over 60

In order to take out a mortgage, you will need to prove that you have sufficient income to repay your borrowing. In your 60s you may have just started your retirement or be planning to retire soon, or you may still be working.

Whatever your age, mortgage lenders will want you to fulfil certain criteria before they approve you for a mortgage. To maximise your chances of getting a mortgage over 60, you may want to consider the following points:

  • Adequate income? - Think about whether you have sufficient income to borrow the amount you want – this applies whether you are still working or have retired
  • Consider your existing debts and outgoings – do you have credit cards or loans to pay off?
  • Check your credit rating – do you have a clean credit history, with no outstanding payments or country court judgments against your name?
  • Consider your age – many mortgage lenders will ask that you repay the mortgage in full by the time you reach a certain birthday, such as 75. The younger you are, the easier you may find it to get the mortgage deal you want. If you are in your early 60s or are still working, you may not have any problems getting a conventional mortgage. We have access to lenders where age is not a barrier.

Look out for specialist over 60s mortgage providers

There are some mortgages available, mainly through mortgage brokers, which are specifically designed with over 60s borrowers in mind. While you may be able to find a better over 60s mortgage deal than you would on the high street, do bear in mind that even specialist over 60s mortgage providers will want to see evidence of your ability to repay, and may ask for repayment in full by the time you reach a certain age.

To investigate your mortgage options if you are in pre or post retirement call our mortgage team on 0117 313 7780 or fill in our call back form.

Alternative options for over 60s - Equity release

To find the best over 60s mortgage deals, click here for Equity Release Quotes »

If you own your current home and are struggling to find a mortgage, equity release mortgages may be an option. Equity release mortgages differ from standard repayment mortgages and are not suitable for everyone. However, in certain circumstances, they may be an appropriate option. You will need to seek specialist independent advice if you are considering an equity release plan.

A lifetime mortgage enables you to release money tied up in your home by providing a loan secured against the value of your property. This loan does not need to be repaid until you die or go into long term residential care. The main principle of a lifetime mortgage is that it allows you to stay in your current home while releasing tax-free cash, which you can then use as you wish.

Choosing an equity release mortgage

  • Decide how you want to receive your money - you may be able to choose from a lump sum payment or regular income payments.
  • Look for a no negative equity guarantee – this means you will never owe more than your house is worth.
  • Factor in extra costs - The process of applying for an equity release mortgage can involve various fees such as valuation and legal costs.
  • Check your benefits situation - Taking out an equity release mortgage could affect any means-tested benefits that you are eligible to receive.

To find the best over 60s mortgage deals, click here for Equity Release Quotes »

Lifetime mortgages as from October 2004 are regulated by the Financial Services Authority. A lifetime mortgage is a loan secured on your home. The loan and interest are normally repaid from the proceeds of the sale of your home when you die or move into long term care. With a home reversion plan you sell all or part of your home for cash. However you do not get the full market return for doing so.

The above equity release mortgage detail is for information purposes only as does not constitute financial advice under the Financial Services and Markets Act 2000. When considering any type of equity release product, it is important that you seek independent legal advice.

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