If you are of pension age getting a mortgage can be more challenging - Special features of what we offer include:
- Mortgage solutions for over 60s
- Access to 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.
"The essence of the Fair Mortgages service is professional independent mortgage and protection advice brought to you by a team of specialist advisers and experienced administration support.
As your mortgage is such an important transaction, good advice is imperative.
The term retirement mortgages could either refer to mortgages for people who have retired and would possibly be repaying their mortgage using their pension or other income, or it could possibly refer to equity release schemes such as a Lifetime mortgages.
Getting a mortgage when retired
If you have retired and wish to purchase a new home you may find that getting a mortgage as a retiree can be more difficult. You will need to provide your affordability criteria based upon your income from things such as any pensions or investments you have. However many mortgage providers have both a maximum age limit at which someone can take out a mortgage and also an upper age limit by which a borrower must completely repay their mortgage.
While these factors can make getting a new mortgage or remortgaging more difficult there are a selection of lenders who have much higher age limits, and a few where age is not an issue when based upon certain criteria. Using the services of an independent mortgage adviser may help you find the right product in these circumstances.
Equity release products are not right for everyone, they are a large financial step and should be carefully considered and will reduce how much an individual can leave behind to their beneficiaries in their estate. However, they can provide a way for people over 55 to be able to access some of the value of their home without having to move out.
There are two main types of equity release scheme:
- Lifetime Mortgages: Where you take out a loan for a portion of your home’s value, this debt and any interest that has accumulated on it is normally repaid through the sale of the property after you either die or permanently move into care. The amount you can borrow with a lifetime mortgage will depend on your age, and your partners if applicable. Lifetime mortgages that offer a ‘no negative equity’ guarantee mean that even if the value of the debt becomes larger than the market value of your home, your estate will never be charged more than the amount it eventually sells for.
- Home Reversion Schemes: These types of scheme involve the owner selling the property a reversion company, who then guarantees the original owner the right to continue living in the property until they either die or move into care.
Find out more about equity release by clicking here:
If you are looking for a mortgage then speaking to an independent mortgage adviser could help you find the right choice, to find out if fair mortgages could help you fill in our online contact form, to request a free initial consultation. Alternatively call Fair Mortgages directly on: 0117 313 7780