Mortgage Service for Over 70s
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 70s including buy to let
- 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 mortgage 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
The upper age limit for new mortgage applicants tends to be between 65 and 70, depending on the mortgage provider, which could leave you unable to get a regular mortgage if you are over 70.
However, some lenders offer mortgages past this age bracket. You can compare mortgage options for over 70s by calling our mortgage team or complete our request callback form.
As well as conventional mortgage options if you are aged 70 or older see below for more information on lifetime mortgages.
Alternative Mortgages - Lifetime mortgages for over 70s
If you have paid off your existing mortgage, but are struggling to find a new mortgage due to being over 70, you might want to consider a lifetime mortgage. A lifetime mortgage is a type of equity release plan that allows you to take cash from the equity that has accumulated on your property over the years. This loan does not need to be repaid until you die or go into long term residential care.
What to look out for when choosing a lifetime mortgage over 70
- A lifetime mortgage means retaining ownership of your home – many people over 70 are seeking to remortgage or release cash, rather than move home.
- Because you retain ownership of your home, you can still benefit from any house price increases.
- There are normally no repayments to make while you live in the property. However, the interest charged can, over time, affect the proportion of your home that you own outright.
- Taking out a lifetime mortgage could affect any means-tested benefits that you are eligible to receive.
- The interest rate on a lifetime mortgage is usually higher than that of a conventional mortgage.
- If after your death there is not enough money left from the sale of the property to pay off the mortgage, the rest of the cost would have to be repaid from your estate. Make sure that your lifetime mortgage offers a no negative equity guarantee which means you will never owe more than your property is worth.
Eligibility for a lifetime mortgage
If you want to apply for a lifetime mortgage you will need to meet several criteria, such as:
- Minimum age – the lower age limit for taking out an equity release mortgage is usually 55 or 60. The percentage of your property that you can borrow as a tax-free lump sum depends on your age when you take out the lifetime mortgage. Generally speaking, the older you are, the more you can borrow - in some cases up to half the value of your home. Therefore, if you are over 70, you are likely to be able to borrow a larger proportion of the value of your home that someone of 55 or 60.
- Property type and value - Not all properties are eligible for lifetime mortgages. You may not be able to get an equity release mortgage on a flat or maisonette, and your property will usually need to meet a minimum value in order for your application to be considered.
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 by calling our mortgage team or complete our request callback form.