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Mortgage & Equity Release - Call Us 0117 403 4474

Details sort by initial rateLenderInitial rate Rate type Overall cost for comparisonMax LTVProduct feeMonthly cost Enquire
Initial rate: 0.94%
Rate type: Fixed 24 months
Monthly cost: £561.24 per month
Max LTV: 60%
Product fee: £999
Overall cost for comparison: 3.3% APRC
Nationwide BS logo 0.94% Fixed 24 months 3.3% APRC 60% £999 £561.24 per month get quotes Call us0117 403 4474 More details Broker Only Deal
Initial rate: 0.95%
Rate type: Fixed 26 months
Monthly cost: £561.92 per month
Max LTV: 60%
Product fee: £1,499
Overall cost for comparison: 3.9% APRC
Platform logo 0.95% Fixed 26 months 3.9% APRC 60% £1,499 £250 cashback £561.92 per month get quotes Call us0117 403 4474 More details
Initial rate: 0.98%
Rate type: Fixed 26 months
Monthly cost: £563.95 per month
Max LTV: 60%
Product fee: £1,999
Overall cost for comparison: 3.7% APRC
Cumberland BS logo 0.98% Fixed 26 months 3.7% APRC 60% £1,999 £563.95 per month get quotes Call us0117 403 4474
Initial rate: 0.98%
Rate type: Fixed 26 months
Monthly cost: £563.95 per month
Max LTV: 60%
Product fee: £1,999
Overall cost for comparison: 3.7% APRC
Cumberland BS logo 0.98% Fixed 26 months 3.7% APRC 60% £1,999 £563.95 per month get quotes Call us0117 403 4474
Initial rate: 0.99%
Rate type: Fixed 24 months
Monthly cost: £564.63 per month
Max LTV: 60%
Product fee: £995
Overall cost for comparison: 3.9% APRC
Progressive BS logo 0.99% Fixed 24 months 3.9% APRC 60% £995 £564.63 per month get quotes Call us0117 403 4474 More details Broker Only Deal
Initial rate: 1.00%
Rate type: Fixed 27 months
Monthly cost: £565.31 per month
Max LTV: 70%
Product fee: £999
Overall cost for comparison: 3.0% APRC
Santander logo 1.00% Fixed 27 months 3.0% APRC 70% £999 £565.31 per month get quotes Call us0117 403 4474 More details
Initial rate: 1.00%
Rate type: Fixed 27 months
Monthly cost: £565.31 per month
Max LTV: 70%
Product fee: £999
Overall cost for comparison: 3.0% APRC
Santander logo 1.00% Fixed 27 months 3.0% APRC 70% £999 £565.31 per month get quotes Call us0117 403 4474 More details Broker Only Deal
Initial rate: 1.02%
Rate type: Fixed 26 months
Monthly cost: £566.67 per month
Max LTV: 60%
Product fee: £995
Overall cost for comparison: 3.9% APRC
Skipton BS logo 1.02% Fixed 26 months 3.9% APRC 60% £995 £566.67 per month get quotes Call us0117 403 4474 More details Broker Only Deal
Initial rate: 1.05%
Rate type: Fixed 25 months
Monthly cost: £568.71 per month
Max LTV: 60%
Product fee: £999
Overall cost for comparison: 3.3% APRC
Barclays Mortgage logo 1.05% Fixed 25 months 3.3% APRC 60% £999 £568.71 per month get quotes Call us0117 403 4474 More details Broker Only Deal
Initial rate: 1.05%
Rate type: Fixed 27 months
Monthly cost: £568.71 per month
Max LTV: 65%
Product fee: £999
Overall cost for comparison: 4.3% APRC
Leeds BS logo 1.05% Fixed 27 months 4.3% APRC 65% £999 £568.71 per month get quotes Call us0117 403 4474 More details Broker Only Deal
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Representative Example:

A repayment mortgage of £120,000 payable over 28 years and 1 month initially on a fixed rate for 2 years at 1.99% and then on the lender current variable rate of 3.69% (variable) for the remaining 26 years and 1 month would require 24 monthly payments of £465.20 and 312 monthly payments of £565.39 and one final payment of £565.19.

 

The total amount payable would be £189,357.67 made up of the loan amount plus interest (£68,161.67), booking fee (£999), completion fee (£30) and valuation fee (£197).

 

In this example the overall cost for comparison is 3.7% APRC representative.

 

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT

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 seventy.

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 the 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 aged 70 plus 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 –  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 70s 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.

Mortgages for Over 70s

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Call 0117 403 4474 or Request Callback for our over 70's Mortgage Service

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