Mortgages For Older Borrowers
Our Mortgage Service for Older Borrowers
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.
Mortgages For Older Borrowers
If you are an older borrower you may have concerns that you will not be able to find a lender who will be able to offer you a suitable mortgage. However while getting a mortgage as an older person can be more difficult due to specific lender’s own restrictions there may still be a range of suitable mortgages available to you depending on both your age and financial circumstances.
Getting a mortgage as an older borrower
- Age – Many mortgage lenders have an upper limit for taking out a mortgage with them, this age tends to be between 65 and 70 depending on lender. Lender’s may also have an age limit for by when a borrower must repay a mortgage, which means that the exact term of your mortgage may affect what is available. However, there are a number of lenders who have much higher age limits and a few where age is not an issue providing certain criteria.
- Affordability – As does any borrower, older borrowers will need to illustrate to the lender that they can afford to make their mortgage payments. If you have retired or you are planning to retire within the term of the mortgage, then you will need to provide evidence to the lender that the income you will receive from any pensions, annuities, investments or other sources of income will be sufficient to repay the mortgage.
Before taking out a mortgage
While there might be a more limited selection of products available to older borrowers, whatever kind of mortgage you are interested in it may be wise to shop around different providers to see what is available to you. By comparing the market you can try to find the best deal for a mortgage that fits your criteria.
Borrowers interested in taking out any kind of mortgage might wish to consider using the services of an independent mortgage adviser. In addition to being able to offer their clients impartial advice, mortgage advisers that offer a whole of market service, can use their professional knowledge to search across a range of different lenders to try and find the best mortgage products available to their clients. There are also some mortgages which can only be accessed via an intermediary, which in some instances might present the best deal to a borrower.
To find out if Fair Mortgages could help you, fill in the online contact form to request a call back. Alternatively call directly on: 0117 313 7780