Mortgages for Over 50s
Borrowers over 50 may have more difficulty securing a mortgage than younger borrowers, because lenders assume they will be retired before their mortgage term ends.
However, there are a number of lenders who are willing to take on older mortgage customers, including specialist lenders who focus on over 50s mortgages.
If you are over 50 and looking for a mortgage, we can help you find the best mortgage deals currently available, helping you to find the mortgage finance you need at an affordable rate.
Our over 50s mortgage broker service
Our team of highly experienced mortgage brokers work with borrowers of all ages, including the over 50s, to offer you:
- Whole of market access – we have links with all the top mortgage lenders
- Market-leading mortgage rates – see all the top mortgage deals currently available
- Exclusive deals not available on high street – including from private banks and lenders
- Fast turnaround - speak to us today if you need to move quickly
- Mortgages for bad credit – we have contacts with lenders willing to consider borrowers with previous defaults and missed payments
- Mortgage for complex situations – including for ex-pats and foreign nationals
- Extra borrowing on top of your mortgage – additional secured loan options, including bridging finance
To investigate your mortgage options, try our free mortgage calculator or get in touch with our experienced mortgage brokers by calling 0117 403 4474 or filling in the call back form on the right.
Compare mortgages for over 50s
Mortgage lenders can be reluctant to offer the best value deals to older home buyers, as they are often seen to represent a bigger risk of non-repayment because of factors like age, health and retirement.
To get the most attractive over 50s mortgage deals, you therefore need to be willing to shop around to find those mortgage lenders willing to offer a good deal to older customers. Our mortgage advisors can help you with this, making the process faster, simpler and less stressful.
Lending criteria for over 50s mortgages
To be eligible for a mortgage, you need to prove you have adequate income to repay your borrowing. In your 50s, you are probably to still be employed, in which case proving your income should not be an issue.
If you are no longer working, mortgage lenders are likely to ask for proof of a regular steady income from pensions, investments and insurance policies.
If you are worried your income may not be enough, you might be able to use a guarantor, who can agree to guarantee your mortgage repayments if you become unable to do so. The guarantor will need to demonstrate they can afford to take responsibility for your mortgage payments if required.
Equity release mortgages
If you own your current home and need to raise capital, an equity release mortgage may be worth considering. Equity release mortgages are different from normal residential mortgages and will not be appropriate for everybody. You should obtain specialist independent advice if you are considering an equity release mortgage.
Find the best over 50s mortgage deals
Looking for the best interest rates on over 50s mortgages? Our free mortgage calculator allows you to quickly and easily compare leading deals from across the market, so you can find the most appropriate borrowing for your needs.
For more personal mortgage advice, call Fair Mortgages today on 0117 403 4474 or fill in our call back form on the right hand side of the page.