Remortgage For Over 60s
Our Remortgage Service - Over 60?
Why choose our remortgage service?
Fair Mortgages can provide you with a first class remortgage service.
Special features of what we offer include:
- Whole of market service - we cover over 60 UK UK lenders
- Great Rates - Access to leading market rates
- Exclusive Deals - Access to exclusive remortgage deals not available on high street
- Fast turnaround - call us if you need to move fast!
- Less than perfect credit history? - We have lenders who will take into account previous defaults and missed payments
- Raising additional finance - If you are looking to raise finance we will look at all your finance options as well as remortgaging.
To investigate your remortgage options call our specialist team on 0117 313 7780 or fill in our call back form.
Remortgages for over 60s
If you are aged 60 or over you may be worried that you will not be able to find a lender willing to let you remortgage your home with them due to your age. It is true it can be more difficult to home finance as you get older however depending on your exact age and how long you want the repayment term to be you may still be able to refinance your property.
Mortgage lenders commonly require mortgages to be fully repaid by the 75th birthday of the eldest applicant for a mortgage or remortgage as such you may only be able to borrow as much as you could afford to repay in that time period, although this is not true of all lenders there may be some willing to offer finance past this age.
Affordability lenders typically calculate affordability based upon the annual income of an applicant, if you are currently retired or plan to retire within the term of your mortgage you will need to provide evidence to the lender that the income from any pensions, annuities or other investments you have will be able to adequately cover your mortgage payments.
There are certain mortgages available specifically designed for borrowers aged over 60 in mind, some of which may only be available via a broker, which might be able to offer you a better deal.
Before taking out a mortgage
As an older borrower, it is important to shop around thoroughly before taking out finance, while there may be a more limited selection of products, by comparing the market you can try to find the best deal on a mortgage that fits your terms.
You may also benefit from speaking to an independent mortgage adviser in addition to be being able to provide you with impartial advice, an adviser which offers a whole of market service will be able to search across providers to try and the best products available for your circumstances.
To find out if Fair Mortgages could help you make the right choice why not fill in our online contact form, to request a call back for a free initial consultation or you can call us directly on: 0117 313 7780.
Alternatives to remortgaging
If you have been thinking of remortgaging your property to raise capital, for whatever means, you might also want to think about an equity release product, such as a lifetime mortgage. These products are not right for all borrowers, and will reduce how much you can leave behind to your beneficiaries; you may therefore wish to seek independent specialist advice if considering equity release.
Lifetime mortgages, are a type of equity release scheme which allow borrowers to release some or all of the equity within their home without having to move. They usually work by the borrower being paid a one off sum or regular ‘income’ payment but instead of making monthly or annual repayments the original debt and any accumulated interest on it are usually repaid through the sale of the property after the policy holder dies or permanently moves into care. Equity release products with ‘no negative equity’ guarantees mean that the borrower will never owe more than the property is worth.