Just 4 Mortgages

Mortgages for the over 50's

Guide

Do mortgages have age limits?

Yes, there is age limits for a mortgage. The minimum age for taking out a residential mortgage is 18 however for buy-to-let mortgages it is 21. Usually a maximum age at the end of the mortgage term is 70 or your retirement age if this is longer e.g. 75. There is a few mortgage lenders who will still consider you if you will be over 70 at the end of your mortgage term however, you will need to provide proof that you will be able to repay your mortgage.

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Can I still get a mortgage if I am near retirement age?

Yes you can and we can help you with this! As we are whole of market we can approach lots of different lenders, some who regularly deal with clients who are approaching or above retirement age. The older you are the stricter the lending criteria, so it is essential to speak to a mortgage broker.

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It can help you to get a mortgage if:

-You have a good strong credit score and all your bills are paid on time

-Cut down on any unnecessary outgoings to maximise your affordability and avoid taking out other loans

-You will likely need a deposit of 10% or above

-You have proof of all ongoing income for example, private pension, income from a current job or other investments.

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If you are thinking about getting a mortgage or new deal, get in touch with us for a free consulation, where we can help you and give you the best advise.

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