Mortgages for older borrowers
Over 55 years old and looking for a mortgage? We can help!
Getting a mortgage as an older borrower
Whilst there isn’t a set maximum age for getting a mortgage, lenders need to ensure that you can afford to repay your mortgage and therefore have their own age limits. This can make obtaining a mortgage as an older borrower tricky. But with many building societies and smaller lenders either increasing their upper lending age limit or removing it completely, it is certainly possible.
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Types of mortgages for older borrowers
Regardless of your age, you will need to prove that you can afford your monthly repayments. To do this, you will need to show proof of your income. This can be from your earnings if you are still working, your pension if you are retired, and any shares or property you may have.
If the monthly repayments aren’t affordable, then there are other options including:
A retirement-interest only mortgage which enables you to only repay the interest on the loan each month.
An equity release plan which enables you to borrow the equity in your home by securing a loan against it.
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How to get a mortgage as an older borrower
As your options become more limited with age, it’s best to use a mortgage broker. At Fosters Financial, we know which lenders are more likely to accept you and can help you to understand all the borrowing options available to you. If we find a suitable product that you are happy to apply for, we also handle the entire application process to ensure it is a complete success.
See how much you could borrow
To help you discover how much you could borrow, we will need a few details including the current value of your property and date of birth.
Once we have received this information, we will then contact you to discuss your options and answer any questions you may have. Our advice is completely free and offered with absolutely no obligation.
Complete our simple form to arrange your free quote!
Important things to note
Check that this mortgage will meet your needs if you want to move or sell your home or you want your family to inherit it. If you are in any doubt, seek independent advice.
An equity release product will reduce the value of your estate, will not be suitable for everyone and may affect your entitlement to state benefits. To understand the features and risks please ask for a personalised illustration. We charge a fixed fee of £995 which is payable on completion.
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