- Residential and Buy to Let
- No Maximum Age
- To 95% LTV
- Interest Only and Repayment
- Earned and Pension Income
Lending into Retirement Mortgages
We have assisted a number of clients looking to take a mortgage into their retirement.
The typical scenario would be someone in their late 50’s or 60’s who wished to arrange a mortgage over a term of 25 years taking them to age 80 plus when the mortgage comes to an end.
At the start of the mortgage, they would usually be in receipt of earned income from either employment or self employment. However, during the period of the mortgage they would plan to retire and their income would change from earned income to pension income.
We work with a number of lenders who are able and happy to consider this scenario as long as we can demonstrate there will be sufficient pension income to support the mortgage on retirement or, if the customer plans to work well into retirement, that this would be feasible for them to do so given the nature of their role and activities.Read More >>
Many clients contact us who may be struggling to get a mortgage due to planning to lend into retirement. They often tell us, that although they have a full-time job and pension:
- they have been refused the mortgage amount required as the lender will not consider lending to them beyond the age of 70 or 75
- the mortgage payments they have been offered are too high as their current Bank/Building Society will only consider a mortgage over a short term period
Customers calling us often tell us they are frustrated that although they would be a very good mortgage customer, they are finding it difficult to get a mortgage.
Whatever your situation, we may be able to assist. We specialise in helping clients who have unusual or non-standard requirements. We work with a number of lenders who have a flexible approach to underwriting your mortgage. They will look at your mortgage on a case by case basis and a person will assess your situation rather than a computer.
We appreciate everyone’s particular situation is unique, which is why we look at every enquiry on a case by case basis. We work with both High Street and Specialist lenders and, if necessary, can recommend a lender who will manually assess your mortgage application rather than asking a computer to make a decision. In the current climate, we appreciate that everyone may not “tick all the boxes” for the high street lenders.
If you would like to see whether we can help you raise a mortgage for you on a property, do get in touch for a free no obligation quotation.