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Mortgages for the Over 60’s to 90’s
There is no doubt that obtaining a mortgage over the age of 60 is becoming increasingly more difficult, but we have a number of options available for you.
We speak to clients every day who can’t believe they have been with their Bank, virtually all of their life, yet their Bank won’t entertain giving them a mortgage, solely based on age or past a certain age. People tell us they are frustrated that they have pensions and some may still may be working, but remain excluded from the mortgage process. They often tell us they are angry, that they have good income, but struggle to be considered. Some are annoyed that they are declined, just because of their age.
Typically, we assist borrowers in similar situations and what they tell us, is not uncommon to hear. There are however, a number of options available and we regularly help people in such circumstances.
When it comes to securing finance in retirement, most lenders have very strict rules on age limits. The individual mortgage companies have set up these rules, and few UK Banks will loan money past the age of 70 or 75. A lot of people continue to work up to and beyond this age, or have private or State pensions to support them, so age is an arbitrary threshold. Some lenders deem lending to older borrowers, a greater financial risk or reputational risk. We do not share this view.
In assessing whether a mortgage is suitable the Regulator, the Financial Conduct Authority, has always been very clear, that the mortgage must be suitable and affordable. It has never given guidance to either Banks or Building Societies that those over a certain age cannot obtain finance, yet may customers over the age of 60 face greater difficulties in securing the mortgage at High Street rates.
Our older customers, are generally in receipt of earned income or pension income which is guaranteed. Some have background savings, pension pots, investments and rental income. Many older borrowers and pensioners over the course of their lifetime, have often built up significant equity in their property. They have usually successfully, had some form of credit and therefore provide a lower, not higher risk to lenders.