- Residential and Buy to Let
- Interest Only and Repayment
- Earned Income, Pension Income and Pension Projections
- No maximum age for residential & buy to let mortgages Lenders
- Mortgage Advice*
- Guarantors Considered
- Lending into Retirement
*We advise on residential and buy to let mortgages. We do not advise on Equity Release.
Mortgages for the Over 60’s to 90’s
In assessing whether a mortgage is suitable the Regulator, the Financial Conduct Authority, has always been very clear with mortgage lenders, that the mortgage must be 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 finance at competitive rates. When it comes to securing finance, many home loan lenders have very strict rules when it comes to age limits and lending into retirement. The individual mortgage companies have set up these rules, as many deem lending to the older population a greater financial and reputational risk. We do not share this view.
Typically, when we speak to our older customers, they confirm they are in receipt of pension income which is guaranteed. This is unlike when they were working and income was dependent on salary and their continued employment. Many older borrowers and pensioners are able to budget more, as they are not prone to the same fluctuations in income that those in the workforce are subject to. In addition, over the course of their lifetime, they have often built up significant equity in their property, have successfully previously had credit and therefore provide a lower, not higher risk to lenders.
Read More >>