Mortgage for Older Borrowers
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Mortgage for Older Borrowers
Sam Bull talks to us about mortgages for older borrowers.
How do I better my chances of securing a mortgage as an older borrower?
Mortgage lenders are happy to lend to older borrowers. They will assess your current employed or self-employed income and will be happy to use this income until you reach retirement age.
If that income is sustainable to the end of the mortgage term, lenders are still happy to lend to older borrowers.
Can you get a mortgage after you retire?
Yes, mortgage lenders are happy to lend to older borrowers once they’ve retired. You can use your retirement income to support a mortgage, as long as it’s affordable.
What is the age limit for getting a mortgage? Is there an age limit?
Most mortgage lenders do not have an age limit at the point of the mortgage application, but they may set a maximum age at the end of the mortgage term – which may be 70, 75 or 80. However, some lenders actually have no maximum age limit at the end of the term.
As always, we’d complete a fact-find with the client and get to know their mortgage requirements and the term they’re looking for. We’d then find a suitable mortgage lender.
Can I get a 30-year mortgage at age 55?
Yes, you can get a 30-year mortgage at age 55, assuming your income is sustainable at its current level for the next 30 years. Lenders will make a judgement as to whether it’s reasonable for your income to remain the same or higher for the next 30 years.
For example, with non-manual workers or non-manual business owners, it’s reasonable that you would have that income for the next 30 years. But it might not be so reasonable for a manual worker like a scaffolder to be working till age 85.
Can I get a mortgage at age 60?
Yes, there are mortgage lenders who are happy to lend to applicants at age 60. It will depend on the length of term you’re looking for. The length of the term will influence what options are available.
It may be a normal mortgage, it may be a retirement interest only mortgage, or it might be a lifetime mortgage. That will depend on the client’s requirements.
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Everyone’s different. You might be self-employed. You might have some credit history issues – whatever your situation, we will find the most suitable product available to you from across the whole market.
Why can it be harder to get a mortgage when you’re older? What are the factors involved here?
The main factor is that older borrowers have less time until retirement age, and lending over a shorter term can mean the monthly payments are much higher.
Mortgage lenders also don’t lend as much over a shorter period of time. Those are the main reasons why it’s slightly harder for mortgages to fit older applicants.
Should I use equity release?
Equity release may be a suitable option for applicants who do not want to sell their home and downsize, but they want to release a sum of money. They may wish to give this to the children, or use it for home improvements.
As usual, we’d complete a fact-find with each older borrower, discuss their requirements, and advise what the most suitable form of borrowing would be.
Which lenders lend to older borrowers? Are there many?
Yes, many mortgage lenders are happy to lend to older borrowers. Of course, lenders change their criteria quite often, but as of today, in November 2024, lenders including Halifax, Barclays, TSB and Metro Bank are happy to lend.
What types of mortgages can you get as an older borrower?
There are no restrictions on the type of interest rate that an older borrower can get. As part of the fact find, we discuss the client’s specific mortgage requirements and type of product. We’ll then be able to recommend the most suitable product to fit their requirements.
How can a mortgage lender help an older borrower?
Mortgage lenders all have different lending criteria when it comes to older borrowers. Speaking with a mortgage broker who has experience in these types of mortgages will give borrowers the best chance of securing a mortgage the first time they apply.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP WITH YOUR MORTGAGE REPAYMENTS.
MORTGAGES ON AND EQUITY RELEASED FROM YOUR HOME WILL BE SECURED AGAINST IT
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