Over 50s Mortgage
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Over 50s Mortgage
James Bull is back to explain how the mortgage process works for the over 50s.
Can I get a mortgage if I’m over 50? What is the age limit for a mortgage?
You can definitely get a mortgage past 50. We actually have lenders with no maximum age limits, so depending on your circumstances, there are no limits to how long you can repay a mortgage over.
How many years’ mortgage can I get at age 50 and over?
It really depends if you’re working or not. If you’re still in employment, and you want the mortgage application to be based on your employment income, the term will typically depend on your retirement age. Some lenders will allow up to age 70 to 75.
It also depends whether you’re paying into a pension. If you’re not relying on your employment income and you’ve got a projected pension income that’s high enough to support the mortgage, we’ve got lenders with no maximum age.
Are there over 50s friendly mortgage lenders? What do lenders assess for an over 50s mortgage?
There are more than 100 mortgage lenders in the UK and they’ve got all different criteria around age and lending into retirement. The main principle across all lenders is whether or not you can afford the mortgage, not just now, but also in the future.
That particularly applies if the mortgage is going to take you past age 70. That’s the main thing to bear in mind.
What can be included as income for an over 50s mortgage application? Is the mortgage application process the same for over 50s?
The mortgage application process is the same for everybody, regardless of age. The first step would always be for us to have an informal chat over the phone. We take full details of a client’s circumstances and all their income.
As an overview, we can include income from employment or self-employment, pension income, state benefits and maintenance. Those are the most common ones, but we can have a look at any income to see if it can be accepted.
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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.
How much can you borrow when you’re over 50?
The amount you can borrow will be based purely on your circumstances. After we’ve taken all your details over the phone, we’ll work it out for you and give you a personalised figure of your borrowing and expected costs. Bear in mind that the amount you can borrow varies between lenders.
What types of mortgages are available for over 50s?
The products available to over 50s are exactly the same for anyone else. You’ve got normal fixed rate mortgages, variable, tracker and discount mortgages. Whatever anyone else can get, the over 50s can get too.
Can I get a mortgage if I’m over 50 and self-employed?
Yes, you can absolutely get a mortgage past age 50 if you’re self-employed. The term you can pay the mortgage back over might just depend on the specifics of the business. For example, if you’re in a physical job like a builder, a lender may cap the term at age 70 just because it’s a manual job.
If you’ve more of a hands-off business owner where the business runs itself and you’re not too involved in the day to day, lenders might be a lot more flexible on age. There may not even be a limit in that case.
What if I’m over 50 and have bad credit? What are my options?
You can still get a mortgage with bad credit if you’re over 50. The first step, as usual, is just for us to have a chat over the phone where we take all your details.
If there’s some bad credit, we would ask to see a copy of your credit report. Then based on those two things, we’ll give you some advice on what’s available for you.
Can I get a Buy to Let mortgage if I’m over 50?
Yes, absolutely. Buy to let mortgages are even more flexible and many lenders don’t have any age limits at all. The reason is that the mortgage is paid by the rent, not your employment income.
Can I port my mortgage if I’m over 50 to move home?
Yes – although just to be clear, when you port a mortgage your old mortgage gets closed and you apply for a brand new mortgage with the same lender. Your circumstances need to be such that they will support the new mortgage.
How do I increase my chances of getting a mortgage if I’m over 50? Any top tips?
The best thing to do is probably just speak to us. As specialist mortgage brokers, we help people that are over age 50 every single day. We know all the lender’s criteria.
If you want to increase your chances, get in touch with us and we’ll recommend the right mortgage for your circumstances.
What can I do if I’m over 50 and my mortgage application is rejected?
If you’ve had a mortgage application rejected, get in touch with us. We can discuss the reasons for the decline – and we’ve helped many people who’ve been declined elsewhere to be accepted for a mortgage. That shouldn’t put anyone off.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP WITH YOUR MORTGAGE REPAYMENTS.
THE FINANCIAL CONDUCT AUTHORITY DOES NOT REGULATE MOST BUY TO LET MORTGAGES.
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