Many high street lenders apply age limits to their lending policy which appears to restrict your options when applying for a mortgage for over 65’s. For many customers we find that approaching typical retirement age does not actually lead to retirement at all and, for the income it generates and for the satisfaction they gain from working, income can continue far beyond state pension age.
Our expert consultants can help you to successfully obtain mortgages for over 65’s, taking your new mortgage term beyond typical lending terms. These mortgages are offered available at normal mortgage rates and can be available whether you are still working or if you have already taken retirement.
Is an interest only mortgage an option?
The mini budget launched by the UK government in late September 2022 triggered a turbulent period for mortgage lenders which saw interest rates rise substantially. An interest only mortgage can be an effective way of reducing your mortgage payment and make life more comfortable on a monthly basis however all of the monthly repayment (which will be lower than a capital and interest repayment) is used to pay the interest on the loan and therefore the capital does not reduce.
We offer trusted advice, free of any upfront costs, for all repayment strategies that can help you to identify the right interest only mortgage for your circumstances. We have access to the whole of the mortgage market, including products not available on the high street. With interest rates at their highest level since 2008, making the right decision now could save you thousands of pounds in the future. Whether you have a repayment strategy in place or you would like to use the sale of your property to repay the mortgage we have interest only mortgage options with no age or income restrictions.
With many lenders refusing to consider interest only applications at all it is vital that you approach the right provider for your circumstances. We continue to offer support to customers seeking interest only mortgages into retirement.
Which strategies are acceptable?
This is a key factor when assessing viable lenders. A pension lump sum, stocks and shares investments, savings, sale of other assets can all be viable strategies for you but not all lenders agree. Each provider sets its own criteria for interest only mortgages to ensure it is lending responsibly, approaching the right lender is therefore crucial to a successful outcome.
Is downsizing an acceptable strategy?
Securing an interest only mortgage with the intention to sell your home to repay the lender at the end of the mortgage term has proved a common strategy in the past however limitations now apply. Again, this varies from lender to lender, please complete our short form and we will discuss your mortgage needs and offer you advice without obligation.
How can we help?
Our mortgage advisers are fully qualified and have the knowledge and experience to help you to get the best possible mortgage for your circumstances. Complete our short enquiry form and one of our expert advisers will be happy to explain your options.
Rest assured that your details will not be shared with any third parties and we will only respond to your specific enquiry today.
