Later Life Mortgage

What Are Our Options?

There is a growing number of traditional lenders (particularly building societies) in the mainstream mortgage market who will lend beyond the traditional retirement age of 65 subject to affordability.

This therefore requires suitable income sources ie employment, self-employment and pensions (state and private) with some even using investment and rental property profits. If your pension income in particular is of a good level then there is every chance we could find you a mortgage up to an age of 80 / 85.

Anything else we could consider?

The market has also developed a ‘retirement mortgage’ which starts out as a ‘traditional’ interest only mortgage where you make a monthly payment to cover the interest but gives you the option (at age 80) to ‘switch’ to ‘rolled-up’ interest.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR OTHER LOAN SECURED ON IT.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.


Lets discuss your options

How much could you release?


 

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I typically charge a fee for my Independent Mortgage Advice Service which is a minimum of £295 and typically £595 (plus commission from lender) although this is dependent on your circumstances and loan size. A fee only option is also available which is typical 1.5% of the loan amount, subject to a minimum of £995. (Any commissions received being rebated to the client).

YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR OTHER LOAN SECURED ON IT.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME