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Standard Mortgages

Many people think that you cannot arrange a standard mortgage in later life. This is not true.

Virtually all lenders will accept applications to run up until age 70 and some will allow you to take the mortgage to age 75 on a standard product. When you consider that most lenders’ minimum term is five years or in some cases, three years you can see that many customers can take out a standard mortgage well into their 60s.

Contact us today for a free consultation and to discuss your mortgage options further.

The problem however is that for larger mortgages the short term often makes them unaffordable. In addition, when taking out a standard mortgage on an interest only basis, most lenders want clients to have a significant amount of equity in their home. Often this needs to be between £100,000 and £200,000 after the mortgage has gone through and they also often require applicants to have large incomes in excess of £75,000. These requirements can also mean that many clients struggle with lender affordability requirements for these types of mortgages. It is partly because of this that more specialist mortgages for older clients have appeared.

For clients who have their own business that they are able to continue to run or where customers have guaranteed investment earnings, some lenders are happy to take this into account to alleviate affordability issues.
There are a wide range of providers with specialist solutions available but there is a lot to consider. We will use our specialist knowledge of the market to explain all the relevant factors and to find the best solution that fits your circumstances.

Standard Mortgages

Equity release couple

Retirement Interest Only

Interest only retired couple

Term Interest Only

Equity release to buy boat

Equity Release

Buy to let mortgage flats

Buy to Let

Your home may be repossessed if you do not keep up repayments on your mortgage