How do I find out more about borrowing into retirement?
If you would like more information about borrowing in retirement and how our 55+ mortgage products may suit your needs we have an expert mortgage team who are on hand to answer any questions you may have.
Our mortgage team are fully qualified to give advice on your eligibility and suitability for a mortgage into later life and would be happy to speak to you or a member of your family if you have any questions.
Call our team now on 01282 440537*.
How much money can I borrow in a mortgage in retirement?
We have a maximum loan size £750,000 with Loan to Value’s (LTV) up to 60% dependent on affordability.
What age can you get a mortgage up to?
Our range will allow you to apply for a mortgage from the age of 55 and we have terms running up to the age of 91 dependent on your date of birth. Our advisors will be happy to discuss your personal circumstances and advise how we can help you.
We only need one applicant to be over the age of 55 in order to be eligible for our 55+ mortgage products.
What can I borrow the money for?
You can borrow for a range of reasons, such as moving home or to carry out home improvements, downsizing, assisting with family expenses like going to University or getting a deposit. We will also look at debt consolidation but it is dependent on your situation. Or it may be that you are simply looking for a new lender to help with your current mortgage whether it be extending your existing borrowing into retirement or finding a lender willing to help with your interest only mortgage.
What information is available for mortgages in retirement?
The Building Societies association have The Building Societies Association has published a guide entitled ‘Can I get a mortgage at my age?’ which you may find useful as it provides information about borrowing into and in retirement.
There are also a number of charities who offer support around finances for older and retired customers too:
What information will I need to provide?
We will need to see evidence of your income and any investment income as well. Our team will provide you with a list of what we require when we provide you with more information.
Who can apply for a mortgage in retirement?
Our Lending into Retirement products are available to both new and existing customers who are looking for a mortgage in retirement, to move home, take out additional borrowing or extend their mortgage term.
Who can I speak to about getting a mortgage in retirement?
If you’re thinking about borrowing in retirement it’s worth discussing any plans with trusted family and friends. It’s important you consider all options available to you as borrowing money against your home can have an effect on your inheritance planning.
You could also speak to the Department of Working Pensions to ensure you gain a full understanding on any potential impacts on your state benefit entitlement and/or any tax implications the mortgage may have.
Why borrow into later life? Looking for a mortgage over the age of 55
There’s lots of reasons customers may be looking for a mortgage over the age of 55. Here’s some of our more frequent scenarios, but the list isn’t limited there:
- Customers over the age of 55 who are approaching retirement and are looking for a mortgage solution to help them borrow into retirement
- Customers already in retirement who would like to continue with their mortgage.
- You’re approaching mortgage maturity with an existing lender who won’t extend the term due to your age.
- You are parents releasing equity from your property to help children onto the housing ladder or with university fees.
- Looking for a mortgage to support your future to downsize and pay off your mortgage.
- Looking to continue or remortgage your existing interest only mortgage.
- To make home improvements.
- To stay in your family home.
If you are interested in more information, get in touch with our mortgage team on 01282 440537*.
Frequently asked questions
If you're looking for more information about mortgages in and approaching retirement, we have put together some FAQ's to help you answer any questions you may have. If you would like more information about any of these questions or our 55+ mortgage range, please get in touch with our mortgage team on 01282 440537*.