When it comes to borrowing money or taking out a mortgage in later life, it can seem like the odds are against you. But despite the fact that most banks and other lenders will look at income and a person’s age before offering a mortgage, there may still be options or mortgage products available to you if you are older or retired.
Maybe you’re planning to make some home improvements. You could be wondering ‘how much can I remortgage my house for to release equity?’ Or perhaps circumstances beyond your control mean that you now need to apply for a mortgage and buy a new home. Whatever the reasons for you wanting to apply for a mortgage in later life, Private Wealth Mortgages has the expertise to help.
The good news is there are lenders that understand an older mortgage applicant doesn’t always mean a risky mortgage applicant. And many banks or building societies are now offering mortgage products to those with a good deposit, a strong credit history and the means to pay off the loan – regardless of their age.
There is no set age range for applying for a mortgage. Although historically, lenders have been reluctant to offer large mortgages to those above the age of 70, many are now realising that suitable applicants can take on a mortgage at various different stages in life. If you are in later life and considering a mortgage, we recommend discussing your plans with a qualified mortgage broker.
Please feel free to contact one of the experienced mortgage advisors at Private Wealth Mortgages on 01403 270006 and one of our team will be happy to guide you through the process. We will look at your whole financial scenario before offering realistic solutions to your mortgage requirements. The products we recommend for you will be based on a detailed understanding of your needs and financial goals.