The maximum age to get a mortgage varies depending on the lender and with some retirement mortgages there is no maximum age at all – instead the primary consideration is your unique financial circumstances in terms of earned income, pension income and credit history. Age is not always the ultimate factor with certain types of mortgages too – some lenders of buy to let products, for example, don’t have a maximum upper age limit. Our team of expert retirement mortgage advisors have access to the whole market and can discuss, for free and with no obligation, the best options for you. We’ve been helping people prepare for retirement by providing impartial, expert guidance for over 20 years – so you can trust our team to assess your own personal situation and give you honest advice. Here are some answers to our most frequently asked questions:
Can a retired person qualify for a mortgage?
We have many customers asking us, “Can you get a mortgage when retired?” The answer is yes, you can. There are several options that we can look at that may best suit you based on your current situation, from interest only retirement mortgages that are dependent on your retirement income to lifetime mortgages that are largely based on your property value.
What is the maximum age to get a buy to let mortgage?
With a buy to let mortgage, since loan repayments are usually covered by the tenant’s rental payments rather than the mortgage borrower’s income, many lenders are flexible on the age you need to be to qualify, with some having no maximum age limit (subject to standard criteria).
Is there an age limit to get a mortgage?
Most lenders have their own age limits regarding when you can take out a mortgage, so this will vary per lender, but the good news is there are many lenders now offering mortgage products to those with a good deposit, a strong credit history and the means to pay off the loan – regardless of your age.
Can you get a mortgage beyond retirement age?
Yes, this is entirely possible, but the type and terms will be dependent on your personal and financial circumstances. The later life lending market has many different types of retirement mortgages specifically tailored to borrowers beyond retirement age – with some that can access the equity of your home and don’t depend on monthly repayments.
Can I get a mortgage at 60?
Yes, you can get a mortgage at 60, and you might be surprised to find out how many options are available to you that offer both the security and the flexibility that you will need to make the most of your retirement, whether you are 60 or older.
Can a 60-year old get a 30-year mortgage?
Yes, this is possible. Whether you are 60 and your standard interest-only mortgage is coming to an end and you need a new plan to pay off the outstanding balance, or you are 70 and want to use the equity in your home to top up your retirement income or release some tax free cash, there are so many different types of products available to help you take the path that is right for you. Our retirement mortgage advisers will recommend the best options for you.
How much deposit is required for a buy to let retirement mortgage?
For a buy to let retirement mortgage, you will need a minimum deposit of at least 20% of the value of the property, but this will be dependent on your current and future income levels and expected rental income. It can vary between 20-40% depending on the terms.
Is there an age limit on buying a house?
There is no upper age limit on buying a house, but should you need to borrow, the terms of your mortgage will need to consider your personal and financial circumstances and are subject to differing criteria. There is however a lower age limit on buying a house – you do need to be 18 years old or above.
Can I get a mortgage at 58?
Yes, you can, and what’s more, there are several options that we can look at that would best suit you based on your current situation, whether you are 58 or 78. There are a variety of interest only retirement mortgages and lifetime mortgages available to you that are based on your property value or your retirement income and can run for a fixed number of years, or your lifetime.
Am I too old to apply for a mortgage?
No, you are never too old to apply for a mortgage but the type of mortgage available to you, the terms and the repayment options will vary depending on both your age and your personal and financial circumstances.
Can over 60’s get a mortgage?
We have many people querying, can retirees get mortgages? and the answer is yes. The later life lending market offers retirement mortgages with flexible ways to borrow in retirement. There are many different types available based on your individual circumstances and needs with some that give you the flexibility to access the equity in your home, others that are based on your retirement income and some that even combine the two.
Can a senior citizen get a mortgage?
Yes, a senior citizen can get a mortgage. There are several options that we can look at that would best suit you based on your circumstances. Many interest only lifetime mortgage providers don’t restrict the term of their mortgages, so you are able to borrow over the term of your lifetime.
We are authorised and regulated by the Financial Conduct Authority (FCA). We are also members of the Equity Release Council (ERC), the regulatory body for equity release mortgages. So whatever age you are and however you are planning to finance your retirement our specialist retirement mortgage advisors will discuss your personal circumstances and explain all the options available to you in a way that is unbiased and easy to understand.
Contact us today for more information on 01403 270006, visit our ‘Retirement’ section on our website, or email: info@privatewealthmortgages.co.uk
