Mortgages for the over 50s.
New affordability rules and stricter lending criteria is causing problems for many would-be borrowers applying for a mortgage.
One factor lenders consider is a borrower’s age, and if you want a mortgage but are the wrong side of 50 how is your application likely to be impacted?
As you get older the years you have left to work reduce and currently lenders are concerned about lending to home-owners in retirement. This may have to change in the future as more and more people find they have to continue working past the state retirement age.
Many lenders use a cut off age of 75 which means at 50 it is still possible to get a deal, however be prepared that not all lenders will welcome you as a customer. This means that as you get older the search for a mortgage may get tougher without help from a qualified mortgage professional.
There are lenders willing to lend to older borrowers however you will need to shop around to find one. Non-standard borrowers often find themselves at a disadvantage when applying on the high street, therefore finding a specialist lender willing to take more of a risk is advisable.
If you are an older applicant concerned that you may not be able to source a deal, seek ‘whole of market’ mortgage advice from Deal Direct.
We are here to help all prospective home-owners, home-movers and remortgaging customers achieve a competitive mortgage offer.
For independent and impartial mortgage advice and a competitive quote call one of our qualified advisers to find out how we can help you.
To speak to adviser call us on 0800 048 8828.
