Getting a mortgage over 55

You can speak to a qualified mortgage adviser for expert help and advice, with absolutely no obligation. Age is just a number, or so the saying goes, but it does matter if you’re applying for a mortgage. If you’re aged and over and want a mortgage or to remortgage into retirement, you may struggle to get the loan you want.

Here’s our guide to getting a mortgage if you’re over 50. What age can I get a Mortgage ? When you take out a mortgage, you’re agreeing to make regular repayments over the life of the loan.

And that term can be as long as years. So if you’re approaching retirement and in the market for a new mortgage that you expect to be paying off well into your 80s, it’s possible that some lenders will knock you back. Thought you were too old for a mortgage?

Mortgage is exclusively for over-55s and is being described as “a flexible way to borrow money in later life. This is not the case for all lenders, so be sure to check the details before you apply to avoid rejection. Which lenders offer mortgages for over 50s? You will be over before the end of the loan terYou will require an exit strategy.

You’ll only be able to borrow money with either a seniors equity loan (reverse mortgage) or with a standard loan, if you can prove an ongoing post-retirement income. The financial considerations are different when you take out a mortgage in your 50s.

Getting a traditional mortgage. While some lenders have tightened their criteria regarding older lenders, there are many that will still consider offering a traditional mortgage to over -55s. If you are looking for a mortgage you will need to be able to prove to the lender that you can make the repayments both initially and in the future. An equity release mortgage for over 60s could be a great way to boost your retirement income. While it can be more difficult as you get older to get a mortgage , there is no maximum age limit for a. Homeowners who can afford the higher monthly payments of a 15-year mortgage will ultimately save money by paying less interest over the life of the loan.

By paying off the mortgage more quickly, they have a better chance of eliminating their mortgage early into their retirement years, or even before they retire. Some seniors may even consider getting a reverse mortgage if they are no longer working and looking for an income stream. Reverse mortgages can be a great loan product under those circumstances.

Make sure, however, that you understand reverse mortgage pros and cons. Are you ever too old to apply for a mortgage loan? If you are over years of age, it’s a financing option worth looking into. The legal answer is a definite no.

But the realistic answer is complicated. Can I get a mortgage as I approach ? How Just Mortgage Brokers Can Help You. For people who are over , it can sometimes be difficult to get accepted for a mortgage.

Even those with a good credit history, equity in their property and an exemplary history of making previous mortgage repayments can get turned down.

While might seem old to be getting a mortgage , age is never a factor in a loan approval. In fact, it’s illegal for lenders to discriminate against borrowers on that basis, Becker says. When it comes to getting a mortgage , older home-buyers are at a disadvantage - but there are strategies that can help get your application over the line.