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Mortgages for Older Borrowers

Best Mortgage Rates

I Want to Buy I Want to Remortgage

Mortgages for Older Borrowers

    • 3.89% Initial
    • 5 year fixed
    • 5.9% APRC
    • Cashback Max £1,250
      Free Legals
      Free Valuation
    • Get quotes
    • 3.92% Initial
    • 5 year fixed
    • 6.7% APRC
    • Cashback Max £250
      Free Legals
      Free Valuation
    • Get quotes
    • 3.92% Initial
    • 5 year fixed
    • 6.4% APRC
    • Cashback £0
      Free Legals
      Free Valuation
    • Get quotes
    • 3.94% Initial
    • 5 year fixed
    • 6.4% APRC
    • Cashback £0
      Free Legals
      Free Valuation
    • Get quotes
    • 3.97% Initial
    • 5 year fixed
    • 6.5% APRC
    • Cashback £0
      Free Legals
      Free Valuation
    • Get quotes
    • 3.98% Initial
    • 5 year fixed
    • 6% APRC
    • Cashback £0
      Free Legals
      Free Valuation
    • Get quotes
    • 3.99% Initial
    • 5 year fixed
    • 6.5% APRC
    • Cashback £0
      Free Legals
      Free Valuation
    • Get quotes
    • 4.00% Initial
    • 5 year fixed
    • 6.8% APRC
    • Cashback £0
      Free Legals
      Free Valuation
    • Get quotes
    • 4.00% Initial
    • 5 year fixed
    • 5.9% APRC
    • Cashback £0
      Free Legals
      Free Valuation
    • Get quotes
    • 4.00% Initial
    • 2 year fixed
    • 6.7% APRC
    • Cashback £0
      Free Legals
      Free Valuation
    • Get quotes

Representative example based on a fixed rate mortgage

A mortgage of £375,000 payable over 20 years initially on a fixed rate for 5 years at 4.38% and then at the standard variable rate of 7.65% for the remaining 15 years would require 60 monthly payments of £2,351.88 and then 180 monthly payments of £2,899.55.

The total amount payable would be £663,156.80 which includes interest and product fees of £1,124.

The overall cost for comparison is 6.5% APRC representative.

Early repayment charges may apply.

Mortgages For Older Borrowers

You may be concerned that you will not be able to find a lender who can offer you a suitable mortgage if you are an older borrower. In spite of this, getting a mortgage as an older person can be more difficult due to specific lender restrictions, but there may still be a range of suitable mortgages available to you based on your age and financial status.

Mortgages for older borrowers

  • Depending on the lender, many mortgage lenders have an upper limit for taking out a mortgage, usually between 65 and 70. Also, lenders may have an age limit for when a borrower must repay a mortgage, so the term of your mortgage may affect. There are, however, a few lenders who have much higher age limits and some where age is not an issue as long as certain criteria are met.
  • In order to qualify for a mortgage, older borrowers will have to demonstrate to the lender that they can afford the payments. The lender may require evidence that your pension, annuity, investments, or other sources of income will be sufficient to repay the mortgage if you have retired or are planning to retire within the mortgage term.

Mortgages should be taken out before taking out a loan

Whatever type of mortgage you are interested in, it might be a good idea to shop around different providers to see what is available. It is possible to find the best mortgage deal for your needs by comparing the market.

 

Mortgage Adviser

An independent mortgage adviser might be able to help borrowers who are interested in taking out any type of mortgage. Mortgage advisers who offer a whole of market service are able to use their professional knowledge to search across a range of different lenders in order to find the best mortgage products for their clients. There are also some mortgages which can only be accessed via an intermediary, which in some instances might present the best deal to a borrower.

 

To investigate your finance options call our broker team or fill in our call back form -  speak to our independent mortgage broker team who will be able to offer impartial advice or you can call us on 0117 403 3464

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