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Mortgages for the Elderly

Best Mortgage Rates

I Want to Buy I Want to Remortgage

Mortgages for the Elderly

    • 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 the elderly

It is a good idea to find out as much as you can about mortgage options for people over 55 if you are looking for a mortgage.

Equity release schemes are also available as mortgage options for the elderly. Equity release schemes allow you to unlock some of the money in your property without selling or moving out.

Equity release plans are likely to differ from lender to lender in the details of how they are structured, but there are basically two types. The following are some of them:

 

Mortgage for life

Unlike a standard mortgage, a lifetime mortgage allows you to own your home for the rest of your life. A loan secured against your home lasts for your lifetime or until you move into full-time residential care and need to sell it.

A lifetime mortgage can be taken out jointly, and the amount that can be borrowed will depend on the age of the younger applicant.

According to your age, property valuation, and other factors, you may be able to borrow up to half the value of your property.

 

Plans for home reversion

If you are willing to become a co-owner of your property but remain in it, a home reversion plan may be an option for you.

Home reversion plans allow you to sell a percentage of your property to a reversion company while continuing to live there as a tenant.  It is often possible to either take the money as a lump sum or as a regular income over time.

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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