Mortgage for the over 70s
When you are a homeowner in your seventies or beyond it can often be difficult to secure a mortgage for the over 70s, especially as many lenders have a maximum age limit at which they will need you to fully repay the loan. However, there are a number of specialist providers who will provide loans for people over the age of 70 and who can often offer competitive interest rates.
For older borrowers, the affordability checks that are carried out will need to be slightly more stringent than for younger borrowers but it should still be possible to obtain a mortgage with a suitable lender. For example, a borrower will need to show that their pension and savings can cover the repayments. It may also be necessary to reduce other debts and to consolidate them into a single monthly payment if this is possible.
Securing Your Dream Home at 70+: Navigating Mortgage Options for Seniors
It is important to remember that a mortgage for the over 70s will be more expensive than one taken out by someone in their 30s or 40s, as most older homeowners live on a limited income. This makes it essential to seek financial advice from a professional before applying for a mortgage, particularly as some people continue working well past the traditional retirement age.