Mortgages for the over 65’s

Over 65 and looking to remortgage or purchase a property. Is your current loan due to be repaid shortly and the back cannot extend the term?

You may be looking to consolidate some debts or would just like to raise some additional funds to possibly buy a new car.

Most of the high street banks and building societies restrict the term you can have your mortgage over, therefore being over 65 this could therefore restrict you to a maximum term of 5 years and must be in a repayment basis. However there are lenders and products that will consider applicants over the age of 65 up to the age of 89.

Mortgages for the over 65’s are still based on affordability and if you are over the age of 70 years, then this will be based on your pension income only.

Loans are generally taken out on a Repayment basis (Capital & Interest), however the lender will consider loans for the over 65’s on an Interest Only basis as long as you have a plausible repayment plan or vehicle.

If you would like a personal quotation, please call one of our qualified advisers who can take the facts and then advise you accordingly.

Call us on 01489 580020 or complete the “Contact Us” form for mortgages for the over 65’s.

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