There has been a long-held belief that the older you are, the more difficult and expensive it is to get a mortgage. While there is no official age limit to applying for a mortgage, most lenders do impose their own insisting the mortgage term end on the borrower’s 65th or 70th birthday.
Add to this the fact that retirement age may come before the end of the mortgage term, leaving lenders unsure if you will be able to maintain repayment. They must ensure this under Mortgage Market Review (MMR) rules.
All of this can often mean that you could be turned down for borrowing, even if you are in a solid financial position.
However, it is not all doom & gloom. If you have a good credit rating and can afford repayments, there are options out there. They can be limited, but with a little help from us you can find the right mortgage to suit your circumstances.
As always, we hope this helps! For more information on how ABC Mortgages can help you with your mortgage needs you can contact us through the information below.
Thanks,
Bill Muir
ABC Mortgages
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www.quilterfinancialplanning.co.uk
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ABC Mortgages is a Trading Style of The ER Network Ltd, which is an appointed representative of Quilter Financial Planning Ltd and Quilter Mortgage Planning Ltd, who are authorised and regulated by the Financial Conduct Authority.
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