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Mortgages for Over 60 & Retired Borrowers

The Mortgage Market Review (MMR) was implemented in April 2014, placing more emphasis on affordability with lenders taking a close look at the income and outgoings of applicants.

In response to this many banks and building societies refused to lend to existing mortgage holders where the term would take them over the age of 65. This resulted in borrowers in their mid-forties and above having a reduced choice of mortgage providers and products. Furthermore it limits the life choices of these individuals, for example limiting their ability to release the equity in their property to help family members onto the property ladder or to help address long term health needs.

We're pleased to confirm that all of our mortgage products are available to those in retirement as well as to borrowers up to 85 years old at the time of their mortgage term ending. Through our Retirement Mortgage Programme we'll accept 100% of a borrower's pension as well as a proportion of other forms of income, such as investments, when addressing affordability.

Watch our video to see how we were able to use our Retirement Mortgage Programme to help a mortgage borrower who was unable to access a new deal with their existing lender.

 

 


You can also view our infographic, read our 'Are mortgages for over 60s and mortgages for pensioners a thing of the past?' blog, take a look at this useful information leaflet provided by the BSA or read our Frequently Asked Questions to give you some more information

Key features of the Retirement Mortgage Programme

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The Society's usual lending criteria will apply

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Applicants can access our standard range of mortgage products and up to 75% LTV

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Applicants must have good credit history and not be in adverse credit

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We will accept 100% of a borrower's pension as well as a proportion of other forms of income, such as investments, when addressing affordability

Your home may be repossessed if you do not keep up repayments on your mortgage