Mortgages For Over 50s, Over 60s And Over 70s
Over the last few years older borrowers have faced significant challenges in accessing the mortgage market. In 2014 legislation known as the Mortgage Market Review (MMR) led to many banks and building societies refusing to lend to existing mortgage holders where the term would take the borrower over the age of 65. More emphasis was placed on affordability, which meant lenders must now look closely at the income and outgoings of mortgage applicants. This leaves older borrowers in their fifties and above with a reduced choice of mortgage products in the UK.
This, plus changes to state pension and retirement laws including the abolishment of the compulsory retirement age means the choices for borrowing later in life are limited.
A retirement mortgage programme for older borrowers
We understand that there are any number of reasons that someone could be seeking a mortgage over the age of 50. We help customers who are approaching retirement, looking to borrow into retirement, or those already in retirement who simply want to continue with their current mortgage. Perhaps they want to stay in the family home, release equity to make improvements, or want to help younger family members through university, or get onto the housing ladder. Older borrowers may also be looking to downsize and pay off their mortgage in the future, or be considering funding care costs in later life.
We are pleased to confirm that all of our mortgage products are available to those in retirement with no upper age limit. 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.
Features of our retirement mortgage programme
- The Society's usual lending criteria will apply
- Applicants can access our standard range of mortgage products up to 75% LTV
- Applicants must have a good credit history
- When assessing affordability, we will accept 100% of a borrower's pension, plus a proportion of other forms of income