HOW TO... get a mortgage if you are over 65

1

DON’T WAIT

The most important advice for an older borrower is to start planning as early as possible. If you can, try to free up a little cash. Lenders are placing greater emphasis on ensuring mortgages are affordable within people’s existing spending patterns, so do what you can to reduce your monthly outgoings while still making

sure that you can live comfortably at this reduced level of expenditure.

2

EXPLORE YOUR OPTIONS

Lenders have for many years have been somewhat wary about advancing loans to customers nearing retirement. With people generally living longer they have started to relax their lending criteria, meaning there are options out there. As you’d probably expect, most lenders will offer deals with shorter mortgage terms if you’re an older borrower. Naturally, the shorter the mortgage term, the higher the monthly repayments, so it’s important to find a deal that strikes the right balance.

3

MAKE YOUR INCOME CASE

Demonstrating a sustainable source of income is essential in securing a good mortgage deal (regardless of age). Unfortunately, delaying your retirement is not a plan that many lenders will be willing to take into account, so you’ll need to ensure your income will be sufficient to meet repayments once you stop working. Pensions, insurance policies and income from investment vehicles (including buy-to-let properties) can all be used