Mortgages for the Over 60’s to 90’s

28 Jan 2020

Mortgages for the Over 60’s to 90’s

When assessing if a mortgage is appropriate, the FCA has always been very clear with mortgage companies, that the mortgage must be affordable and thus in your’ means. The FCA has never given any sort of direction as to age constraints in regards' to lending. Mortgage seekers over the age of 60 faces more difficulties in securing lending at competitive rates. When it comes to securing finance, many mortgage providers have very strict rules when it comes to age limits and lending into retirement.  Mortgage companies have their own set of criteria as many deem lending to the elderly population a greater financial risk in comparison to the younger public. We do not share this view.

We think some of our more mature customers are better to lend to, as most of them have guaranteed income like pensions or revenue streams from past investments. In addition, over the development of their lifetime, they have habitually built up significant equity in their property, have successfully had credit and therefore offer a lower risk to lenders. This is in contrast to the younger generation of customers who are still making investments in our hostile environment given our economy at the moment.

A lot of our elderly customers have headed straight to the high street prior to contacting us, this is primarily due to the build-up of trust between them, however, they are being turned away, shockingly being told they are unable to obtain lending due to there age. 

We try to help people over 60 who have faced a problematic time finding a competitive product. The general public is not just living longer, but they are working past retirement and those who have retired are in receipt of a pension. The truth is that many are earning more over their lifetime than ever before and this coupled with advances in medical science, mean many of us are fitter than ever before.

Many of our elderly customers who make contact grasp the fact that we can obtain a far more competitive deal than they are currently on with their current lender. For those looking for new lending, they realise from us, that good homeowner deals for the elderly do exist, in many instances, we can be even more competitive then the high street, that’s if they will entertain you.

Some lenders that work closely with us, stipulate that they will consider at anyone for lending, all cases are judged on a case by case basis.

Our Process

When you contact us, we will take you through a full questionnaire we refer to this as a ‘fact find’ this, in turn, will give us a great idea of what your needs and requirements are. During this process, we will evaluate your affordability using our affordability calculator to confirm the probability of securing your mortgage. We will need to assess that you will be able to fulfil the mortgage in its entirety and thus remains affordable throughout its term. We will be able to fully guide you on the monthly repayments and instalments.

We will package your case in such a way, that it will fully show your potential & support your application to the exact way, the lender likes it to be.

Once we have correctly identified you by way of a photo ID be that either a passport or driving licence and confirmed your proof of address via either a utility bill or council tax statement, verified your income details by way of your pension and bank statements. We can submit your application to the best lender suited towards your needs and requirements.   

We are on the panels of most lenders and here at Revolution Finance Brokers, we pride ourselves in giving the personal touch and promoting the lender which is right for your needs.

Give us a call on 0330 304 3040 and one of our experts carefully assess your circumstances.

We are one of the best commercial finance and residential brokers in Essex, Kent, London and Hertfordshire.

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Author

Almas Uddin

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FCA disclaimer

The content included in our articles, blogs, web pages and news publications is based on information accurate at the time of writing. Note that policies and criteria can change regularly throughout the UK mortgage lending market, and it remains essential to contact the consultation team to receive up to date guidance. The information included on the Revolution Brokers site is not bespoke to any circumstances or individual application scenarios and therefore is not intended to be used as financial advice. The content we share is designed to be informative and helpful but cannot be relied upon to provide individual advice relevant to your mortgage requirements. All Revolution team members are fully qualified, trained and experienced to provide mortgage advice of an independent nature. We collaborate with lenders and providers who are regulated, authorised and registered with the Financial Conduct Authority (FCA). Should you require specific mortgage borrowing types, some products such as buy to let mortgages may not be FCA regulated. The Revolution team can provide further information about regulated and unregulated lending as required. Please remember that a mortgage is a debt which is secured against your home or property. Your home can be at risk of repossession if you do not keep up with the repayments or encounter any other difficulties in managing your mortgage borrowing responsibly. This also applies to any remortgage or home loan secured against your property, including equity release products.