We have been specialising in mortgages for the over 50’s for over a decade and we have all the experience needed to ensure that we find the right mortgage for your personal circumstances. Mortgage lenders all have different criteria when underwriting mortgages for applicants over 50 and due to this the help from a specialist broker can help you to navigate you through the criteria. Rest assured you have come to the right place as we offer free advice and guidance to help you choose the best mortgage deal available.
Case study
- Mr & Mrs Smith are aged 78 & 63 and are coming to the end of their interest only mortgage term.
- They want to borrow £80,000 on their property, to enable them to clear their existing mortgage and clear some unsecured debts.
- The property is currently valued at £240,000 and they would like a mortgage term of 30 years.
- They have chosen downsizing as their preferred repayment strategy, as they wish to remain in their existing property for as long as they are able, in order to remain close to family.
- Both applicants are currently retired with Mr Smith in receipt of a full state pension and Mrs Smith due to receive a full state pension at 65.
- Additionally, Mr & Mrs Smith receive private defined benefit pensions for £25,700 & £15,000 which both have spouse benefit of 50%.
- The over 55 mortgage could be offered for the loan amount requested providing them with the flexibility to continue their interest only mortgage payments and to remain in their current property near their family.
Why were we able to help?
- Ages qualify because the youngest borrower is 63 so a term of 30 years takes them to 93 which is within the over 55 mortgage criteria age range (based on the youngest borrower).
- Downsizing is an acceptable strategy because there was more than £150K equity left in the property after the loan has been taken out.
- Affordability works because both Mr & Mrs Smith have a good amount of pension income from both state pension and defined pensions with a 50% spouses benefit meaning one could afford repayments in the event of their spouses passing away.
