Mortgages For 65’s Plus
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What You Should Know About Securing A Mortgage Over The Age Of Sixty Five.
If you’ve been searching for the following we’d love to help you:
- Nationwide Mortgages For The Over 65’s
- Mortgages For People Over 65 With Bad Or Adverse Credit
- Halifax Mortgages For Over 70’s
- Nationwide Mortgages For Over 70’s
- Mortgages For Pensioners Over The Age Of 70 Years
- Interest Only Mortgages For Over The 60’s
It is no secret that many companies prefer to work with older individuals – they are wiser, more responsible, and often easier to work with than younger clients.
One of the industries that does not cater to those in their golden years is the mortgage industry. While all of us look forward to our retirement, many mortgage companies are reluctant to offer lending to those over the age of 65. Luckily, there are some options available for older individuals that are both favourable and affordable.
Difficulties of Finding a Mortgage Over 65
People over the age of 65 who have failed to get a mortgage from a high street bank are not alone. Since many lenders and mortgages companies have lowered the maximum age instead of increasing it in recent years, acquiring a mortgage for an older individual has become quite a difficult process that can often leave them feeling frustrated and defeated.
In addition to these difficulties, many lenders have also decreased the amount of time applicants have to pay, making payments higher.
Recent studies have shown that the world’s population is getting older – better medical care means that people are living longer, working for more years and earning more income over their lifetime.
Taking all of these statistics into consideration, mortgage lenders should be more confident in providing financing for older individuals. However, the reality is that these institutions are holding tight to their initial business plan of lowering the maximum lending age and shortening repayment terms for those over the age of 65.
Comparing Mortgage Options Over The Age Of 65
Although it may seem impossible for older individuals to secure a mortgage it is important to keep in mind that even though many companies adopt similar restrictions, not all institutions are the same.
This is why it is so important to research different mortgage companies and mortgage options before making a final decision or giving up all together. First, note that an applicant’s financial situation may make a company’s age restrictions less important, giving older individuals the opportunity to make a deal.
A strong financial profile can be a powerful bargaining chip when it comes to securing a mortgage. In many cases, an applicant who is over 65 but has a stable income either through continued employment, retirement or a pension as well as a large savings for a deposit will often have a much better chance of securing a mortgage with favourable terms and affordable monthly payments.
If that individual is unable to secure a mortgage through a mortgage company, a mortgage broker may be a valuable asset.
What the applicant is looking for in a mortgage will also play a large role in what options are available to them. Many individuals are interested in interest only mortgages – for those over the age of 65, securing this type of mortgage will be very difficult.
Since lenders already view interest only mortgages as a high risk investment, adding the applicant’s increased age may push them over the edge of what they are comfortable with. While new mortgages or remortgages may be easier to obtain, applicants will also need to consider if they prefer fixed rate or variable interest rate payments for the loan.
Information On Fixed Rate And Variable Interest Rate Payments
When negotiating terms for a mortgage, many companies will give borrowers the option of how they would like to repay. The two options that are usually presented are fixed rate payments and variable interest rate payments.
Fixed rate payments are great for those older individuals who are working from a budget – these payments are set from the beginning of the mortgage and will never change in the amount that is owed monthly. This helps those who need to tightly budget their income every month.
Variable interest rate payments are much different than fixed rate. Variable rate payments can change from one month to the next based on the Bank of England’s interest rates. This payment option comes with more risk – some months the payment may be low and favourable while others may be much, much higher.
Variable rate payments work well for those who have a looser budget and are willing to take the risk of having to pay very high as well as much lower payments depending on the month.
While securing a mortgage over the age of 65 may be difficult, it is important to keep in mind that there are options out there.
When comparing mortgage options, lenders and terms there are some key points to keep in mind – what mortgage packages does the applicant apply for, what financing they truly need, how much can they afford to pay each month and how long are they willing to make repayments.
Armed with this information, it is possible for older individuals to find a mortgage that works for them.
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