Esther Shaw in The Guardian writes an interesting article highlighting that the previous limits on making mortgage repayments past age 75 are being revised by lenders.
As Shaw states, todays aging population with no set retirement age means that many people want to continue paying their mortgage until later in life, rising property prices and divorce mean many are deferring their house purchase until they are older. This is certainly a trend our advisers are seeing at Tom French & Associates.
Until very recently no matter how good your credit rating was, your chances of getting a mortgage with repayments post 75 would have been very slim. However this is now beginning to change, so long as you are able to demonstrate proof of income.
As banks and building societies begin to recognize that borrowers wish to pay for their homes in ways which meet their lifestyle needs, they are beginning to modify their terms and conditions. Of which, the age cap is one condition.
Figures from both the Building Societies Association (BSA) and the Financial Conduct Authority support this increasing trend of borrowers continuing to pay for their mortgages post 65.
Taking a mortgage with repayments post 65 will not suit everyone’s lifestyles and not all mortgage lenders will offer this type of mortgage. The proportion of lenders offering such a product, whilst increasing, is still small.
If you would like to find out more about mortgages offering the opportunity to continue payments post 65 and whether these are in fact appropriate for your needs and your eligibility then please have a chat with one of our advisers. Our advisers at Tom French & Associates are independent and have access to the whole of the market to find the most appropriate mortgage for your needs. They have the knowledge of which lenders are offering mortgages such as these and can assess whether you would meet the required criteria.
Your first appointment with a Tom French & Associates advisers is free.
To read Esther Shaws article in full please click here.
Mortgage & Protection Director at Tom French & Associates.