Can A Over 55 Get A 30 Year Mortgage.

Can a over 55 get a 30 year mortgage?… This is a great question… As a population we are living longer and as it turns out, everything is getting more expensive. Sky high energy bills, fuel cost and food have increased significantly over the past few months and that is not including the hike in house prices due to demand. Take those things alone coupled with a rather poor increase in wages, it is not surprising that longer term mortgages are becoming popular year on year. So, let us dive into the question and see if over 55’s can get a 30 year mortgage.

Simply put, you can, or, well you might. It depends on few factors, such as income, occupation, the type of mortgage and property. Assuming your situation ticks a couple of boxes it is possible. In fact, in some instances you might be able to get a term longer than 30 years and depending on your circumstances the mortgage might have no definitive term at all.

The good news is that the Financial Conduct Authority and mortgage lenders are recognising that we are living longer, we are working for longer and therefore we may need mortgages over longer terms. You might be considering a full repayment mortgage (paying back the capital and interest at the same time) or you could be looking for a pure interest only mortgage (no redemption of capital) but in either case there might be solutions.

So what next?…

In any instance, you will need to speak with a mortgage broker like us. A broker with whole of market expertise will be able to assist you by researching over 90 lenders.

So, I do believe I have answered the question. Can a over 55 get a 30 year mortgage. But, if you would like to know more about mortgages for over 55’s you can visit our dedicated pages with the following links.

For Over 55

For Equity Release

We hope this short article gives you hope as older borrower. If you would like to discuss your options, our team at Robin Mortgage Design would be happy to help. Just give us a call on 0333 242 3863.

Good Luck!

Written by Mark Travell, Director of Robin Mortgage Design


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