Mortgages for the over 55's

This is a page for those seeking mortgage advice over the age of 55. However, should you be looking for advice on lifetime mortgages such as Equity Release or Retirement Interest Only please 'click here'

On this page, we’ll share some information to help you understand more about mortgages when you are over 55. If you would prefer to speak with a personal mortgage consultant, Just give us call or complete our contact form below.

Robin Mortgage Design are experts when it comes to helping those over 55 get a mortgage. Whether you want to remortgage, raise capital or move home, our industry experience and lender access gives us the ability to find out exactly what options you have.

Please see Terms & Conditions

Can I get a mortgage if I'm over 55?

The industry has changed significantly over the last decade to cater for the current market. A big portion of that market is people over 55 or already retired. This is primarily down to a large number of interest only mortgages that are coming to an end with no means of repayment. There are many other reasons to mortgage over the age of 55, which we explore below. They key is that you can demonstrate the mortgage is affordable based on your current or future income and then some lenders have no upper age limit at all.

7 Common Reasons to have a mortgage over 55

  1. You have a mortgage that is coming to the end, but do not have the means to redeem it.
  2. Release capital to remodel the home or gardens to suit your current needs.
  3. You may wish to upsize or downsize, but would like to keep capital aside, to help with other expsenses or investments.
  4. Release funds to help your family or provide a deposit for their home.
  5. Take a holiday of a lifetime.
  6. Buy a new car or essentail and luxury items.
  7. Pay for medical treatments and operations.

What happens if I retire?

Depending on the age you take the mortgage, can determine what is needed for when you retire. Here are a couple of examples;

You are currently aged 60 and still working. Some lenders may use this income to age 70, 75, 80 or even 85, but there is an expectation that you will work to that age. If you retire earlier than declared, let your mortgage broker know and they will help find a suitable solution.

If you plan to retire during the mortgage term, the lender would request evidence of your future affordability. This would include state pensions and private pensions. In this instance the mortgage will have been assessed on your retirement income and you wouldn't need to do anything.

What if i'm already retired, can I still get a mortgage?

If you are already retired and of any age then you can still apply for a mortgage. The age at which you apply and how long you wish to take the mortgage for will be a factor in deciding the right lender.

As already discussed some lenders have no upper age limit. So, even if your 90 you can still get a mortgage that could outlive you.

In this instance the affordability would be based solely on your retirement income.

Is a mortgage right for me?

This is an excellent question and one that you should be asking all the way through the process of applying for yours.

To help you make that decision we have taken the time to explain some points that should be given serious consideration, before you even make the call to us;

  • Are you happy that you are releasing funds on your property, that if not repaid could require the property be to sold?
  • You will have to commit to a monthly payment, which would lower your monthly income?
  • Have you considered your income and whether an Equity Release mortgage would be better for you?
  • Could you liquidate other assets to provide the amount you require?

We will try and guide you through this process as much as we can, but we can only provide facts and figures based on the information you tell us and the known lending criteria. If you feel uncomfortable at any point, let your consultant know, so they can help or pause the process.

Ready to get in contact? Fill in our simple form or speak with a mortgage adviser directly by using the details below.

Call us

0330 242 8363

After you have registered your interest, one of our consultants will be in touch to discuss your options and only where appropriate, make a formal introduction to a specialist third party. There may be fee payable which will be confirmed to you by them.

Please see Terms & Conditions

Why use a mortgage broker?

This is a really good question. Mortgage Brokers have access to the widest range of products and governed by the Financial Conduct Authority to help to give you peace of mind.

So, if you would advice that is suited solely to you, then a broker is just what you need.

Are you 'whole of market'?

Yes. We have access to a comprehensive range of lenders across the UK and do classify ourselves as whole of market unlike other firms who only have access to very limited panels.

Do you charge a fee?

Yes. We charge our fee on mortgage offer which is typically £395.00, but this can vary depending on the complexity of you mortgage. Our costs will be confirmed to you at the earliest opportunity and before any formal commitment.

Are you a member of any regulatory body?

Yes. We're apart of HL Partnership who are regulated by the Financial Conduct Authority and we follow strict guidance and regulations provided by them. We also have a comprehensive compliance process to ensure our advice is suitable for your situation. Finally we comply with all Data Protection Regulations. You can be safe in knowledge that you and your data are in safe hands with us.

Are you independent?

Under FCA regulation we are not classified as independent. However we are not tied to any one lender or other institution, We are a mortgage brokerage in our own right here to work for you and will always have your interest at the heart of our advice. So, in that sense, yes we are independent.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP THE REPAYMENTS ON YOUR MORTGAGE

The information contained in this website is subject to UK regulatory regime and is therefore intended for consumers based in the UK.

Not all forms of mortgage lending such as certain Buy to Lets are regulated by the Financial Conduct Authority along with some additional related services, such as Conveyancing. A full disclosure document will be provided to you.

If you are considering securing additional debts against your home: Think carefully about securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or other debt secured on it.

Some links on this website will take you to third party websites. Robin Mortgage Design have no control over and are not responsible for the content of other sites.

*some services are by provided as a referral to a third party company. No personal information will be shared with such companies without your prior permission. Robin Mortgage Design have no control over these companies and cannot be held accountable for their service or advice.

Robin Mortgage Design is a trading style of Robin Partnership Ltd whom is an appointed representative of HL Partnership Limited, which is authorised and regulated by the Financial Conduct Authority.  The registered Office of Robin Partnership Ltd is 22 South Street, Castlethorpe, Milton Keynes, Buckinghamshire, MK19 7EL. For more information please refer to the FCA register https://register.fca.org.uk

Robin Mortgage Design charge a broker fee which is only payable on mortgage offer. The precise amount will depend upon your circumstances however a typical fee is £395.00 and the maximum that could be charged is £1,495.00

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