Retirement Mortgages

Whilst many homeowners and home buyers think their options may be limited, there are still plenty of options out there when it comes to mortgages for over 50s.

As you start to approach retirement getting a mortgage can become a little more difficult; since many lenders have upper age limits meaning that the end of your mortgage terms won't be able to go beyond this.

If you’re retired, or nearing retirement, you may require a larger deposit. Demonstrating your income will be a case of showing evidence of your pension, savings and any investments that you may have, as the lender will want to know that you can afford the repayments comfortably. They will also perform a credit check, so having a good credit score really helps.

We can help you find specific products aimed at the over-50s market, such as a Residential Retirement Mortgage. We can also explore standard mortgage products, as you may be able to secure one of those too.

How to increase your chance of getting a mortgage

One of the best ways to increase your chances of getting a mortgage in your 50s, is to have a clear plan of how you can pay the loan back. Having a clear idea of your budget and your monthly outgoings will help you understand how much you can afford to borrow.

For more information, please call us today on 01483 486509 or email us at admin@ycms.org.uk