Is it possible to get a mortgage if you’re retired?
Becoming a homeowner later in life is not uncommon these days, but can you get a mortgage if you're retired? Getting a mortgage becomes more challenging after the age of 55, largely because it is harder to prove retirement income than it is a salary. Mortgage providers will also want to be sure you’re able to pay off the loan during your lifetime.
Providing you can prove your income some lenders are willing to offer mortgage finance to retirees. Income sources include savings and a private or workplace pension (or a mixture). Together with an outline of your expenditure, this will help prove you will have enough to live on and to pay your mortgage for the duration of the term.
You may be offered a shorter mortgage term or a higher interest rate, depending on your age and the
lender, because most lenders have a maximum age by which they will want the mortgage to be paid off – this can be as high as 85 or as low as 70.
Many of our clients come to us because they have been turned down for a mortgage elsewhere. We don’t just deal with the ‘high street’ lenders – we offer a home and buy to let mortgages review service that is representative of the whole of the market. We can source funding from smaller, niche lenders and the newer challenger banks. We can help with equity release loans and find more competitive refinance re-mortgage rates. We can tell you if you can get a mortgage if you're retired.
Take a look at our Guide to Mortgages and Protection to get a feel for our service and how it will make your life, your mortgage loan and your move, easier for you.
Challenging doesn’t mean impossible, so get in touch for advice to secure mortgage finance that suits your circumstances and to find out if you can get a mortgage if you're retired.
Source: Quilter Essentially Mortgages