Standard Mortgage for Older Borrowers
Brought to you by the 2023 Mortgage Broker of the Year for later life lending. Age is no barrier to securing a home loan, older borrowers have more mortgage options today than ever before. Get in touch with our Bristol-based specialist team today for expert, tailored advice
It is a common myth that securing a traditional mortgage becomes impossible as you get older. In reality, this is simply not true.
Almost all mainstream lenders will happily approve mortgages stretching to age 70, with many comfortably extending standard products to age 75. Furthermore, several progressive high-street building societies now offer standard capital repayment or interest-only mortgages that can run into your mid-80s or even early 90s, provided you can demonstrate a stable, ongoing retirement income.
If traditional pension or earned income is lower, some lenders offer creative underwriting. For example, they may divide your cash savings or retirement pots by the length of the mortgage term, using that calculated figure to satisfy their affordability checks.
When you factor in that many lenders offer minimum terms of just three to five years, it becomes clear that securing a standard mortgage well into your 60s is a highly viable path.
Standard Mortgage
While a diverse range of niche providers offer tailored lending options, navigating these choices requires careful consideration. We leverage our deep market expertise to break down the key factors, helping you identify the perfect product for your unique situation
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However, for larger loans, shorter repayment terms can quickly drive monthly costs out of reach. Additionally, standard interest-only lenders often demand substantial remaining equity, typically £100,000 to £200,000 post-mortgage, alongside high minimum incomes exceeding £75,000. These steep hurdles make passing traditional affordability checks incredibly difficult, which is precisely why specialized later-life mortgages have emerged.
To ease these affordability constraints, certain lenders are highly accommodating if you run your own business or possess guaranteed investment returns, allowing these income streams to fully support your application.
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So if you’re looking for an award winning later life adviser approved by the Equity Release Council then contact us today.
