Getting a mortgage after crossing the 70 age mark is possible, but it’s not easy. Most high street lenders are concerned about the age of the applicant while selling any mortgage product. Age concern among mortgage lenders is understandable as they want to ensure that their borrowers have enough money to pay back the loan in case something happens to them.
The good news is that there are some lenders who will give you an opportunity to get a mortgage even if you are older than 70 years old. The bad news is that these lenders are few and far between. If you do find one, then you should be prepared to put up with a lot of red tape and paperwork.
In this article on mortgages for the over 70s, we will guide you to find out how to get a mortgage even though you are older than 70. We will also show you what kind of documents you need to provide to your lender so that he or she can approve your application. Over the decade, we have received a lot of enquiries for mortgages for the 70s people, and in this guide, we will try to answer them all.
Can I get a mortgage if I am over 70?
Yes, you can get a mortgage offer even in your 70s. Every mortgage lender has different lending criteria for the 70s and over. Some mortgage lenders can even offer mortgages to people over 80. The total number of centenarians in the UK rose to the highest level in 2020, reaching 15000 plus.
What Is A Mortgage For The Over 70s?
A mortgage for the over 70s is basically a home loan where the borrower has reached the age of 70 years old. This means that the person applying for the loan must be at least 70 years old. In most cases, the borrower will have been living in his or her house for more than ten years.
Why do I need a mortgage at 70?
There could be various reasons why a person needs a mortgage at 70. You may want to purchase a buy-to-let property or a second homeA property that is purchased as a second home or holiday hom...; in any case, the choice of lenders will be limited. We will suggest you contact a professional mortgage broker who can help you with suitable mortgage deals at the age of 70 and above.
Buy-to-let mortgages for those over the 70s
A buy-to-let mortgage is a loan for the property to rent it out. In most cases, it is common to buy a property in the 70s age and rent it out to get some monthly income. As most people continue working after retirement in their 60s and 70s, some mortgage lenders started offering better deals. The important thing is that most of these deals are only available with specific lenders, and only a specialist mortgage broker can help you get them.
What type of mortgage is available for older borrowers?
There are three types of mortgages available for older borrowers as below:
These are usually offered by banks and building societies. They are generally fixed-rate loans which last for five to ten years. They are ideal for people who plan to live in their homes for many years.
Retirement Interest Only Mortgage
With this type of mortgage, the interest rate remains constant throughout the term of the loan. However, the repayment amount increases every year until the end of the loan period. At the end of the loan, the remaining balance becomes due.
Equity Release Schemes
EquityThe difference between the value of the property and the amo... release schemes are designed to allow homeowners to borrow against the value of their properties without having to sell them. These schemes are often used by retirees who wish to free up cash from their property portfolio.
How much money can I borrow?
The maximum amount of money you can borrow depends on your financial situation. Most lenders will ask you to submit a full document when assessing your application. This includes details about your current finances, such as your salary and savings. It also includes information about your previous borrowing history. If you have had problems with repaying debts in the past, you might not qualify for a mortgage.
Can I still apply for a mortgage at 70?
Yes, you can apply for a mortgage at the age of 70. There are different types of mortgages available for people aged 70 and above. It is better to contact a mortgage broker who can find you a suitable mortgage deal.
Next Steps –
Getting a mortgage after 70 is a complicated process. To ensure you get the best possible deal, we recommend contacting a mortgage broker who can guide you through the whole process.
If you would like to know more about getting a mortgage, please visit our website needingadvice.co.uk.