Retirement is changing in this country and has been for some time now. This is because the majority of people are not quitting work and retiring at the age of 65 to start living off their pensions. As a result, the age at which people are able to receive their state pension has increased. If you have reached retirement age or it is just around the corner, you will find it difficult to secure a mortgage, if you are planning on moving or want more money to supplement your pension plan.
The older you get, the more of a risk you are seen as being for lenders and because mortgages by definition are long term loans. A lot of this has to do with the changes brought in by the Mortgage Market Review.
Interestingly it has less to do with the rates being higher and the affordability, and more to do with the inconvenience of lenders having an upper limit for both the age they will offer mortgages to and the age mortgages should be paid by.
It can make it incredibly difficult for 65 to 70 year old’s to be accepted for mortgages from normal lenders. Fortunately, it is not impossible to find mortgages in retirement, so if you are heading to retirement or have already retired and are looking for a mortgage – we can help.
Personal Retirement Planning are here to help you. There are actually a number of options out there when it comes to mortgages for retired people and we can help you find the right one.