Mortgages

Personal Retirement Planning - Mortgages

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.

Why?

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.

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    Personal Retirement Planning cover all situations related to mortgages

    Buying a New Home

    Re-Mortgage

    Buy To Let

    First Time Buyers

    Help to Buy Schemes

    For more information contact us or call us on 020 3435 9561

    How Do They Work?

    Generally a mortgage after retirement age will come in form of a long-term loan that is secured against your property which starts just before you retire or after you have retired. These mortgages for over 55 year olds tend to be set to fixed periods such as 10 or 15 years; or, in many situations it can be arranged for them to last for the lifetime of the individual.

    Why You Might Want A Mortgage After Retirement Age

    There are a number of different reasons why you might be looking to take advantage of a mortgage in retirement plan. This can include:

    • General living expenses and savings for retirement – Such as having the money to afford holidays, a new car, various comforts or just having an emergency fund to dip into as and when necessary.
    • Home Improvements – If you are not going to move when you retire, you may want to spend money to get your home just the way you’ve always wanted it
    • Gifts to Your Family – Perhaps you are looking to invest/gift money to your children to help them get on the property ladder
    • Purchasing a House – If you are particularly infirm or worried about your mobility and ability to care for yourself as time goes on, you may want to buy a new property closer to your children
    • Repaying your mortgage – If you still have repayments to make on your current mortgage that you are finding hard to keep up with on the money you have in your retirement fund, you may need to invest in a mortgage after retirement.

    Needless to say, whatever your reason for looking at getting a mortgage and are 55 or older, Personal Retirement Planning can help you every step of the way. Contact us today, either using the contact form or by calling our offices and we will help you find the best mortgage for 55 year olds and over, that will give you the financial security you need for a comfortable retirement.

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