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Later life lending

Later life lending
With life expectancy forever on the increase as we live healthier lives and with the advancement of modern medicine, many people find there is a need for a mortgage into later years.

Traditionally mortgage lenders were uneasy at lending beyond the age of 70. However, due to these changes there are now lenders who are happy to go well beyond this to support a variety of differing borrowing needs. There may be a need to release a little equity to help a loved one on to the mortgage ladder, or perhaps a child or grandchild is getting married and all your funds are tied up in your home.

Previously, obtaining a mortgage may have been prohibitive due to the small mortgage term available. For instance, a 60-year-old may have only hoped to get a 9 or 10-year mortgage, however, this can now be anywhere up to a 20-25-year mortgage meaning there is much more flexibility in what can be afforded.

We typically help clients in these scenarios release some equity in order to support a variety of circumstances, sometimes it’s to get a rate or product that was previously not available. Many clients were tied into interest only mortgages, these clients have been known as “mortgage prisoners”. Now with the availability of more and more lenders lending later into retirement it is often the case we can now help where there was no option to do so in the past.

Why not give us a call today if you would like to discuss your own situation and with our wealth of knowledge and experience we will work tirelessly to get the mortgage and solution that is right for you. With our product suite of over 11,000 mortgages and over 90 lenders to choose from you may be surprised at what we can do for you.

Your home may be repossessed if you do not keep up repayments on your mortgage.There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.