Are you too old for a mortgage?

Are you too old for a mortgage?

Answer: No

Why, because we have access to the whole mortgage market and can source specific mortgage lenders to suit. We have direct access to building societies that are lenient towards maximum ages.

The majority of lenders would have a 70/75 maximum cap. Mortgage lenders such as Halifax are a little stricter and depend on occupation. If your mortgage term exceeds over your expected retirement date, you will have to prove your retirement income. This is where some mortgage applicants are stuck.

Mortgage lenders are increasingly stricter with total loan amounts and most are using their own calculators factoring income and expenses. Problems occur if older applicants are seeking longer mortgage terms due to affordability. Some mortgage lenders will offer a reduced loan amount because their own calculators say so.

Building societies and few banks that are lenient will most likely deal with cases on individual basis and will want to know how the mortgage is serviced in the latter years. Every mortgage lender has its own criteria so you’re best speaking to one of our mortgage advisers to go through your options. We are based in Manchester city centre.

Are you too old for a mortgage? No- providing you find the right mortgage lender to suit your circumstances and providing you can satisfy the mortgage underwriters requirements.