Posted on 22 March 2015 by Michael
I'm going to be 56 in April I was wondering what is the cut off point for an older buyer? I own a flat with a mortgage of about £36,000. The flat is valued at about £350,000.
There's no real cut off age for an older borrower. It's true that most of the major high street lenders have lower maximum ages and tougher criteria, however many of the smaller building societies take a more sympathetic view and can look at terms that go upto a borrowers 90th birthday and sometime beyond.
The main factor to consider for the more mature borrower is around when they are looking to retire and whether they will have sufficient income after that date to continue being able to support the mortgage payment. Lenders will want to know that pension / retirement income will be sufficient, otherwise they will look to restrict the term they'd offer.
If you'd like to discuss your options in more detail, then please contact one of our consultants on 0344 346 3672 and they'll be able to give you a clearer idea of how we can help.
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