I'm almost 56 and want to buy a house. I have a large deposit to put down, but there lenders that would provide a mortgage ?

Posted on 3 December 2014 by Bernard


I am approaching 56 years of age and would like to buy a house and obtain a mortgage to do so, I will have a large deposit to put down, are there lenders that would provide a mortgage ?

Bernard,

Your age will not stop you from getting a mortgage, however what it will have an impact on the term that maybe offered to you. Since April, the implementation of the Financial Conduct Authority's Mortgage Market Review has meant that lenders are focusing far more on areas like affordability, and how this affects the term of the mortgage they can offer, particularly if you want to take the loan over your expected retirement date.

Many of the major high street lenders can be difficult to access for the more mature borrowers, and it maybe that we would look to one of the smaller building societies who manually underwrite, and can take a more realistic approach.

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 an idea of how we can help.

Regards,

Alistair

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