Lending in Retirement

Posted on 17 May 2012 by jim

Are there any lenders to people over seventy?  I have a fully owned property, but would like a small mortgage, of 20k over 10 yeras, not equity release.


I am only aware of 2 lenders who are currently considering residential mortgages for people aged over 70 without restricting the term to 5 years.  Whether or not they will consider you for a mortgage will depend on you proving that you have sufficient income to afford the payments for the term of the mortgage, in addition to the usual credit and money laundering checks.

You will need to compare the cost of these mortgages with the alternatives of a personal loan and/or a credit card and whilst they may be more expensive than a normal mortgage, I think you will find the costs favourable.

I believe we can help you and that you would benefit from speaking to one of our independent mortgage advisers.  Please call 0344 346 3672 and tell the consultant the date and title of your question, they will then be able to help you find the right mortgage for your situation.


Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.

We recommend you seek professional advice with regard to any of these topics where appropriate.

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