Making it easier to get a mortgage in to retirement:
2 major lenders (Halifax and Nationwide) have extended their criteria over the last 2 weeks to mean that if you want to look at borrowing in to retirement, indeed, up to the age of 80 or 85 then this is now easier.
This could be of benefit to those looking for a standard mortgage with a slightly longer term and take your borrowing in to retirement.
Borrowing in to retirement – looking at your options.
The loan needs to be affordable against all provable post retirement income (pension, investments etc) and there can be more restrictions than on loans pre-retirement (e.g. Max loan to value of 60% with Nationwide). That said if you could use a couple more years to clear your mortgage then please give us a call on 0131 339 2281 and chat over your options.
The rates available are not loaded and the processing should be standard timescales so if this has opened up a new opportunity then we would be delighted to help.