Many people start to think about getting a mortgage as they approach retirement, perhaps to downsize from their current property, possibly as an investment. Often, they get put off because they assume it will be a lot of hassle. However, that couldn’t be further from the truth.
It’s actually relatively easy to acquire a mortgage loan, right up to the age of 80. So, to answer our title question, “Can I get a mortgage if I’m retired?” – Yes, you absolutely can!
Is There an Age Limit for Mortgage Loans?
There’s no hard-and-fast age limit for getting a mortgage loan. The maximum age of applicants varies from lender to lender, but most tend to have an upper limit of 60 to 80. This means that you can potentially acquire a new mortgage loan as long as you will be 80 years old or younger when the policy is due to begin.
Most lenders also set a maximum age limit for the end of the loan period, too. So, although you can get a loan up until you’re 80, you’ll have less time to repay it if you wait until that age. Most lenders set the maximum age upon settlement between 70 and 85.
How Will My Income Be Determined?
If you’re already retired, you should know how much you get per month from your pension. This will be taken into account along with any income from other investments you’ve made, such as property or shares.
If you’re still working but plan to retire before the end of the mortgage, you’ll need to contact your pension provider. They should be able to give you information on your retirement date and the expected income from your pension – Your potential lender will then make a decision based on this information.
What Mortgages Are Available?
There are plenty of different mortgage options available to retirees. There are many fixed-rate loans on offer, as well as mortgages which track the base rate. In addition, there are often cashback, offset, stepped, and discounted mortgages available at any given time. It will depend on market conditions when you apply, but you won’t be short of choice!
How to Find the Best Mortgage for My Situation
By searching for “retirement mortgages” online, you will be able to find some available deals from reputable lenders. However, we recommend speaking with an independent advisor who will have access to the whole market and may be able to find you a better deal. Key Mortgage Advice offer free consultations, where we’d be happy to discuss your circumstances and options, with no obligation.
To book an appointment with one of our independent advisors in Southport, Preston, or Garstang, simply click the button below and send us a message, and we’ll be in touch as soon as possible!
