Can you still get a mortgage as a pensioner

FiestaRed

I live in a house where the stairs are becoming a problem and would like to move into a bungalow. The main problem would be getting a mortgage as bungalows are so expensive.
Can anyone please advise if it is possible to get a mortgage in your seventies or is there any other solution possible?

kingstreet

Yes it is.
All you need to do is afford it and there are lenders open to you.

MWT

Retirement Interest Only (RIO) products or a Lifetime Mortgage (Equity Release) are two often used options.

A lot depends on the value of the property you wish to purchase and the size of the mortgage you would need, as well as your guaranteed income of course.

One key difference between those options is that for the RIO your income is important as you are committing to pay the interest each month, for the Equity Release products there is no affordability test and repayment of interest is optional.

Lots more details like the requirement for independent advice for equity release, whereas RIO products are more like a traditional mortgage.

A few thoughts to get you started anyway...

FiestaRed

MWT said:

Retirement Interest Only (RIO) products or a Lifetime Mortgage (Equity Release) are two often used options.

A lot depends on the value of the property you wish to purchase and the size of the mortgage you would need, as well as your guaranteed income of course.

One key difference between those options is that for the RIO your income is important as you are committing to pay the interest each month, for the Equity Release products there is no affordability test and repayment of interest is optional.

Lots more details like the requirement for independent advice for equity release, whereas RIO products are more like a traditional mortgage.

A few thoughts to get you started anyway...

Brilliant, thank you for the help.

kingstreet

Just to add to MWT's comments you aren't restricted to RIO/ER because you are past retirement age. There are several lenders offering standard repayment mortgages to 80 and beyond, as I say, as long as you can demonstrate affordability. I was working on a case yesterday where the applicants are 71 and taking an 8 year repayment mortgage using their self-employed income.