Mortgages for over 50s 20 January at 3:42AM in Mortgages & endowments 5 replies 603 views

DevonRose

Wondering whether anyone has obtained a mortgage as an older first time buyer, and what their experiences are? Me and my husband are 52 and 54, and this will be our first house purchase. Obviously the mortgage term will need to be relatively short! 
Which lenders are best to approach, or is there no real difference between them with regards lending to  people who are 50+?

We had a mortgage offer from Aldermore for a property, and used a broker, but they've now moved on, and we're now wondering whether Aldermore is indeed our best option, and what other's experiences have been with other lenders re: age. We're a bit jittery, about it all! Thank you. 

secla

age shouldn't make a difference to most lenders as long as your term finish's at retirement age or you have proof on an income after your retirement age.

folkestonelisa

Hi, I have just applied for my first mortgage with NatWest, who lend up to age 75. Quite a competitive rate too. I am 52. 

BlondBoy

I did it for the first time at 51. End of term is when I’m 70. My main current account is with First Direct, got my offer from HSBC four days after I applied, no questions asked.

As @secla says, worth thinking about your retirement ages - the longer past that your requested term goes, the more tricky it will get.

Clueless56

I used a broker who found me my first mortgage at 57.  The term ends when I'm 75.  Once I had shown pension information to prove I could service the mortgage into retirement, it wasn't a problem and was very quick to arrange.

zAndy1

We've just got a remortgage at 55 and my wife 50 with a 20yr term and we never had to provide any information to prove our retirement income was sufficient either. Bit shocking really if I'm honest but it keeps the contractual payments down and I fully intend to overpay with the intention to pay it of over the next 10 years max anyway. There are clearly options available though