Securing a mortgage later in life is more common than you might think. Whether you’re looking to move home, remortgage, or explore options like retirement mortgages in Beverley, there are lenders who offer solutions for older borrowers.
The key is finding the right mortgage to match your financial situation.
Mortgage Options in Later Life
While some lenders have upper age limits, many now offer mortgages for over 60s in Beverley and beyond. This shift means borrowers in their 70s and even 80s may still have options, whether they want to buy a new home or release equity from their property.
The type of mortgage available will depend on several factors, including income, deposit, and credit history.
Income Considerations for Older Borrowers
Lenders need to be confident that you can afford repayments, so income plays a big role in mortgage approval. If you’re retired, they will assess pension income, investments, or other sources of earnings.
Some lenders are more flexible than others, especially if you have a strong financial position. If income is lower, alternative options like equity release in Beverley may be worth considering.
The Role of Deposit and Equity
A larger deposit or significant equity in an existing property can improve your chances of approval. Most lenders require at least 25% equity for later-life mortgages, though this varies. If you already own a home, remortgaging to access equity could be a solution, particularly if affordability is a concern.
Applying in a Joint or Sole Name
If you’re applying for a mortgage alone, lenders will base affordability on your income and financial commitments. In a joint application, both incomes are assessed, which could improve borrowing potential. Some couples choose to apply together to increase their chances of securing a suitable mortgage.
Credit Score and Mortgage Eligibility
A good credit score helps when applying for any mortgage, including those for older borrowers. Lenders will review your financial history, looking at past borrowing behaviour and repayment reliability. Even if your credit score isn’t perfect, options may still be available, particularly if you have a strong deposit or significant equity.
Finding the Right Mortgage for Over 70s in Beverley
Every borrower’s circumstances are different, and finding the right mortgage can feel complicated. Speaking to a mortgage advisor who understands later-life lending can help you explore options that match your needs. Whether you’re looking for a standard mortgage, an interest-only option, or equity release in Beverley, there may be a suitable solution available.
Date Last Edited: February 11, 2025
