Mortgages For Pensioners & Retired People
If you have retired and or are a pensioner and require a mortgage then our mortgage experts can help. They have access to a wide range of the mortgages on the market today. They can quickly search all the providers to provide you with the mortgage deal you need.
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60% - 100%
1.19% - 4.32%
Standard Rate (SVR)
3.94% - 4.79%
Variable & 3 ,5 & 10 Fixed Rate
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What mortgage options do pensioners have?
As you get older and into retirement age then there are some limitations on the mortgages available to you. The older you get then shorter loan terms are and all lenders will have a cap on when the mortgage must be paid for which is around the age of 80 - 85 depending on the lender. This means that if you are 60 for example, then the maximum loan term available may be around 15 - 20 years.
Can I use my pension or benefit entitlement as part of proof of income?
Yes. The lender will consider your pension and any benefits entitlements towards proof of income. A broker will be best to advise you on when is required and the type of documentation you will need to show.
Can I take out a second mortgage on my existing home?
Yes. Secured loan or second charge loans are available. The amount you can borrow will depend on the equity that is available in your home and affordability of the loan. You may also have restrictions on the loan term which will be shorter than the average loan term based upon you being an older borrower.
For example, if you are 65 then the lender may only allow a maximum loan term of 10 years, until the age of 75.
I am a self employed pensioner, will this restrict my mortgage options?
No. Being self employed should not cause any problems if you can show adequate proof of income. Sole traders, company directors and contractors can get a mortgage by showing business accounts or SA302 documents from HMRC.
Mortgage lenders will have their own restrictions on how long you need to have been in business. While some lenders will accept 1 years of accounts, some may require 2 years proof of accounts or income. A broker will be best to advise the requirements of the lender, and will help to choose a suitable lender that matches what you can demonstrate.