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Am I too old to get a mortgage?


We often hear this question from customers who are in their 40s or 50s and who believe that due to their age, they will not be able to get a mortgage.


Whilst there is a question on mortgage application about your age, this is usually not the main factor deciding whether or not you qualify to get a mortgage.


Many lenders have no limit as to how old an applicant is at the point of application and many lenders are very flexible as to the mortgage term’s length. You could potentially even be in your 80s when you finish repaying your loan.


What lenders are more interested in is, how you will be able to service your monthly payments and what retirement income you are likely to have. You could request to stretch the term of your mortgage however lenders will want to see what income level you will have to continue to be able to service your loan. You might only have a modest state pension, but you might also have other pension pots and sources of income, like dividends from your business or rental income.


If, at the point of application, you are more than 10 years away from your planned retirement age, then the lender may not even ask for evidence of your pension income. This doesn’t mean that it should not be taken into consideration. If, however you have less than 10 years left to your planned retirement age, then you are most likely to be asked for some pension forecast or other documents stating potential future income.


We do advise on mortgages with longer term, often stretching to or past retirement age and it is mainly about being able to afford the payments.


Should you have any doubts or queries, do contact us for initial consultation.




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New Year will bring lots of changes for businesses and employers due to Brexit and there may be also some changes to mortgage borrowers who are non-UK residents living and working in the UK.

Some mortgage lenders are already introducing new criteria due to Brexit! For some mortgage applications certain lenders will soon require proof of residency rights in the UK from EEA/Swiss nationals. Examples of documents required are pre-settled and settled status documents. If, therefore, you are a non UK national living and working in the UK and planning to get a mortgage, it is best to check whether you have the required residency status after 31 December 2020.

Should you need further information or need help with preparing your mortgage case, do contact us and we will be happy to help.



October was our record breaking month in terms of amount of mortgage applications applied for and offered. Aga has worked very hard and it has reflected in her taking customer bookings for 2 weeks in advance now!


Tom has been crazy busy making sure our customers feel safe financially and writing record number of insurance and wills!


We work non stop and get results we want to see for our clients.

The busy trend on housing market will continue as market is to remain open and house valuations and viewings are still possible in lockdown




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GRN Financial Services

Mortgage broker

15 Bath Street,

Leek

ST163JQ 

REMEMBER! YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

GRN Financial Services Limited act as a credit broker not a lender.

OUR FEES and charges vary depending on the services we provide to you. We typically charge a fee of £395 payable on application.
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GRN Financial Services Ltd is a company registered in England and Wales. Registered number: 11200120. Registered office: 15 Bath Street, Leek, Staffordshire, ST13 6JQ. GRN Financial Services Limited is an appointed representative of PRIMIS Mortgage Network. PRIMIS Mortgage Network is a trading style of Personal Touch Financial Services Ltd which is authorised and regulated by the Financial Conduct Authority The information in this email is sent in confidence for the addressee only and may be legally privileged. Unauthorised recipients must preserve this confidentiality and should please advise the sender immediately of the error in transmission. If you are not the intended recipient, any disclosure, copying, distribution or any action taken in reliance on its content is prohibited and may be unlawful. GRN Financial Services Ltd accepts no responsibility for any loss or damage resulting directly or indirectly from the use of this email or the content.

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