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Am I too old to get a mortgage?!

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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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.
Some of the products/services shown are not or may not be regulated by the Financial Conduct Authority’.

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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