Mortgages for over 65s are for you if you are aged 65 or over, we are pleased to be able to offer you some exclusive mortgage options via one of our Mortgage Broker partners. These are regular mortgages and are NOT Equity Release products. There are actually several options provided by different (and an increasing number of) Lenders but our Retirement mortgage is probably the most popular one. The summary details of this are as follows:
Get up to £350,000 (negotiable) subject to a max LTV of 50% and there must be £150,000 equity left in the property
Rate fixed at 5.74%
Terms of up to 25 years
No upper age limit on applicants
Income must be provable but salary, pension, rental and investment income are all acceptable. In some circumstance income from immediate family members can also be considered
Interest Only options are also available
No Early Repayment Charges after the first year
The applicant must be the Owner-occupier of the property
An application fee of £295, a Lender fee of £1,495 apply and a legal package is optionally available for £370 (inc VAT). Choice Loans also charge a 1% brokerage fee:
This Retirement mortgage is just one option available to those over 65. Though the above terms serve as a good guide (in terms of the amounts and LTVs available) many Lenders do offer varying deals so if you don't meet all the above terms or have a situation that varies slightly from this it is certainly still worth you speaking with a mortgage advisor and see if you qualify for a Mortgages for over 65s
The main point though is that there is now a substantial and growing market for those who are over 65 and want to get a mortgage but who do not want to go down the Equity release route. If you are interested in finding out more then please either call us on 0845 126 0350 or fill in the form opposite and we will call you.
Any enquiry you make is, of course, without any cost or obligation to you. We will present you with the facts and let you decide if it is for you. We will not pester you, we will not try to cross sell you other products and we will not pass your details to third parties.
The overall cost for comparison is 5.1%. The actual rate will depend on your personal circumstances. 66% of customers will be able to get this rate or less. Ask for a personalised illustration.
A fee of £995 may be charged on completion, but only on completion. No Mortgage, no fee.
Mortgages are provided by one of First Choice Finance (a trading name of Termpart Ltd who are authorised and regulated by the Financial Services Authority, registration number 302891),Central Mortgages (Essex) Ltd (FSA registration number 460448) or First Union (FSA registration number 433676)
Choice Loans is a broker, not a Lender. We will connect you with a Lender suitable for your needs or, if appropriate, a specialist Broker. We do not charge you an upfront fee but if your application is successful a Broker commission may be charged.