10, Aug 2023
Over 70 Mortgages – What You Need to Know
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The over 70 mortgages  market is growing fast with many lenders now increasing their age limits on equity release and repayment mortgages for the over 70’s. This is due to high house prices, student debt and a change in the average age at which couples have children meaning people are buying homes later in life.

Lenders are also becoming more open minded about older borrowers. They may be willing to lend up to the age of 85 depending on the borrower’s individual circumstances. They will still be looking at how much income the borrower has from pensions or investments and whether it will cover the repayments on the loan.

Navigating Home Financing in Your Golden Years: A Guide to Mortgages for Those Over 70

However, mortgage lenders have a tough task when it comes to lending to the over 70’s. It is because most of these borrowers don’t have the same income that employed people have and it is possible they will pass away before the mortgage term ends. This makes them a higher risk to lenders so some choose to increase the interest rate for this reason.

If you are thinking about getting a mortgage over 70 it is best to get in touch with an equity release adviser who will be able to explain how lifetime mortgages work and how they can help. They can also show you how your current savings might be impacted by an equity release scheme and they can help you select the right plan for you based on your individual circumstances.

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