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Author: By Ed Parry
Mortgagesorter >> Older People
You may still want to borrow
• To become a property owner for the first time,
• To make that final move up to your ideal home,
• To improve the one you have, or
• To help turn your children’s dreams of property ownership into reality
So what are your options if you want a mortgage when you’re over 60?
Until a few years ago, probably not many, as few mortgage lenders were willing to offer loans that extended beyond the traditional retirement age of 65, let alone accept the over-60s as new clients.
That meant if you wanted to take your first step on the property ladder, or to trade up to a more expensive home, your chances of borrowing to fund it were slim.
And if you wanted to unlock value from your home, an equity release plan was the only realistic option.
But things are changing the mortgage market has become so competitive that many lenders will now consider borrowers they would previously have turned away.
So read on to discover which option is best suited to your situation.
Will it be a traditional home loan, an equity release plan or some other arrangement, such as a guarantor mortgage or a personal loan?
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