Older Borrower - Is age just a number when it comes to getting a mortgage? - Yes Mortgage Services (2024)

Older Borrower - Is age just a number when it comes to getting a mortgage? - Yes Mortgage Services (1)

People are living longer than ever before, and often buying property much later in life than previous generations. There are any number of reasons why someone could be seeking a mortgage over the age of 50.

With an ageing population, the UK will see a rising demand for mortgages from older borrowers. The Office for National Statistics (ONS) predicts that by 2050, one in four people in the UK will be aged 65 and over.

An older borrower is often in a stronger financial position than the younger age group. They are further into their career and often earn more than younger borrowers. Their children may have left home, and they may have already come into a family inheritance. But over the last few years, older borrowers have faced significant challenges in accessing the mortgage market.

In 2014, legislation known as the Mortgage Market Review (MMR) led to many banks and building societies refusing to lend to existing mortgage holders where the term would take the borrower over the age of 65.

More emphasis was placed on affordability, which meant lenders must now look closely at the income and outgoings of mortgage applicants. This leaves older borrowers in their fifties and above with a reduced choice of mortgage products in the UK.

This, plus changes to state pension and retirement laws, including the abolishment of the compulsory retirement age, means the choices for borrowing later in life are limited. Here’s why, and what you can do in this situation.

Unfortunately, yes, it is. All mortgage providers have a maximum age for their products. This can be your age at the time of application or your age at the end of the mortgage term.

If a mortgage provider has a maximum age of 70 at the end of the mortgage term, as many do, you will find that they have fewer mortgages available to you after you turn 45, since you’ll no longer be eligible for 25-year mortgages (the most common length term).

The number of mortgages available to you will decrease as you get older.

[click_to_tweet tweet=”“Once you’re approaching retirement age, you’ll have more work to do to convince a mortgage provider that you’ll have sufficient income to cover your mortgage and living expenses throughout the full term of the mortgage.”” quote=”“Once you’re approaching retirement age, you’ll have more work to do to convince a mortgage provider that you’ll have sufficient income to cover your mortgage and living expenses throughout the full term of the mortgage.””]

Increasingly so. These days, many people move home in later life. You might be relocating to enjoy your retirement, downsizing after your children have flown the nest, or moving to be closer to family. No matter what the reason, you will be looking for a mortgage from a smaller pool of options.

Even if you have no plans to move, you could be affected if you need to remortgage your current home, for example, at the end of your fixed rate mortgage period.

How difficult it is for you to get a mortgage will depend on your age at the time of application, how much you want to borrow, and the period you want to repay over.

When lending you money, mortgage providers want to be sure that they’ll get that money back. And, they have a responsibility as lenders to ensure that you won’t be left with debt you can’t pay. According to the Mortgage Market Review (MMR) in 2014, they are required to anticipate foreseeable changes in your circ*mstances over the term of the mortgage, particularly regarding retirement and your expected retirement income.

Once you’re approaching retirement age, you’ll have more work to do to convince a mortgage provider that you’ll have sufficient income to cover your mortgage and living expenses throughout the full term of the mortgage.

This is partly a matter of persistence, as there are mortgages available for older borrowers if you look hard enough. So whether you are looking for a mortgage or a remortgage here are a few tips if you are an older borrower:

  1. Shop around. Different mortgage providers have different maximum ages, so others might still accept you even if your first choice won’t.
  2. Speak to a broker. They will sometimes have access to more mortgages than you can find yourself, and can do the time- consuming work of checking maximum ages for you.
  3. Look for shorter-term mortgages, for example, a 10-year mortgage if you’re over 55. That way you can plan to repay it before you retire (though your repayments will be higher than with longer mortgages).
  4. Inform your mortgage provider if you have plans to delay retirement beyond the full term of the mortgage. They will need to assess the feasibility of your plans.
  5. Provide evidence of your retirement income. In some cases, you might have plenty of pension savings or guaranteed pension income, which will be sufficient to convince your mortgage provider that you can afford the repayments.

If you’re still unable to find a suitable mortgage, you can look into other options, such as:

  • Retirement interest-only mortgages, for which you only pay the interest on your loan, and it is repaid in full after you die, move into residential care or sell the property.
  • Equity release, which can provide a cash lump sum while you continue to live in your current home, which again is repaid after you die, move into residential care or sell the property.

These options are only available after the age of 55 and if you are considering either of these, we have a Later Life Lending Specialist Team (and a website dedicated to Specialist Mortgages) who focus purely on supporting these needs.

So if you are an older borrower, or someone who is wondering if you are ever too old to apply for a mortgage loan? The mortgage process focuses on your ability to make repayments as you get older. Chances are, if your profession enables you to work later on in life you may be okay, but if age is likely to stop you working, this may not be the case. Either way, understanding what lenders will consider can help you be prepared and know what to expect. So instead of worrying, check out our Later Life Lending pages or book a call and let us help you identify what is right for you.

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Older Borrower - Is age just a number when it comes to getting a mortgage? - Yes Mortgage Services (2)

Andrew Johnson

At Yes Mortgage Services, we offer a comprehensive range of products from across the market.

Irrespective of whether you are looking to buy a new home, re-mortgage an existing property, or looking to protect your family from the unpredictability that life throws at it or protect your income if you are unable to work due to accident or ill health.

Yes Mortgage Services are committed to offering you the highest possible standards of service. We can undertake the whole process from answering the initial questions through to handling multiple product applications. Ensuring that everyone gets treated with the same urgency and maintaining your best interests are our main goals irrespective of the value of the mortgage.

We recognise that both we and our customers have everything to gain if we look after your best interests and treat you fairly in all aspect of our dealings with you.

Older Borrower - Is age just a number when it comes to getting a mortgage? - Yes Mortgage Services (3)

Contact Us

YES Mortgage Services Limited
The Old Barn
Brooklands Farm
Mannington
Wimborne
BH21 7JU

Hours
Monday – Friday 0900 – 1700

Contacts
0800 612 5596
[emailprotected]

We don’t charge a broker fee

We are on Instagram

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So it`s a good idea to give your insurance a check-up every now and then.⁣

To make sure that you`re protected in all the right places ✅⁣

Our lovely protection advisor, Kelly, is on hand to help you navigate these changes and ensure you have the right cover in place. ⁣

Send us a DM or call us on 0800 612 5596 to arrange a chat.⁣

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Older Borrower - Is age just a number when it comes to getting a mortgage? - Yes Mortgage Services (4)

Whether you`re growing your family, getting ready to tie the knot, moving to a new home or starting a new job, these exciting moments can bring a lot of change – including changes to your insurance needs. ⁣

So it`s a good idea to give your insurance a check-up every now and then.⁣

To make sure that you`re protected in all the right places ✅⁣

Our lovely protection advisor, Kelly, is on hand to help you navigate these changes and ensure you have the right cover in place. ⁣

Send us a DM or call us on 0800 612 5596 to arrange a chat.⁣

...⁣

#newparentsinthemakin #newmumtobe #moneytipsandtricks #protectwhatmatters #insurancetips #financialadvice #newmumlife #newparentstobe #newmumslife #newmumuk #insuranceconsultant #insuranceadvisor #dorsetbusiness #dorset #mumlifeuk #dorsetlife
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NO BROKER FEE!!!⁣

That`s right... we`ll NEVER charge you a broker fee for our mortgage services 🎉 ⁣

As a company, we believe everyone should have access to quality financial advice, regardless of their financial status 🤝 ⁣

Visit our website to learn how we can help you find the right mortgage for your needs (🔗 in bio)⁣

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Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

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Older Borrower - Is age just a number when it comes to getting a mortgage? - Yes Mortgage Services (5)

NO BROKER FEE!!!⁣

That`s right... we`ll NEVER charge you a broker fee for our mortgage services 🎉 ⁣

As a company, we believe everyone should have access to quality financial advice, regardless of their financial status 🤝 ⁣

Visit our website to learn how we can help you find the right mortgage for your needs (🔗 in bio)⁣

...⁣


Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#househunter #homebuyeradvice #buyingahouse #hometips #ukhomes #mortgageoffer #propertytips #propertyfinder #ukproperty #movinghouse #buyingahouse #propertybuyers #letsbuyahouse #dreamproperty #housemove #newhome #moving #homes #foreverhome #mortgagetips #mortgageexpert #devonproperty #bournemouthbusiness #southcoastuk #mortgagebroker #mortgageuk #ringwood #hampshireuk #mortgageadviser
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👉 Jot down your monthly income and expenses. ⁣

This gives you a clear understanding of your finances and helps you navigate unexpected expenses.⁣

👉 Break down the total amount you need to save into smaller, achievable chunks. ⁣

This will make your savings journey feel less `ARGHH 😱` and more `YAAAY 🥳`.⁣

👉 Look for opportunities to cut back wherever you can. ⁣

Maybe skip eating out as often or reconsider some of those paid subscriptions.⁣

👉 Keep an eye out for higher-yielding accounts or government schemes with tax incentives to maximize your savings.⁣

It can be tough, but keep going! The satisfaction of opening your own front door will make it worth it in the end.⁣

Save this post as a reminder to stay on track 🎯⁣

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Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

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#housedeposit #firsttimebuyers #savingforadeposit #savingforahouse #househuntingadventures #firsthomebuyer #firsttimebuyertips #wellingtonsomerset #mortgageexperts #westcountry

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Older Borrower - Is age just a number when it comes to getting a mortgage? - Yes Mortgage Services (6)

🏡 Saving for a house deposit isn`t easy, but the reward is definitely worth it. Here`s four steps to make it more doable:⁣

👉 Jot down your monthly income and expenses. ⁣

This gives you a clear understanding of your finances and helps you navigate unexpected expenses.⁣

👉 Break down the total amount you need to save into smaller, achievable chunks. ⁣

This will make your savings journey feel less `ARGHH 😱` and more `YAAAY 🥳`.⁣

👉 Look for opportunities to cut back wherever you can. ⁣

Maybe skip eating out as often or reconsider some of those paid subscriptions.⁣

👉 Keep an eye out for higher-yielding accounts or government schemes with tax incentives to maximize your savings.⁣

It can be tough, but keep going! The satisfaction of opening your own front door will make it worth it in the end.⁣

Save this post as a reminder to stay on track 🎯⁣

...⁣


Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#housedeposit #firsttimebuyers #savingforadeposit #savingforahouse #househuntingadventures #firsthomebuyer #firsttimebuyertips #wellingtonsomerset #mortgageexperts #westcountry
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Less hassle, less risk of the purchase falling through and more peace of mind! 🤩⁣

Check out our other post from the week to discover if a new build is right for you.⁣

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Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

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Older Borrower - Is age just a number when it comes to getting a mortgage? - Yes Mortgage Services (7)

For #NewHomesWeek we`ve been uncovering the perks of buying a new build, and what better way to end than with one of the most popular reasons for buying a new build:⁣

When you choose to buy a new build home, there`s no pesky chain to potentially delay the process. And the developer might even offer a part-exchange scheme, taking on the task of selling your current home 🏡⁣

Less hassle, less risk of the purchase falling through and more peace of mind! 🤩⁣

Check out our other post from the week to discover if a new build is right for you.⁣

...⁣

Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

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#newbuild #newbuildhome #newbuildhomejourney #newbuildhomes #newbuildhomeuk #ukhomes #newbuilduk #newbuildmortgages #mynewbuildnest #newbuildmusthaves #newbuildhouse #househunters #letsbuyahouse #homebuyer #homebuyersguide #househuntingadventures #mortgageadvisor #nobrokerfee #dorset #mortgagesmadesimple #dorsetbusiness
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Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

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Older Borrower - Is age just a number when it comes to getting a mortgage? - Yes Mortgage Services (8)

The free expert advice we offer, combined with the number of mortgages we arrange, places us in a very great position to ensure that our customers have access to the latest deals and receive first-class service.⁣

Our Mortgage Advisors will take care of everything from explaining your options and helping you select the right mortgage to guiding you on the most suitable insurance for you and your family. They`ll even handle the application process on your behalf!⁣

Send us a DM or call us on 0800 612 5596 to book a chat.⁣

...⁣

Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#ukmortgages #mortgagespecialists #mortgages #hampshirebusiness #ukmortgage #mortgagesuk #wellingtonsomerset #mortgageexperts #westcountry #mortgage #mortgagetips #mortgageexpert #devonproperty #bournemouthbusiness #southcoastuk #mortgagebroker #mortgageuk #ringwood #hampshireuk #mortgageadviser
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Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

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Older Borrower - Is age just a number when it comes to getting a mortgage? - Yes Mortgage Services (9)

Eager to get on the property ladder but only have a small deposit? 👇⁣

Check out schemes like Shared Ownership and Deposit Unlock, which can make buying a newly built property more accessible and affordable for you 🌟🏡⁣

And remember, many developers offer incentives like paying all or part of your conveyancing fees, which is an added bonus of buying new! 💸⁣

Struggling to choose between a new build or older property? Join us for #Newhomesweek this week and uncover the perks of buying a new build. Tap follow so you don`t miss out!⁣

...⁣

Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#firsthome #firstimehomebuyer #firsttimebuyers #newbuild #newbuildhome #newbuildhomejourney #newbuildhomes #newbuildhomeuk #ukhomes #newbuilduk #newbuildmortgages #mynewbuildnest #newbuildmusthaves #newbuildhouse #myfirsthome #firsttimebuyertips #firsttimebuyersuk #househunters #letsbuyahouse #homebuyer #homebuyersguide #firsthouse
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Just as Nathan, one of our advisors, did for Lyndsey who gave him this lovely review 🙌⁣

Visit our website to learn more (🔗 in bio) or give us a call on 0800 612 5596.⁣

...⁣

Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#ukmortgages #mortgagespecialists #mortgages #hampshirebusiness #ukmortgage #mortgagesuk #wellingtonsomerset #mortgageexperts #westcountry #mortgage #mortgagetips #mortgageexpert #devonproperty #bournemouthbusiness #southcoastuk #mortgagebroker #mortgageuk #ringwood #hampshireuk #mortgageadviser

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Older Borrower - Is age just a number when it comes to getting a mortgage? - Yes Mortgage Services (10)

Whether you’re looking to buy a new home or refinance the one you’re already in, our personal goal is to see that it ends with you getting the mortgage you need, when you need it, at the rate you deserve and with a level of care beyond anything you expect. ⁣

Just as Nathan, one of our advisors, did for Lyndsey who gave him this lovely review 🙌⁣

Visit our website to learn more (🔗 in bio) or give us a call on 0800 612 5596.⁣

...⁣

Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#ukmortgages #mortgagespecialists #mortgages #hampshirebusiness #ukmortgage #mortgagesuk #wellingtonsomerset #mortgageexperts #westcountry #mortgage #mortgagetips #mortgageexpert #devonproperty #bournemouthbusiness #southcoastuk #mortgagebroker #mortgageuk #ringwood #hampshireuk #mortgageadviser
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This means you`ll receive a 10-year warranty covering major structural issues, and any defects discovered within the first two years will be taken care of! 🏡🛠⁣

Your boiler and white goods will be brand new too, so they have their own warranties. Meaning you shouldn`t need to worry about costly repairs or replacements! 🤩⁣

Torn between a new build or an older property? Join us for #Newhomesweek this week and uncover the perks of buying a new build. Tap follow so you don`t miss out!⁣

...⁣

Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#newbuild #newbuildhome #newbuildhomejourney #newbuildhomes #newbuildhomeuk #ukhomes #newbuilduk #newbuildmortgages #mynewbuildnest #newbuildmusthaves #newbuildhouse #househunters #letsbuyahouse #homebuyer #homebuyersguide #househuntingadventures #mortgageadvisor #nobrokerfee #dorset #mortgagesmadesimple #dorsetbusiness

1 0

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Older Borrower - Is age just a number when it comes to getting a mortgage? - Yes Mortgage Services (11)

Did you know when you buy a new build, the developer has to meet a required level of service?⁣

This means you`ll receive a 10-year warranty covering major structural issues, and any defects discovered within the first two years will be taken care of! 🏡🛠⁣

Your boiler and white goods will be brand new too, so they have their own warranties. Meaning you shouldn`t need to worry about costly repairs or replacements! 🤩⁣

Torn between a new build or an older property? Join us for #Newhomesweek this week and uncover the perks of buying a new build. Tap follow so you don`t miss out!⁣

...⁣

Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#newbuild #newbuildhome #newbuildhomejourney #newbuildhomes #newbuildhomeuk #ukhomes #newbuilduk #newbuildmortgages #mynewbuildnest #newbuildmusthaves #newbuildhouse #househunters #letsbuyahouse #homebuyer #homebuyersguide #househuntingadventures #mortgageadvisor #nobrokerfee #dorset #mortgagesmadesimple #dorsetbusiness
...

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Struggling to choose between a new build or older property? ⁣

We`re uncovering the perks of buying a new build for #newhomesweek!⁣

Today, we`re turning the spotlight on safety and security for that extra peace of mind.⁣

Because, unlike older properties, new builds are constructed to meet the highest standards for fire safety and more. ⁣

Plus, developers go the extra mile by installing the latest security measures, such as lights and alarms, to keep you and your loved ones safe.⁣

Tap follow so you don`t miss tomorrow`s!⁣

...⁣

Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#newbuild #newbuildhome #newbuildhomejourney #newbuildhomes #newbuildhomeuk #ukhomes #newbuilduk #newbuildmortgages #mynewbuildnest #newbuildmusthaves #newbuildhouse #househunters #letsbuyahouse #homebuyer #homebuyersguide #househuntingadventures #mortgageadvisor #nobrokerfee #dorset #mortgagesmadesimple #dorsetbusiness

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Older Borrower - Is age just a number when it comes to getting a mortgage? - Yes Mortgage Services (12)

Struggling to choose between a new build or older property? ⁣

We`re uncovering the perks of buying a new build for #newhomesweek!⁣

Today, we`re turning the spotlight on safety and security for that extra peace of mind.⁣

Because, unlike older properties, new builds are constructed to meet the highest standards for fire safety and more. ⁣

Plus, developers go the extra mile by installing the latest security measures, such as lights and alarms, to keep you and your loved ones safe.⁣

Tap follow so you don`t miss tomorrow`s!⁣

...⁣

Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#newbuild #newbuildhome #newbuildhomejourney #newbuildhomes #newbuildhomeuk #ukhomes #newbuilduk #newbuildmortgages #mynewbuildnest #newbuildmusthaves #newbuildhouse #househunters #letsbuyahouse #homebuyer #homebuyersguide #househuntingadventures #mortgageadvisor #nobrokerfee #dorset #mortgagesmadesimple #dorsetbusiness
...

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Did you know that a staggering 84% of new build homes boast an Energy Performance Certificate (EPC) rating of B or above, while only 4% of existing homes can claim the same? ⁣

That`s a whopping average energy bill saving of £135 per month!⁣

By opting for a brand-new home, you`re not only reducing your carbon footprint but also securing long-term financial savings! 🌱💸⁣

Struggling to choose between a new build or older property? Join us for #Newhomesweek this week and uncover the perks of buying a new build. Tap follow so you don`t miss out!⁣

...⁣

Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#firsthome #firstimehomebuyer #firsttimebuyers #newbuild #newbuildhome #newbuildhomejourney #newbuildhomes #newbuildhomeuk #ukhomes #newbuilduk #newbuildmortgages #mynewbuildnest #newbuildmusthaves #newbuildhouse #myfirsthome #firsttimebuyertips #firsttimebuyersuk #househunters #letsbuyahouse #homebuyer #homebuyersguide #firsthouse

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Older Borrower - Is age just a number when it comes to getting a mortgage? - Yes Mortgage Services (13)

Did you know that a staggering 84% of new build homes boast an Energy Performance Certificate (EPC) rating of B or above, while only 4% of existing homes can claim the same? ⁣

That`s a whopping average energy bill saving of £135 per month!⁣

By opting for a brand-new home, you`re not only reducing your carbon footprint but also securing long-term financial savings! 🌱💸⁣

Struggling to choose between a new build or older property? Join us for #Newhomesweek this week and uncover the perks of buying a new build. Tap follow so you don`t miss out!⁣

...⁣

Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#firsthome #firstimehomebuyer #firsttimebuyers #newbuild #newbuildhome #newbuildhomejourney #newbuildhomes #newbuildhomeuk #ukhomes #newbuilduk #newbuildmortgages #mynewbuildnest #newbuildmusthaves #newbuildhouse #myfirsthome #firsttimebuyertips #firsttimebuyersuk #househunters #letsbuyahouse #homebuyer #homebuyersguide #firsthouse
...

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Do you have the right protection in place to support you and your dependents during challenging times? ⁣

Insurance policies provide you and your family with peace of mind, knowing that you`re financially protected in case of unexpected events like unemployment, illness, or property damage. ⁣

Our advisors can guide you through the maze of insurance options and help you find the most suitable options for you.⁣

Providing you and your family with protection and peace of mind.⁣

Check out the link in our bio for more information or call us on 0800 612 5596 to chat to one of our friendly advisors.⁣

...⁣

#insurance #insuranceadvisors #insurancepolicy #insurancecoverage #insurancetips #insurancebroker #insuranceservices #protection #insuranceadviser #financialeducation #insuranceclaim #grownuplife #dadlife #family #protectwhatyoulove #dorsetlife #insurancebrokers #insuranceconsultant #insuranceadvisor #dorsetbusiness #dorset #mumlifeuk

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Older Borrower - Is age just a number when it comes to getting a mortgage? - Yes Mortgage Services (14)

Do you have the right protection in place to support you and your dependents during challenging times? ⁣

Insurance policies provide you and your family with peace of mind, knowing that you`re financially protected in case of unexpected events like unemployment, illness, or property damage. ⁣

Our advisors can guide you through the maze of insurance options and help you find the most suitable options for you.⁣

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Older Borrower - Is age just a number when it comes to getting a mortgage? - Yes Mortgage Services (15)

Need mortgage advice in the evenings once the kids have gone to bed? Or at the weekend when you`re not busy with work?⁣

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And the best bit? We don`t charge a broker fee!⁣

Send us a DM or call us on 0800 612 5596 to book your appointment.⁣

...⁣

Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

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Older Borrower - Is age just a number when it comes to getting a mortgage? - Yes Mortgage Services (2024)

FAQs

Older Borrower - Is age just a number when it comes to getting a mortgage? - Yes Mortgage Services? ›

Can you get a mortgage as a senior? When it comes to getting a home loan in retirement , mortgage lenders look at a lot of numbers to decide whether a borrower is qualified — but age isn't one of them. The Equal Credit Opportunity Act makes it unlawful to discriminate against a credit applicant because of age.

What age is considered elderly in a mortgage? ›

The first exception allows lenders to account for age as long as they do so in favor of applicants age 62 or older. This is a relatively common practice in discrimination laws, which typically allow direct consideration of age so long as it benefits older individuals.

Is age a factor in getting a mortgage? ›

Can a lender or broker consider my age when deciding whether to give me a mortgage or home equity loan? Generally, a creditor such as a lender or broker cannot use your age to make credit decisions. However, there are exceptions to this rule. For example, age can be considered in a valid credit scoring system.

What is the oldest age you can get a mortgage? ›

Typically, this is either:
  • Your age when you take out a new mortgage, with the limit ranging from around 65 to 80.
  • Your age when the mortgage term ends, with the limit ranging from about 70 to 85.

Does age matter when getting a loan? ›

Lenders typically base their mortgage decisions on an applicant's income, assets, debts and credit score. Discrimination against credit applicants on the basis of age is prohibited by the Equal Credit Opportunity Act.

Can a 70 year old person get a 30 year mortgage? ›

You Can Get a 30-year Mortgage at Any Age

Thanks to the Equal Credit Opportunity Act, a lender can't discriminate against an applicant due to age, says the Consumer Finance Protection Bureau (CFPB). You could be 99 years old and get a 30-year mortgage as long as you qualify.

Do banks have an age limit for mortgages? ›

No age is too old to buy or refinance a house, if you have the means. The Equal Credit Opportunity Act prohibits lenders from blocking or discouraging anyone from a mortgage based on age. If we're basing eligibility on age alone, a 36-year-old and a 66-year-old have the same chances of qualifying for a mortgage loan.

Can a mortgage be denied based on age? ›

A lender generally can't deny your loan application or charge you higher interest rates or fees because of your age. This rule applies to various types of lenders when they're deciding whether to give credit, such as an auto loan, credit card, mortgage, student loan, or small business loan.

Does age of borrower affect interest rate? ›

Effect of age on the interest rate of personal loan

Lenders usually tend to offer a lower interest rate to salaried applicants between 30 and 50 years. This is mainly because of a stable source of income and professional work experience. Younger applicants may not have a lot of experience with finances.

At what age should you no longer have a mortgage? ›

To O'Leary, debt is the enemy of any financial plan — even the so-called “good debt” of a mortgage. According to him, your best chance for long-term financial success lies in getting out from under your mortgage by age 45.

Can you get a mortgage if you're retired? ›

It's possible to get a mortgage after you retire. A lot of the qualifications will be the same, including good credit, a steady income and a low debt-to-income ratio. Some qualification processes will look different, though. The biggest difference will be how you prove your income.

Can a 50 year old get a 25 year mortgage? ›

Mortgages for over 50s are available, but you'll find that your options begin to change as you get older. Fortunately, you should still have plenty of choice and flexibility when looking, especially if you're in your early 50s and are able to apply for a standard 25-year-mortgage.

Can a 45 year old get a 30 year mortgage? ›

Yes you can. As with everyone taking out a mortgage, the amount you're able to borrow depends much more on your financial circ*mstances than your age, particularly if you're still years away from retirement.

Is it harder to get a mortgage when you are older? ›

Despite laws prohibiting lending discrimination on the basis of age, it can still be challenging for seniors to qualify for home financing. In fact, a 2023 working paper out of the Federal Reserve Bank of Philadelphia found a link between the rejection rate on mortgage applications and the age of the borrower.

Can a 50 year old get a 30 year mortgage? ›

Yes. There is no age limit to a mortgage application. If you have a substantial down payment and a steady income (which can include pension and Social Security payments), you have a good chance of approval regardless of your age.

What age is most in debt? ›

Gen X (ages 43 to 58) not only carries the most debt on average of all the generations, but is also the debt leader in credit card and total non-mortgage debt.

What is a mortgage that is only for persons 62 years old or older? ›

A reverse mortgage is a type of loan for homeowners aged 62 and older. It lets you convert a portion of your home's equity into cash. Certain criteria must be met to qualify for a reverse mortgage, including owning your own home and having enough equity.

Can you be denied a loan due to age? ›

A lender generally can't deny your loan application or charge you higher interest rates or fees because of your age. This rule applies to various types of lenders when they're deciding whether to give credit, such as an auto loan, credit card, mortgage, student loan, or small business loan.

When should retirees not pay off their mortgages? ›

Paying off your mortgage may not be in your best interest if: You have to withdraw money from tax-advantaged retirement plans such as your 403(b), 401(k) or IRA. This withdrawal would be considered a distribution by the IRS and could push you into a higher tax bracket.

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