Are you over 65 and finding it challenging to get a mortgage? You’re certainly not alone, according to recent findings.1
According to research, less than two fifths (37%) of mortgage applicants over the age of 65 are offered the mortgage amount they’ve requested compared with three quarters of younger borrowers. This is despite older borrowers requesting much less – £100,000 on average – than younger buyers.
There are ways to increase your chances of securing your requested loan at an older age. Lenders will be looking for evidence you’ll be able to afford your mortgage repayments for the duration of the term, and that you have a good credit history and a stable income. Don’t despair – getting a mortgage when you’re older is absolutely doable. Whatever your situation, we can help.
- MBT Affordability Index, 2022
🚨Think carefully before securing debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
🚨Data accurate as of the date of publication – 30.08.2022.
🚨The above material is for informational purposes only and does not constitute a sales offer or financial advice. Before taking out any insurance, credit agreement or other financial product, you should obtain individual advice on your requirements and the general terms of the contract.
