Think your too old for a mortgage – you may be surprised . . .
Our current theme for the month is investment property and pensions which like it or not most older people think about more than the younger generation. So having written my latest whitepaper of pension investment changes we've had the question about “What's the maximum age that you can get a mortgage?”
So I thought I would give you a list to start… but before I do that, let me explain an important point.
I am a big believer in using a professional mortgage broker to arrange mortgages for a property investment, so if you are considering lending into retirement or taking a mortgage past the young old age of 65 then speak to the team about your options and get them to refer you to a broker.
They should be able to help but if you find they aren't helping then here's a quick guide to whats available now.
|
A quick word on Brexit and the EU…
The EU regulations and their stupid Mortgage Market Review didn't help things, despite living longer, working longer and, hopefully, by this age being more responsble, the EU has decided and legislated hardcore tactics which prejudice the older amongst us. So if you are old probably vote for BREXIT and vote to get rid of George Osbourne. Ok so maybe I am not looking at the bigger picture but to be fair the EU has imposed so much rubbish legislation on us.
|
Here's a list of lenders and age limits:
- National Counties building society 80 years at application with a 8-year mortgage so up to 89 years
- Bath Building Society – No max limit
- Harpenden building society – No max age limit
- Royal Bank of Scotland – Income will be assessed after age 65 up to age 70
- Santander – Maximum age of 75
- Lloyds Banking Group – Maximum lending age of 75 across Halifax, Lloyds TSB and Bank of Scotland
- HSBC – Maximum age of 75 for capital repayment loans and 65 for interest-only. Will consider extensions
- Barclays – Maximum age of 70, consideration will be given to extend the mortgage term beyond the maximum age, however evidence of how the applicant intends to repay the mortgage in retirement.
- Skipton Building Society – 75
- West Bromwich – 70
- Yorkshire Building Society, which encompasses Chelsea, Norwich & Peterborough and Accord, also has a maximum age limit of 75 but said individual circumstances will be looked at.
- Leeds building society – 70 years at date of application but 80 years at end of term.
- The Mortgage Works has a maximum age limit of 90, although I see they say 70 years for application plus up to 35 year mortgage so possibly 105.
- Aldermore – 85 years
- Keystone will go up to 85.
- Kent Reliance, – 80 years.
- The Teachers Building Society have a maximum age of 80
- Mansfield Building Society offers up to 85
Flexible criteria in many cases
Speaking with our investment property mortgage brokers it seems that the lending is largely down to the application and in particular the income in retirement. The best thing to do is put your best foot forward and your proposition is likely to be considered more favourably.
So as you can see its not all doom and gloom for the fast-approaching retirees and living-in-retirement, there are options and rather than giving in to defeat, explore your options.
The earlier the better…
If you have questions or want to speak with a Mortgage Broker then call the team on +44 (0)207 923 6100
Live with passion and fun,
Brett
PS. Also have a read of the Lending into Retirement report put out by the Building Societies Association (BSA) in November 2015. (Source: https://www.bsa.org.uk/)
PPS. Check with the individual lender as they may have changed and this type of lending tends to fall into a more specialised category.
