Mortgages have historically run for 25 years. They have over time developed and many lenders offer terms from between 5-35 years. However, some lenders are now allowing you to mortgage your property well into your retirement.
How does it work?
Lenders will assess affordability based on your current circumstances, which for many people, will result in greater levels of affordability, and then your retirement income when you pass 70. They will then take into consideration many forms of your typical income up until the age of 70, although this can be dependent on your job, and thereafter reassess your loan amount and income levels to calculate an affordable repayment strategy.
The lenders providing such mortgages will allow the loan to be secured against your residential property and even any Buy-to-Let and/or retirement properties that you may own.
If you think this is relevant to you and that you could benefit from such scheme, please do not hesitate to contact us on 01536 512724 or, alternatively, you could use the enquiries box on our contact us page.