Recent figures released from the Financial Conduct Authority (FCA), show that 40% of borrowers who took out a mortgage in 2017 will be over the age of 65 by the time the loan is repaid.
Why is this happening?
With property prices increasing, first-time buyers are often having to wait until their thirties before they buy their first home. They are often struggling to save enough for their initial deposit.
Lenders are aware of this and are also willing to offer deals over longer periods to help first-time buyers meet the monthly repayments.
Additionally, lenders are relaxing their lending rules, allowing terms to run past the traditional retirement age. Many lenders have now extended their mortgage age to 80 or have no maximum age at the end of the mortgage term.
What about older borrowers?
Some lenders are targeting older borrowers as they look to release the cash built up in their homes. These retirement interest-only mortgages know as RIO’s are becoming more popular. The loan is secured against your home. You only pay the interest and the debt remains the same and is repaid when the property is sold.
How Anstee & Co can help you with your mortgage.
We are a firm of Independent Mortgage Brokers. The financial advice we offer is unbiased. We look at all the options available to you from the “whole of the market”.
You can review the current best buys from our website which is updated daily. Remember the lowest rate is not always the most suitable mortgage for you.
Why not arrange a meeting with one of our mortgage advisers. The initial fact-finding meeting is free and without obligation. Meetings can be arranged at a time and location that is convenient for you. This includes your home or place of work. Additionally, we have offices located at-
- Kettering, Northamptonshire
- London, Pall Mall
- Birmingham, Snow Hill Queensway
- Stamford, Lincolnshire
- Towcester, Northamptonshire
Our advisers also live and make use of meeting rooms in –
Call us today to see how we can help you secure your financial future.
AS A MORTGAGE IS SECURED AGAINST YOUR HOME, IT COULD BE REPOSSESSED IF YOU DO NOT KEEP UP THE MORTGAGE REPAYMENTS.