Being approved for a house repayments once you’re a little older can be more difficult. However this guide is to show you how you can still get accepted and move in to your dream home, or redoing house payments your current property to free up some equity. We cover a few aspects of house repayments for the over 50s, including getting a house repayments when you’re retired, if there are maximum ages for a house repayments, what types of house repayments could be open to you, and a quick how to guide.
We'll buy your house in 7 days! No Stress, no hassle & a no obligation offer…
Do house repayments have a maximum age?
There is no set top age that you can get a house repayments across the board. However, some lenders to have limits; which can apply to the age you take the house repayments out and the age the house repayments is due to end.
Let’s look at an example. If you’re 50 and the requirements by your lender are that you’ve paid it off by the age of 70, you have 20 years to pay it off. Therefore, you may have higher monthly repayments so you’d need to ensure that your income can cover it, and if you retire you won’t struggle to afford it.
If your income is large enough to cover the repayments easily, it will help your chances of getting approved for a house repayments. Additionally, a great credit history will help, like it does with any house repayments.
The general age range limits lenders apply are:
- Maximum age of 65 to 80 for taking out a house repayments
- Maximum age of 70 to 85 for when the house repayments term ends
Can you get a house repayments if you’re retired?
Retirement often means you don’t have a regular income from a salary resulting in a decrease in income. This does make it more difficult to get a house repayments as you’re a higher risk in being able to afford the repayments. Being retired doesn’t mean you can’t get a house repayments though. Some lenders will let you take a house repayments out after you have retired or if retirement age is during the repayment period. They would ask you to prove that you could cover the repayments easily from your pension. To help, ask your pension provider to inform you of your expected retirement income, current total pension value, and expected retirement date. It’s best to also provide a house repayments lender with any other investment types such as property or shares. There are several types of house repayments available to you if you’re retired. Most commonly they have fixed interest rates and offer rates tracking the Bank of England base rate. However there may be others available including:
Completely FREE no obligation cash offer in 24 hours
How should you apply for a house repayments?
Here’s a brief step-by-step guide for starting the process to getting a house repayments if you’re older:
- Find house repayments which accept your age through comparison tools online
- Always check the maximum age for applicants
- Speak to a house repayments advisor as they may have great house repayments available through them
- Remember to look at house repayments specialising in older borrowers
- Pick the perfect house repayments for you