We are often asked the above question so we thought it would be useful to post about it.
Good news is that lenders are becoming more flexible with age limits, especially for those nearing retirement. They need to acknowledging the changing landscape of retirement and customers' finances.
One of the options for older applicants could be the Retirement Interest-Only Mortgage, allowing payments for the duration of their life or until they move into care.
For younger borrowers, many lenders offer terms of as long as 40 years, providing manageable monthly payments.
If you're over 40 and thinking about a mortgage, don't worry too much—it often depends more on the loan amount than your age.
Regardless of age, it's important to plan your mortgage term wisely. Think about your retirement age and ensure you can afford payments comfortably.
Whether you're buying your first home or remortgaging, evaluate your goals and consult with a mortgage adviser. A smartly planned mortgage sets you up for a secure future!
GRN Financial Services Limited is an Appointed Representative of PRIMIS Mortgage Network, a trading name of Personal Touch Financial Services Ltd. Personal Touch Financial Services Ltd is authorised and regulated by the Financial Conduct Authority.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR
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