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Mortgages for Over 70s
Discover how to find a competitive mortgage over 70
Over 70 and looking for a mortgage? A number of lenders offer deals to people in their 70s, including those who have already retired. Quotezone can help you find mortgages for over 70s with our quick and convenient comparison tool.
Why is it harder to get a mortgage when you’re over 70?
Although it’s far more common to work through your sixties now, retirement often takes place during our seventies. For this reason, when you take out a mortgage during this decade a lender knows that your income will fall.
With a lower earning potential and less time to pay off a mortgage than a younger individual, people in their seventies are unfortunately seen as a greater liability.
Why would I need an over 70s mortgage?
There are many reasons why a mortgage might be helpful during your seventies. You could use the mortgage:
- To fund the purchase of a retirement home
- To gift money to a loved one
- To top up your pension pot
- To move from an existing interest-only mortgage to a capital plus interest option, to build up equity in your home
How will a lender know if I am financially stable?
If you’re trying to secure a mortgage in your seventies, part of the process will involve an audit of your finances. The lender will ask to see evidence of your employer and salary if you are still working, along with your savings and upcoming pension lump sum.
If you have already retired, they will want to know about the extent of your savings, the value of your [pension](https://www.quotezone.co.uk/money/pensions), and whether you will have any ongoing earnings post-retirement.
Your credit history and current score will be taken into account too.
What are Retirement Interest Only mortgages for the over 70s?
This type of mortgage is ideal for the retired over seventy who is finding it hard to find a standard mortgage.
Here, you borrow against the value in your current property (meaning you need to be a homeowner to get this type of mortgage), and then pay back just the interest on the loan each month.
You’ll have to choose whether to pay back your mortgage within a set term, or once your home is sold when you move into care or pass.
With smaller monthly repayments and the potential to use the equity you have in your home, this has become a popular option for retirees.
Ready to find a mortgage, compare mortgages for over 70s now.