For many pensioners, the thought of applying for a mortgage seems out of the question. However, lenders have had to move with the times and so being able to obtain a mortgage as a pensioner is no longer looked upon as ‘mission impossible’.
There are some excellent opportunities out there with major banks and building societies now offering mortgage deals with a high maximum age limit (for when the mortgage must be repaid). Here are some tips for taking out a mortgage once you reach retirement age.
Find the right lender for your individual circumstances
There is no general maximum age limit for securing a mortgage, it’s up to the individual loan provider to set their own limit. With people generally living and working to an older age than with previous generations, most banks and building societies have reacted to this changing demographic and raised the maximum age a borrower must be when the mortgage reaches maturity.
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