Mortgages for People Over 65 Years Old

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Why Choose Ascot Mortgages

0 %
5-star reviews on Google
£ 0
total donated to various charities
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years we have been as independent mortgage and protection brokers
0 %
customer satisfaction for finding the best deals on the UK market

What Our Clients Say About Us

5.0 Based on 136 reviews from review us onHello at NLP West M. ★★★★★ I needed a buy to let re-mortgage. Ascot were efficient from start to finish. I can recommend them completely especially because they can search the whole spectrum of mortgage lenders and meet the clients needs. never waiting for staff to get back and always kept me in the loop.Onohomen O. ★★★★★ ZHOU J. ★★★★★ It has been a brilliant experience to work with both Phil and Jardelle at Ascot Mortgages to secure a great mortgage product for our next home. Given how challenging the current market is, they have done a fantastic job to meet our needs with their expertise, professionalism and effectiveness. We would highly recommend their services to whom seeks help with their property purchase.Nicholas S. ★★★★★ Fantastic service. Ellie and Jardelle were always quick to reply to any queries and very helpful throughout the process. Highly recommend!Stacey S. ★★★★★ Jason was brilliant to work with! Always on top of the transaction! Would highly recommend 👍Scott ★★★★★ Although I've not bought anything yet, they (Jason in particular) have been super helpful in my search for the right mortgage deal, whilst also giving an honest opinion during these difficult times. Would highly recommend.Sandra I. ★★★★★ Fantastic from start to finish! Natalia and Jason found me the best rate for my remortgage and they were extremely efficient! Best service I’ve ever received from a brokerage company. Thanks so much.Virmantas N. ★★★★★ Amazing service and great communication. Ellie Morgan had quickly completed all requests and over delivered all expectations.Highly recommended for those who want to get the stuff done without any delays!David W. ★★★★★ I have used ascot for 3 renewals since they done helped me with my purchase which was complicated and will continue to use them going forward. Very fair prices and very helpful and knowledgeable even with just general information.Adam B. ★★★★★ Natalia made life very easy for us when remortgaging. Third time using ascot always a breezeTaff G. ★★★★★ Ascot Mortgages have been brilliant. Easy to work with and incredibly helpful. I am always happy to recommend them. Natalia and Jason have made the whole process much easier than I was expecting. Excellent service.Daryl L. ★★★★★ We've had a fantastic experience with Natalia Barry and Jason Jones at Ascot Mortgages for our property purchases and refinancing. Their expertise, coupled with genuine care and understanding of our needs, made the process smooth and stress-free.They were consistently communicative, keeping us informed at every step. Their assistance in consolidating our protection cover was invaluable, simplifying what could have been a complex process.What set them apart was their personal touch – always polite and ready to pick up the phone for a chat. This level of personal engagement is rare and much appreciated.In short, Natalia and Jason are not just skilled professionals but also truly dedicated to their clients. We highly recommend their services to anyone in need of mortgage advice.Sarah A. ★★★★★ I have used this firm for several years and they have always been super helpful and supportive, attentive and resolved issues in really useful ways. Shout out to Alison, Ellie and Jardelle (and the team!)Georgia W. ★★★★★ We worked with Ellie to secure our mortgage and protection, and she was a dream! Being a first time buyer, I was quite clueless about the process, and in a time where mortgage rates have been quite high, she worked right til the end to make sure we were getting our mortgage at the best possible rate and was always available to answer all questions I had. Can't recommend enough 🙂Richard D. ★★★★★ Laura S. ★★★★★ As a first time buyer, trying to navigate through potential mortgages was a very daunting thought. Ascot Mortgages were recommended to me and I've been extremely happy with the service provided. They have guided me through every step and I finally have a mortgage. Very pleased and would recommend.Lucy B. ★★★★★ Having Phil as my mortgage advisor was great from the very start! He is down to earth and speaking to him was always a pleasure. The kindness, compassion and support I have been given all the way through what can be a stressful process was immeasurable. Phil and Jardelle worked as a solid team and was able to make me feel at ease all the way through buying my first home. The team were always available and the communication between everyone was always clear and I felt safe in the hands of the company as a whole. Thank you for helping me buy my first home!Flora R. ★★★★★ I worked with Richard (Protection Adviser) for a couple of days to sort out life and critical illness insurance. Absolutely brilliant, he found me and my husband the perfect policy. Very knowledgeable and easy to get on, he definetely makes things easy to understand. Thank you for the great service provided.Matthew R. ★★★★★ I've dealt with Phil at Ascot Mortgages for a while now and Phil always comes back back to me with the right plan.Keep the good work up!rafal W. ★★★★★ I would thoroughly recommend Phil Greenwood at Ascot Mortgages ltd to anyone looking to seek advice on purchasing a home.Phil was absolutely fantastic. He made the process very smooth and easy and was always there to answer any questions I had.Shahid L. ★★★★★ This company has been truly amazing in constantly giving me the support and help i need for my mortgage and for their continuous work ethic guiding customers like myself and educating them into making the best possible decisions. My special mention goes to Phil Greenwood who deserves every single credit for his brilliant work and communication skills. The more I got to work with Phil, the more he gained my respect as he is a hugely likeable man and possibly the best mortgage advisor yet. Even after I finished my time with Ascot Mortgages, I will never lose my trust in the company and I hope they exceed their business and gain even more success and popularity.Best wishes,Shahid Latif and familyPretty L. ★★★★★ Phil helped me renew my mortgage. He was great at keeping me updated with any rate changes and secured a lower rate than at the time my mortgage went through. Thank you Ascot for your supportNikki E. ★★★★★ Huge thanks to Richard Johnson for sorting out all of my insurance policies! I had accumulated a variety of life cover and various other policies over the years that all needed a good review and refresh. Richard was extremely patient and helped me to remove the duplication and choose the best cover to suit our current needs. I have used Ascot Mortgages for over 12 years and have met several members of the team, always finding the right help and support to work through what can be a complicated and stressful time. Thanks again, Richard!Andrew T. ★★★★★ Working with Richard at Ascot has been a great experience. He listened to us and was very professional throughout. This was our first experience with Richard but we've been using Ascot now for 6-7 years. Thank you all at AscotAngie B. ★★★★★ Always give a great service and find you a mortgage in a timely fashion.Alison is awesomejs_loader

Written by:

Alison Gibson

Ascot Mortgage Expert

Last Updated:

19.02.2024

Written by:

Alison Gibson

Ascot Mortgage Expert

Last Updated:

19.02.2024

In a world where the golden years are seen as a time for relaxation and enjoyment, the reality of managing finances, particularly mortgages, can seem like navigating a ship through foggy waters. But fear not, as this comprehensive guide will illuminate the path to securing a mortgage for those over 65, ensuring a smooth sail into the sunset years.

Introduction

Imagine you’re entering your later years, akin to a seasoned ship captain steering into the tranquil waters of retirement. However, there’s one wave that often seems a bit too high to navigate: securing a mortgage. Whether it’s for downsizing, relocating, or simply releasing equity from your home, understanding the intricacies of mortgages for over 65s is crucial.

Understanding Mortgages for Over 65s

Mortgages for the over 65s aren’t just loans; they’re bridges to financial stability and peace of mind in retirement. They come in various forms, each tailored to meet the unique needs of retirees. From interest-only mortgages that keep monthly payments low, to equity release schemes that allow you to unlock the value of your home while living in it, the options are as diverse as they are beneficial.

Types of Mortgages Available for the Over 65s

Interest-only mortgages for over 65 year olds and repayment mortgages are the main types available. The former requires you to pay the interest monthly, with the principal due upon sale or the borrower’s death, whereas the latter involves monthly payments towards both the interest and principal.

Eligibility and Requirements

Eligibility varies by lender but generally includes age, income, credit history, and property value. The golden rule? Your retirement income must sufficiently cover the monthly payments.

Benefits of Mortgages for Pensioners

Securing a mortgage in retirement can help increase your financial flexibility, allow you to downsize or relocate, and even supplement your pension income through equity release.

Mortgage Repayment Calculator

Challenges and Considerations

The main hurdle is proving your ability to repay the loan in retirement. Interest rates and loan terms can also pose challenges, making it essential to choose the right deal.

How to Apply for Mortgages for Over 65s

Start by assessing your financial situation and retirement plans. Then, consult a reputable mortgage broker who specialises in mortgages for pensioners to find the best rates and terms.

Interest-Only Mortgages for Over 65 Year Olds

These mortgages can be a lifeline for those wanting to maintain a certain lifestyle in retirement without the burden of high monthly repayments.

Mortgages for Pensioners: Equity Release Schemes

Lifetime Mortgages

A lifetime mortgage is the most popular form of equity release. This type of mortgage allows you to borrow money against the value of your home while retaining ownership. You do not have to make monthly repayments as the interest is rolled up, meaning it compounds over time. The loan, along with the rolled-up interest, is repaid when the property is sold, which typically occurs when you move into long-term care or pass away. One of the key advantages of lifetime mortgages is the flexibility they offer, with options such as the ability to make voluntary payments to control the interest or choose a drawdown facility, where you only take what you need and limit the interest accumulation accordingly.

Home Reversion Plans

Home reversion plans involve selling a portion or all of your home to a home reversion provider in exchange for a lump sum or regular payments. Importantly, you’re granted a lifetime lease, meaning you can continue to live in your home rent-free for the rest of your life. However, because the provider will be looking to sell the property at market value when you pass away or move into care, the amount you receive will be significantly lower than the market value of the part you sell. This option might be less popular than lifetime mortgages due to the emotional difficulty of selling part of your home, but it can offer certainty over the amount of inheritance you can leave behind.

Benefits and Considerations

Equity release can offer a lifeline by providing financial freedom in retirement. It can help you supplement your pension, fund home improvements, support your lifestyle, or provide financial help to family members. However, it’s crucial to consider the impact of equity release on your estate’s value and your entitlement to means-tested benefits. The interest on a lifetime mortgage can quickly increase the amount you owe, while a home reversion plan reduces the portion of your home you own or can pass on as inheritance.

It’s also worth noting that equity release schemes are regulated by the Financial Conduct Authority (FCA), and it’s advisable to choose a product from a provider that is a member of the Equity Release Council. This ensures that you’re afforded certain protections, including the no negative equity guarantee, which means you’ll never owe more than the value of your home.

Choosing the Right Mortgage Broker

Select a broker with expertise in mortgages for over 65s like Ascot Mortgages. They should offer competitive rates, flexible terms, and a deep understanding of the retirement landscape.

The Role of Credit Score and Income

A good credit score and stable retirement income are paramount in securing favorable mortgage terms, highlighting the importance of financial planning.

Property Value and Loan Amount

The value of your property plays a critical role in determining the loan amount you’re eligible for, with higher values typically allowing for larger loans.

Repayment Strategies for Older Borrowers

Consider your long-term financial health when choosing a repayment strategy. Options include downsizing or using other assets to settle the loan in the future.

The Future of Mortgages for Over 65s

As the population ages, lenders are becoming more flexible, offering innovative products to meet the needs of older borrowers.

Conclusion

Mortgages for those over 65 are not just about securing a loan; they’re about unlocking opportunities for a fulfilling and financially secure retirement. With the right information and guidance, you can find a mortgage that not only meets your needs but also enhances your golden years.

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FAQ

Yes, there are many options available, including interest-only and equity release schemes.

Requirements vary but typically include age, income, credit history, and property value.

Yes, lenders offer products designed for pensioners, including equity release schemes.

Look for lenders or brokers specialising in retirement lending, with competitive rates and flexible terms.

Yes, your pension income can be used to qualify for a mortgage, provided it covers the monthly repayments.

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