Over 60 Mortgage

Mortgages for people over 60 exist. Some lenders in the UK will even give out mortgage loans to people up to the age of 80. Choices of interest rate and capital repayment type are usually as for a younger individual. All considerations, advantages and disadvantages of interest rates and repayment types are also the same as for other categories of borrowers.

The difference with mortgages for the elderly consist of the amounts or percentage of the purchase price that lenders will be wiling to grant you.
As you might have guessed, if you are over 60 the amounts that you can borrow are reduced, the older you are, the smaller the amount that you can get.

One other important limitation is a limitation of the mortgage term. If you are 60 it is likely you would get a maximum mortgage duration of 20 years and usually 15. The older you are, the smaller the mortgage duration you are likely to get.

Consider your income sources carefully and adjust your mortgage specifications in order to borrow as little as possible for a short as possible duration.

Because this is a specialized type of mortgage we advise that you use the services of a mortgage adviser that will analyze all the aspects of your mortgage needs and point you in the right direction as the offers are not as many as with other mortgage types.