Mortgages For Pensioners

Mortgages For Pensioners - Mortgages for pensioners are mortgages aimed at pensioners over the age of 60 or in retirement. The availability of mortgages generally in the UK has become restricted in recent years and this limitation on available credit has also had an impact on the availability of all mortgages but increasingly has affected those seeking mortgages for pensioners.

Pensioner may require mortgages for a number of reasons. They may wish to consolidate existing debt or raise capital for home improvements, a holiday or a new car. They may just want to remortgage away from their existing lender to obtain a more competitive deal from the available range of mortgages for pensioners.

On the basis of your income from pensions and any other income, we can offer mortgages for pensioners on a capital and interest repayment basis, interest only basis or pension linked or ISA mortgages.

Interest only mortgages for pensioners pay off just the interest each month, so monthly repayments will be lower than traditional mortgages, but it does leave the full amount to be paid as a lump sum at the end of the fixed term. Therefore, a separate investment will be needed to pay for this. ISA mortgages can use an ISA as the lump sum to repay the mortgage. Pensioners should be aware that the lump sum taken from their pension or ISA may not be enough to redeem the mortgage in full and investment advice from a suitably qualified Independent Financial Advisor should be sought when dealing with any form of investments. We can offer finance but are unable to provide investment advice.

We appreciate it can be overwhelming for clients to find the best mortgages for pensioners but we have a dedicated team specialising in this area. They will be happy to talk you through your options and find the right pensioner mortgage for you.

If you need any assistance why not speak to one of our Mortgage Advisers by calling 0845 3 630 430 or Enquire Online.

If you are a pensioner seeking information on mortgages or advice on any of our mortgages for pensioners, speak to one of our whole of market brokers today.