Find your own mortgage with a little (free) help from Teito!
In the past few years, over 55's have seen a dramatic increase in available mortgage products. Over 55's now have lots of options for borrowing, whether you choose to carry on working or are considering retirement.
As a whole-of-market mortgage broker, at Teito, our team of experienced advisors have access to a range of deals open to people over 55, including those not available on the free market.
Complete our online form today to get started or carry on reading to learn more.
There are many reasons why over-55s might be looking to get a mortgage.
Remortgaging to help children access homeownership
Some later life lenders may consider remortgaging their own home to help get their children on the property ladder. As the gap between property prices and salary rises widens, it is more difficult for first-time buyers to access the property market. While there are government schemes available to help, homeowning parents may decide to remortgage to support their children.
Buying a second home or holiday home
It is common for later life lenders to remortgage their main home to buy a second home as an investment or a holiday home to spend some quality time. With interest rates at record low rates, it can make economic sense to take advantage of this if you are currently mortgage free or approaching the end of your mortgage term.
The maximum age for typical mortgages to be paid off is 75 years old, although specialist mortgage products are available exceeding that age. Prospective lenders will consider your age at the end of term along with your retirement age and your financial situation as a whole.
There are typically three mortgages available to over 55s
You should probably consider taking out life insurance if you are looking to secure a mortgage later in life.
While not compulsory, if you were to pass away, your family would be liable for making mortgage repayments, which might not be possible.
Our experienced advisors at Teito have supported many over 55s to take out a mortgage product that is right for their lifestyle and future plans.
Whether you plan to carry on working or are starting to consider retirement, complete our online form today for a no-obligation chat.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
IF YOU ARE THINKING OF CONSOLIDATING EXISTING BORROWING YOU SHOULD BE AWARE THAT YOU MAY BE EXTENDING THE TERMS OF THE DEBT AND INCREASING THE TOTAL AMOUNT YOU REPAY.