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10th June, 2008
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MORTGAGES IN RETIREMENT

Ten or twenty years ago people would have sought to pay off their mortgages well before retirement, evidence today suggests the pressures of modern life are leading people to hold mortgages much later in life.

Research recently published by Equifax suggests 42% of 61-70 year-olds still have a mortgage of some kind to repay. Though one in eight of these (12%) have taken out a lifetime mortgage.

With increasing economic pressures and housing affordability, industry commentators suggest the number of people who still hold mortgages into retirement is expected to increase.

But advising clients on the type of mortgage they should hold and how to deal with repayments is therefore a little more complex, if you wish to speak to a qualified mortgage adviser please complete our enquiry form.

Our professional brokers have checks they have to go through to make sure the customer is aware of the risks of lending into retirement.

You will need to show the mortgage lender some sort of evidence of retirement income.

Abbey National is willing to lend up to the age of 85 and Halifax will lend beyond 65.

But lending into retirement is a higher risk transaction and it is necessary to make sure that you fully understand what you are getting into.