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10th June, 2008
Bradford & Bingley £8 Million Losses

7th June, 2008
Bradford & Bingley Raise Interest Rates

5th June, 2008
Scotland Doing Better

  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.

Mortgage Enquiry

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.

 

 

Our Mortgage Enquiry/Quote Service is free to use and there is no obligation, so just fill out the form and we'll do the rest.

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