Mortgages are often thought of as something people get in their 20s and 30s. The mortgage repayments then last for the majority of their lives. However, it is coming increasing popular for people to take out mortgages later in their lives. These can often carry on until past their retirement age.
While getting a mortgage later in life comes with a range of challenges and it can be difficult, there are ways that you can get a mortgage later in your life. We share some tips in this blog post for you.
Assess Your Situation
Take the time out to really assess your situation. You need to look at the whole situation and ensure you are making the right decision. Whether you are looking to invest in the housing market or want to create the most comfortable living situation in your retirement – you need to think about how having a mortgage into your retirement will affect you.
Talk About It
Arrange a meeting with our mortgage broker to discuss a mortgage later in life. Every individuals case is different. This is why you need to have a meeting with a mortgage broker or financial advisor. Our mortgage broker will be able to give you information and present you with a wide range of mortgage options that suit your individual needs and requirements.
Increase Acceptance Likelihood
There are ways that you can increase the likelihood of being accepted for a mortgage later in life. For example, if you have a clear plan of paying the lender back this will help. By choosing a mortgage plan that you can sensibly afford will make it more likely that you will be accepted too. A good credit rating will always help you get accepted for a mortgage, whether it is later in life or not.
Specific Product Mortgage
You may find that you actually benefit from a specific product mortgage. For example, if you know you will be receiving a lump sum payment in the future, an interest only mortgage may be ideal for you. This means you only pay off the interest on the loan, rather than the money itself. Alternatively, if you are buying the house for someone else, like a child for example, there may be other options that work better for you, as opposed to taking out a brand-new mortgage.
It is harder to get a mortgage later in life, but it’s not impossible. You just need to speak to an expert to help- organise the best mortgage for you and your needs. Call us now to speak to our in-house mortgage advisor.