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Mortgages For Over 50s

Are you looking to get a mortgage a little later in life? Deedle Finance can help you take the exciting step towards a new mortgage with the help of our dedicated experts.

Our mortgage advisers can help you get the best mortgages for over 50s. Deedle aims to make applying for a mortgage an easy, stress-free experience. So what are you waiting for?

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How To Get An Over 50s Mortgage

Step 1
Complete Deedle's Form
Enter key details on our online form including your name, contact information and requirements, i.e. that you are looking for a over 50s mortgage.
Step 2
Receive A Callback
You will receive a callback almost immediately after submitting the form where one of our trained experts will explain the process of getting a mortgage over 50.
Step 3
Check If You Qualify
Our advisors will ask for basic information such as your current annual income. They will then use this to work out your eligibility, and find the best over 50s mortgage rates.
Step 4
Receive Your Over 50s Mortgage
Once we have found a loan to suit your borrowing requirements, our advisers can submit your mortgage application and help you get your over 50s mortgage ASAP!
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Can I Get a Mortgage In My 50s?

Yes, it is perfectly possible to get a mortgage once you are over 50. It was once considered to be quite difficult to get a mortgage later in life, since mortgage lenders expected to see a full 25-year term from their customers.

However, today attitudes have changed. Since we are living for longer, working for longer, and retiring later in life, providers now have a range of mortgage products for older applicants.

That being said, mortgages can be a little harder to get your hands on. Since many people start thinking about retirement at this stage, the typical correlation to a drop in income can put off lenders. In order to be approved for a mortgage, you will need to show that you can keep up with repayments into retirement.

Over 50s will have to meet specific lender criteria for new mortgages or to remortgage their existing property. And, naturally, applicants will be expected to meet the standard lender criteria, such as proving that they can make the monthly repayments and have the appropriate credit score.

But with more mortgage lenders and products available in this category than ever, and higher age limits for mortgage terms, there are plenty of ways to obtain a mortgage over 50 year olds. Deedle works with a huge variety of lenders to find you the best mortgage for over 50s available.

Reasons to Get a Mortgage Over 50

There are plenty of reasons that someone over 50 may be looking to get a mortgage. Some of the main reasons include:

  • Buying a new home after a change in circumstance (divorce, widowed, etc.)
  • To release equity to supplement finances in retirement
  • To fund a large purchase such as supporting a family member buying their own home, or large-scale home improvements
  • Investing in a second property such as a holiday home
  • Downsizing to a smaller property after family have left home
  • Using savings to move to a bigger property or to a more preferable location
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Different Types of Mortgages for Over 50s

Fixed Rate Mortgages

  • A fixed rate mortgage allows borrowers to fix their mortgage rate for 2 to 15 years.

  • Repayments stay the same during that time.

  • You can usually overpay by 10% a year to reduce the total loan amount. Any more than this could lead to early repayment charges.

Discount Variable Rate Mortgages

  • Discounted variable rate mortgages mean that borrowers get a discounted rate for some time, usually between 2 and 5 years.

  • These mortgages tend to have the lowest interest rates and lowest monthly repayments.

  • However, interest rates and monthly repayments can go up or down.

Equity Release Mortgages

  • You can release equity from your home once you are aged 55 and above.

  • An equity release mortgage allows you to borrow some of the property’s value without making monthly payments. These loans are good if you’re older and have equity in your home, providing you with some extra money for your retirement without moving to a smaller home.

  • You have the choice of taking out a lump sum or smaller monthly amounts with an equity release mortgage, and your debt will be paid off when you die or sell the property.

  • Yet these mortgages often cost more than a standard mortgage and have higher interest rates, so it is worth considering if this is the right option for you.

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Why Should I Get An Over 50s Mortgage With Deedle?

At Deedle, we understand how nerve wracking it can be to apply for a mortgage,  so we are here to assist you with unlimited support. Our dedicated team of mortgage advisors will be with you every step of the way, from initial consultation to mortgage completion. We handle all the paperwork, and ensure a smooth process, saving you time, stress and effort. We will work to find the best mortgage lenders for over 50s.

Our team of experts are here to help you find the mortgage that you need. With many years of experience in the mortgage industry, we search through 1,000s of mortgage deals to find the right one for our customers’ circumstances and needs.

Am I Eligible For An Over 50s Mortgage?

The main eligibility criteria for an over 50s mortgage is that you have proof to afford repayments throughout your retirement. This proof can be evidence of your pension income. Other factors that may impact your chance of acceptance are your age, credit score, and equity.

Typical mortgage age limits are:

  • Under 65-80 to take out a mortgage
  • Under 70-95 when the mortgage term ends

However, individual lenders have different age limits. Deedle compares mortgages for over 50s by searching the entire market. So if you’re looking for a long-term or short-term mortgage for over 50s, use our service today for the best service and best rates.

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Can I Get a Buy To Let Mortgage For Over 50s?

For buy-to-let properties, borrowers have often found it difficult to receive funding due to age limits. Much like with a standard mortgage application, lenders offering buy-to-let mortgages for over 50s run the risk of their borrowers not being able to afford repayments throughout their retirement.

Buy-to-let mortgages for over 50s are still an available option though. Age limits for these mortgages vary from lender to lender. For someone aged 65 with an income or pension you should still have a lot of buy-to-let mortgage options. For older borrowers, and those over 75 in particular, your buy-to-let mortgage opportunities may be more limited.

However, some lenders have no age restrictions at all! It’s all about being matched with the right lender for your individual mortgage needs.

Sustainable Income Streams For Over 50s

If your mortgage term is likely to outlive your working life, it will be necessary to prove to your lender that you have income streams necessary to meet your mortgage repayments after retirement. Since older applicants tend to have more life experience than younger buyers, they may have acquired additional income streams that can help with getting a mortgage. These include:

  • Annuity
  • Investments/share dividends
  • Company and state pension forecasts
  • Employment income
  • Self-employed earnings
  • Earnings from buy-to-let property rentals

Whatever your income streams are, Deedle will work with you to make finding a mortgage for over 50s an easy, and stress-free experience.

Frequently Asked Questions About Mortgages For Over 50s

What is a Lifetime Mortgage?

A lifetime mortgage is a lump sum that is taken out on your property. The loan and subsequent interest will be paid off by selling your house when you pass away or move into full time residential care. Any remaining money from the sale of the house will go towards those in your will as instructed.

To qualify for a lifetime mortgage you need to own your property and be over the age of 55. Any previous mortgages on the property must be paid off in full before the completion of the plan.

Other factors could further affect your eligibility for a lifetime mortgage. For instance, if you own a leasehold property with less than 75 years on the leasehold, you may be rejected.

How Can I Improve My Chances of Getting an Over 50s Mortgage?

To improve your chances of getting a mortgage over 50, you will need a decent credit score. Outstanding loans, unreliable repayments, and having little credit history may affect your credit score and consequently make you less likely to receive a mortgage as you won’t be deemed as a dependable borrower.

To qualify for an equity release mortgage you will need:

  • To own your property outright – you can use equity release to pay off your mortgage
  • Enough equity in your home
  • To maintain your home in good condition

What Can I Do If My Application is Rejected?

The first thing is to do is not to panic. There are so many lenders in the current market, so it is unlikely there is not a lender who will be open to meeting your needs. It may take some time to find your ideal mortgage, but its very rarely an impossible task.

Using a mortgage broker such as Deedle gives you access to a wide range of specialist lenders and providers, therefore improving your chances of achieving the specific mortgage that you need.

Can I Get a Mortgage After Retirement?

Yes. As long as your mortgage lender is confident that you will be able to make the monthly mortgage payments, and you are within their age criteria, there’s good reason to seek a new mortgage.

Many retired people have built up a good amount of savings, or have already completed a mortgage on a family home. This can be really advantageous, as owning an existing property allows buyers to use the equity tied to that property against a new property, either in a lump sum payment (through a lifetime mortgage) or using it to supplement their retirement income.

Deedle Finance is the trading name of Tudor Lodge Digital Ltd which trades under company number: 10437769.

Deedle Finance does not provide advice on regulated mortgage contracts or credit agreements, these are carried out by one of our independent FCA regulated associates. 

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENT 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.

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