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.