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Five quick tips for a successful over 60s mortgage application

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It wasn’t that long ago that being over 60 and getting a mortgage was a near impossible task. However, things have changed, and the mortgage market has evolved, to the point where over 60s are no longer viewed as high-risk borrowers and have more options available to them as lenders become more flexible and offer a wider range of products.

That’s not to say that getting a mortgage if you’re over 60 is easy but our top tips below will help boost your chances of success:

Step 1: Do your homework – what size mortgage do you need?

Look at how much you want to borrow and what loan-to-value (LTV) you will need. This is likely to be based on the value of equity in your own home, unless you have funds elsewhere for a deposit. For example, if you originally borrowed £400k but you still owe £100k, that’s a loan-to-value of 25% LTV. The lower the LTV, the more access you will have to the best rates on the market.

Step 2: Consider your options – what mortgage products are out there for older borrowers?

Read up on the different products available for older borrowers. A regular income is still a necessity for a standard mortgage, so if you don’t have this, you may need to consider options such as equity release, a lifetime mortgage, home income plan or home reversion plan.

Step 3: Prove your income – dig out your mortgage documentation

By this we mean pay slips or tax returns, pension statements, cash savings account statements, investment portfolio statements, buy-to-let tenancy agreements and monthly bank statements etc. If you have a reasonable level of assets outside of your home, then you may be considered by some of the private banks, whom are traditionally more flexible on income assessment for individuals with complicated income scenarios.

Step 4: Pick up the phone – speak to a mortgage adviser

Once armed with a solid idea of what you want, and what you can demonstrate on paper, it’s time to give us a call. Our Mortgage Consultants will be able to discuss your requirements and source the most suitable product from our panel of lenders. They know the age limits, income minimums and documentation requirements of hundreds of lenders, so let us do the hard work for you and find the best deal with the highest chance of a successful application.

Step 5: Good luck – apply for a mortgage product that best suits your situation

So, if you’re over 60 and looking for help in finding the best mortgage for you give us a call today on 020 3040 4400

FCA
Springtide Capital Limited is authorised and regulated by the Financial Conduct Authority.

Important Legal Information
There may be a fee for mortgage advice. The precise amount will depend upon your circumstances and loan amount. The FCA does not regulate most buy-to-let, second charge or commercial mortgages. The Financial Ombudsman Service is available at www.financial-ombudsman.org.uk or by contacting them on 0800 023 4 567. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

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