Into Retirement Mortgages
The population of the UK is ageing ‐ we’re all living longer and healthier lives. We have access to a whole range of different lenders across many different specialist sectors that recognise this shift and adjusted their lending policy to reflect these changes. We know there are lots of reasons why you may be considering borrowing in later life and, providing you meet our criteria, we’ll be happy to help.
Even though many lenders in the UK, and indeed internationally, have yet to catch up with extended life expectancy, we have access to specialist lenders. You can effectively borrow from your pension plan as this can create a long-term reliable income stream. There may also be the opportunity to withdraw lump sum pension payments further down the line or even dispose of additional asset you may hold. While many may tell you otherwise, loans for retired seniors are out there, they are available but as a retirement mortgage broker expert, here at Firco we can unlock these for you.
There are still various issues to take into consideration such as:
- Your income – We’ll need to know about any sources of income you have. We’ll need to know it’s a reliable source and that you’ll be able to afford any monthly repayments on your mortgage.
- Credit score – as with any mortgage application, the credit score of the applicants will be an important consideration.
- Preparing for the future – Living longer brings with it a higher risk of ill health that could affect your ability to manage the monthly payments. You’ll need to take this into consideration when you apply for a mortgage.
- Ability to repay outstanding mortgage – there are various ways in which to demonstrate an ability to repay an outstanding mortgage in The event of unforeseen circumstances. You can effectively borrow from your pension plan as this can create a long-term reliable income stream. There may also be the opportunity to withdraw lump sum pension payments further down the line or even dispose of additional asset you may hold.
Whether you are looking to downsize, remortgage your property or even look at refinancing your current debt, we can help. There may be a relatively small pool of mortgage lenders willing to look towards the retirement market, but we have access to them all. Banks, building societies, private banks and specialist lenders are all part of our contact network with our reputation opening doors.
We have experience dealing with older borrowers and can advise on income streams and ways in which to fully utilising existing assets. Rest assured, we will leave no stone unturned in our pursuit of a bespoke finance package for you. If you would like to chat through the options and discuss your specific circumstances, please feel free to give us a call with no obligation.
We don’t tend to publish mortgage rates on our website – ever more so for mortgages lending into retirement. In most cases rates are negotiable and based squarely on the individual circumstances of the borrower, their plans, assets and income.
Firco is an independent mortgage broker that has strong relationships with the key lenders in the UK mortgage market, including those private banks who do not have a high-street presence. We arrange bespoke mortgage solutions for our clients, providing a tailored one-to-one advisory service, delivered face-to-face or remotely, depending on what suits you.
Please click on ‘Become a Client, Enquire Now’ at the bottom of the page and complete the enquiry form and we will normally contact you within the same working day during business hours or if you would prefer us to contact you outside normal business hours then please advise and we will quite happily do so. Alternatively you can email us with details about your requirements to firstname.lastname@example.org or call us on 0151 372 0388