When you apply for a mortgage, there are many factors that lenders will take into consideration before deciding whether to give you an offer. For instance, your credit score, income, and expenditure. One criterion which people may be surprised to hear is that even age can be a factor in whether you can get a mortgage. So, what mortgages are available if you are a pensioner?
Mortgage lenders tend to have an upper age limit as one of their eligibility criteria. An age limit is the age at which you will be when the mortgage term ends, and at this point, the mortgage must have been paid back in full. Some lenders might additionally have an age limit for when people can take out a mortgage. However, over time, as life expectancy has increased, providers have in fact adjusted to accommodate and facilitate the possibility for older people to apply for mortgages.
Realistically, whether you can borrow for a mortgage really varies from lender to lender, so we highly recommend getting in touch with whoever you want to take out a loan from. There may also be certain terms under which your mortgage application could be rejected or accepted. You should really read every detail to make sure you make the right application, such as ensuring that you apply for a mortgage in a time frame within the upper age limit.
If you want to find out what mortgages we have available for pensioners, then do get in touch with us today here at Eminence Mortgages. We want to ensure that age is not a limiting factor for getting a mortgage.