What we cover in this guide
Can you get a mortgage over 55?
Indeed you can. It used to be the case that lenders would only consider granting a mortgage where the loan was designed to finish at retirement age. But now, as house prices have risen, mortgage durations have lengthened and people are coming onto the property ladder later in life, there are many mortgage products designed for an older age-group. Some products even set the upper age limit at 95!
What is a Reverse Mortgage for Over 55s?
This is really another name for an Equity Release mortgage, where you release some of the money tied into your home to fund ways to improve your life as you get older. The term is more commonly used in Canada and the USA.
Is there a Buy-To-Let Mortgage for over 55s?
In 2015, the law changed regarding protection for pension funds, and customers aged 55 or over became able to access their pension cash to use it in other ways. Many wanted to invest in a property portfolio, and new mortgage products for Buy-To-Let properties for people in this age group were created. But be careful – many Buy-To-Let mortgages are not regulated. Be sure to get independent financial advice before cashing in your pension pot and using it to invest in property. Obviously, becoming a landlord entails other responsibilities and costs outside of a deposit, insurance, fees and interest.