Remortgaging later in life doesn’t have to mean selling your property – Remortgaging at ages 60, 65 and 70 years’ old

Remortgaging later in life

According to the Office for National Statistics, by 2066 the number of UK residents aged 65+ will have increased by 8.6 million to 20.4 million, meaning pensioners will make up more than a quarter (26%) of the population[i]. Therefore, it’s no surprise that the later life lending market is changing rapidly to keep up with trends, and we’re seeing increasing numbers of clients wanting to stay in their homes and refinance, rather than sell to downsize.

Case profile

Our recent case is a great example of our work in this area. Our client had an existing mortgage with a High Street lender, but they had reached the upper age limit for the mortgage and therefore the agreement was coming to an end. If they remained with a High Street lender, their income alone wouldn’t have been sufficient to qualify for the loan amount. Therefore, our Associate Director Tom Foster needed to look elsewhere for a lender who could understand the client’s wider situation.

Solution

With a substantial portfolio of liquid assets and other property, we were able to prove that our client could liquify assets in order to service the loan for at least the next ten years. We sourced a lender who appreciated this wider position and was happy to offer the full loan amount, allowing our client to remain in their property for the next decade at least.

If you think we might be able to help you, don’t hesitate to get in touch to find out more about our bespoke and tailored approach to later life lending.

[i] https://www.ons.gov.uk

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Your home or property may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it. Changes in the exchange rate may increase the sterling equivalent of your debt. You may have to pay an early repayment charge to your existing lender if you remortgage. Think carefully before securing any other debts against your home.  

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