Mortgages for People Over 65 Years Old

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Why Choose Us
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5-star reviews on Google
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years we have been as independent mortgage and protection brokers
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customer satisfaction for finding the best deals on the UK market
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Why Choose Ascot Mortgages

0 %
5-star reviews on Google
£ 0
total donated to various charities
0
years we have been as independent mortgage and protection brokers
0 %
customer satisfaction for finding the best deals on the UK market

What Our Clients Say About Us

5.0 Based on 142 reviews from review us onAreti D. ★★★★★ Absolutely thrilled with the exceptional service provided by Ascot Mortgages Ltd and especially by Natalia Barry! Even though our home purchase hasn't been completed yet, we couldn't wait to share our positive experience. From the moment we reached out, their professionalism and expertise shone through, making the daunting process of securing a mortgage a breeze.Not only did Natalia navigate the intricacies of the mortgage market with finesse, but they went above and beyond by suggesting other high-quality services, including solicitors and insurance providers. This comprehensive approach is making the entire home-buying journey seamless and stress-free.Natalia took the time to understand our unique needs and financial situation, ensuring that the options presented were tailored perfectly.Communication is prompt and clear throughout, leaving us feeling informed and confident at every stage. Natalia had our best interests at heart, going the extra mile to secure a fantastic mortgage deal.We cannot recommend Ascot Mortgages and Natalia highly enough. If you're in need of mortgage assistance, look no further. With their expertise and dedication to client satisfaction, you're in the best hands possible. A huge thank you to Natalia for making our home-buying experience a dream come true!Ashley Cox 1. ★★★★★ Would 100% recommend. Myself and my partner are currently going through the mortgage process as first time buyers. Natalia Barry has dealt with our application from day one. She has always been on hand to help, informative throughout and reliable when we have had questions. She has given us several options and broken them down into simple terms to help us. Natalia has truly been exceptional who deserves every bit of credit. We certainly got lucky having her as our first mortgage consultant.Dominik S. ★★★★★ Alison and the Ascot Team are excellent. I have used them for 5 years now and they deliver the most competitive mortgage deals fast. Just what I need. Thank you!Eric T. ★★★★★ We have dealt with Ascot Mortgages twice. Once for a mortgage about eleven years ago and recently for life insurance.In both cases we were treated with the utmost respect and professionalism.In the case of the life insurance application, we considered ourselves to be problem customers because of our age and numerous health issues.Richard Johnson, who managed this application couldn't have been more helpful.He worked in our best interest and was dedicated to providing an excellent service.We were kept up to date through all of the stages of the application and when our doctors were very slow in producing medical reports for the insurance company he persisted where others might have given up.The service we had from Richard was pleasant and professional throughout some difficult stages.My wife and I have no hesitation in recommending Ascot Mortgages.Zack R. ★★★★★ Having dealt with Ascot Mortgages and Alison for many years now I can say that you wont find a more professional, knowledgeable and efficient company to help with your mortgage. Alison is patient and makes the whole process seem easy. She has the answer to any question you have and seems to genuinely care. I can not recommend enough. I am sure I will be using Ascot Mortgages for years to come.Umair Z. ★★★★★ It has been a fantastic experience to work with both Phil and Jardelle at Ascot Mortgages to secure a mortgage product for my first home. Phil made the mortgage process smooth and easy. They are professionals and know what they are doing. Very pleased with the service and communication. would highly recommend them.Hello at NLP West M. ★★★★★ I needed a buy to let re-mortgage. Ascot were efficient from start to finish. I can recommend them completely especially because they can search the whole spectrum of mortgage lenders and meet the clients needs. never waiting for staff to get back and always kept me in the loop.Onohomen O. ★★★★★ ZHOU J. ★★★★★ It has been a brilliant experience to work with both Phil and Jardelle at Ascot Mortgages to secure a great mortgage product for our next home. Given how challenging the current market is, they have done a fantastic job to meet our needs with their expertise, professionalism and effectiveness. We would highly recommend their services to whom seeks help with their property purchase.Nicholas S. ★★★★★ Fantastic service. Ellie and Jardelle were always quick to reply to any queries and very helpful throughout the process. Highly recommend!Stacey S. ★★★★★ Jason was brilliant to work with! Always on top of the transaction! Would highly recommend 👍Scott ★★★★★ Although I've not bought anything yet, they (Jason in particular) have been super helpful in my search for the right mortgage deal, whilst also giving an honest opinion during these difficult times. Would highly recommend.Sandra I. ★★★★★ Fantastic from start to finish! Natalia and Jason found me the best rate for my remortgage and they were extremely efficient! Best service I’ve ever received from a brokerage company. Thanks so much.Virmantas N. ★★★★★ Amazing service and great communication. Ellie Morgan had quickly completed all requests and over delivered all expectations.Highly recommended for those who want to get the stuff done without any delays!David W. ★★★★★ I have used ascot for 3 renewals since they done helped me with my purchase which was complicated and will continue to use them going forward. Very fair prices and very helpful and knowledgeable even with just general information.Adam B. ★★★★★ Natalia made life very easy for us when remortgaging. Third time using ascot always a breezeTaff G. ★★★★★ Ascot Mortgages have been brilliant. Easy to work with and incredibly helpful. I am always happy to recommend them. Natalia and Jason have made the whole process much easier than I was expecting. Excellent service.Daryl L. ★★★★★ We've had a fantastic experience with Natalia Barry and Jason Jones at Ascot Mortgages for our property purchases and refinancing. Their expertise, coupled with genuine care and understanding of our needs, made the process smooth and stress-free.They were consistently communicative, keeping us informed at every step. Their assistance in consolidating our protection cover was invaluable, simplifying what could have been a complex process.What set them apart was their personal touch – always polite and ready to pick up the phone for a chat. This level of personal engagement is rare and much appreciated.In short, Natalia and Jason are not just skilled professionals but also truly dedicated to their clients. We highly recommend their services to anyone in need of mortgage advice.Sarah A. ★★★★★ I have used this firm for several years and they have always been super helpful and supportive, attentive and resolved issues in really useful ways. Shout out to Alison, Ellie and Jardelle (and the team!)Georgia W. ★★★★★ We worked with Ellie to secure our mortgage and protection, and she was a dream! Being a first time buyer, I was quite clueless about the process, and in a time where mortgage rates have been quite high, she worked right til the end to make sure we were getting our mortgage at the best possible rate and was always available to answer all questions I had. Can't recommend enough 🙂Richard D. ★★★★★ Laura S. ★★★★★ As a first time buyer, trying to navigate through potential mortgages was a very daunting thought. Ascot Mortgages were recommended to me and I've been extremely happy with the service provided. They have guided me through every step and I finally have a mortgage. Very pleased and would recommend.Lucy B. ★★★★★ Having Phil as my mortgage advisor was great from the very start! He is down to earth and speaking to him was always a pleasure. The kindness, compassion and support I have been given all the way through what can be a stressful process was immeasurable. Phil and Jardelle worked as a solid team and was able to make me feel at ease all the way through buying my first home. The team were always available and the communication between everyone was always clear and I felt safe in the hands of the company as a whole. Thank you for helping me buy my first home!Flora R. ★★★★★ I worked with Richard (Protection Adviser) for a couple of days to sort out life and critical illness insurance. Absolutely brilliant, he found me and my husband the perfect policy. Very knowledgeable and easy to get on, he definetely makes things easy to understand. Thank you for the great service provided.Matthew R. ★★★★★ I've dealt with Phil at Ascot Mortgages for a while now and Phil always comes back back to me with the right plan.Keep the good work up!js_loader

Written by:

Alison Gibson

Ascot Mortgage Expert

Last Updated:

19.02.2024

Written by:

Alison Gibson

Ascot Mortgage Expert

Last Updated:

19.02.2024

In a world where the golden years are seen as a time for relaxation and enjoyment, the reality of managing finances, particularly mortgages, can seem like navigating a ship through foggy waters. But fear not, as this comprehensive guide will illuminate the path to securing a mortgage for those over 65, ensuring a smooth sail into the sunset years.

Introduction

Imagine you’re entering your later years, akin to a seasoned ship captain steering into the tranquil waters of retirement. However, there’s one wave that often seems a bit too high to navigate: securing a mortgage. Whether it’s for downsizing, relocating, or simply releasing equity from your home, understanding the intricacies of mortgages for over 65s is crucial.

Understanding Mortgages for Over 65s

Mortgages for the over 65s aren’t just loans; they’re bridges to financial stability and peace of mind in retirement. They come in various forms, each tailored to meet the unique needs of retirees. From interest-only mortgages that keep monthly payments low, to equity release schemes that allow you to unlock the value of your home while living in it, the options are as diverse as they are beneficial.

Types of Mortgages Available for the Over 65s

Interest-only mortgages for over 65 year olds and repayment mortgages are the main types available. The former requires you to pay the interest monthly, with the principal due upon sale or the borrower’s death, whereas the latter involves monthly payments towards both the interest and principal.

Eligibility and Requirements

Eligibility varies by lender but generally includes age, income, credit history, and property value. The golden rule? Your retirement income must sufficiently cover the monthly payments.

Benefits of Mortgages for Pensioners

Securing a mortgage in retirement can help increase your financial flexibility, allow you to downsize or relocate, and even supplement your pension income through equity release.

Mortgage Repayment Calculator

Challenges and Considerations

The main hurdle is proving your ability to repay the loan in retirement. Interest rates and loan terms can also pose challenges, making it essential to choose the right deal.

How to Apply for Mortgages for Over 65s

Start by assessing your financial situation and retirement plans. Then, consult a reputable mortgage broker who specialises in mortgages for pensioners to find the best rates and terms.

Interest-Only Mortgages for Over 65 Year Olds

These mortgages can be a lifeline for those wanting to maintain a certain lifestyle in retirement without the burden of high monthly repayments.

Mortgages for Pensioners: Equity Release Schemes

Lifetime Mortgages

A lifetime mortgage is the most popular form of equity release. This type of mortgage allows you to borrow money against the value of your home while retaining ownership. You do not have to make monthly repayments as the interest is rolled up, meaning it compounds over time. The loan, along with the rolled-up interest, is repaid when the property is sold, which typically occurs when you move into long-term care or pass away. One of the key advantages of lifetime mortgages is the flexibility they offer, with options such as the ability to make voluntary payments to control the interest or choose a drawdown facility, where you only take what you need and limit the interest accumulation accordingly.

Home Reversion Plans

Home reversion plans involve selling a portion or all of your home to a home reversion provider in exchange for a lump sum or regular payments. Importantly, you’re granted a lifetime lease, meaning you can continue to live in your home rent-free for the rest of your life. However, because the provider will be looking to sell the property at market value when you pass away or move into care, the amount you receive will be significantly lower than the market value of the part you sell. This option might be less popular than lifetime mortgages due to the emotional difficulty of selling part of your home, but it can offer certainty over the amount of inheritance you can leave behind.

Benefits and Considerations

Equity release can offer a lifeline by providing financial freedom in retirement. It can help you supplement your pension, fund home improvements, support your lifestyle, or provide financial help to family members. However, it’s crucial to consider the impact of equity release on your estate’s value and your entitlement to means-tested benefits. The interest on a lifetime mortgage can quickly increase the amount you owe, while a home reversion plan reduces the portion of your home you own or can pass on as inheritance.

It’s also worth noting that equity release schemes are regulated by the Financial Conduct Authority (FCA), and it’s advisable to choose a product from a provider that is a member of the Equity Release Council. This ensures that you’re afforded certain protections, including the no negative equity guarantee, which means you’ll never owe more than the value of your home.

Choosing the Right Mortgage Broker

Select a broker with expertise in mortgages for over 65s like Ascot Mortgages. They should offer competitive rates, flexible terms, and a deep understanding of the retirement landscape.

The Role of Credit Score and Income

A good credit score and stable retirement income are paramount in securing favorable mortgage terms, highlighting the importance of financial planning.

Property Value and Loan Amount

The value of your property plays a critical role in determining the loan amount you’re eligible for, with higher values typically allowing for larger loans.

Repayment Strategies for Older Borrowers

Consider your long-term financial health when choosing a repayment strategy. Options include downsizing or using other assets to settle the loan in the future.

The Future of Mortgages for Over 65s

As the population ages, lenders are becoming more flexible, offering innovative products to meet the needs of older borrowers.

Conclusion

Mortgages for those over 65 are not just about securing a loan; they’re about unlocking opportunities for a fulfilling and financially secure retirement. With the right information and guidance, you can find a mortgage that not only meets your needs but also enhances your golden years.

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FAQ

Yes, there are many options available, including interest-only and equity release schemes.

Requirements vary but typically include age, income, credit history, and property value.

Yes, lenders offer products designed for pensioners, including equity release schemes.

Look for lenders or brokers specialising in retirement lending, with competitive rates and flexible terms.

Yes, your pension income can be used to qualify for a mortgage, provided it covers the monthly repayments.

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