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What are later life mortgages?

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What are later life mortgages?

Later life mortgages are – as their name suggests – for people in 'later life'.However, as you would expect with mortgages, it's slightly more complicated than that! You need to have an income, but if you do, this new addition to mortgage options means you may be able to get a property loan beyond the previous cut-off ages.

Amor Financial are based in the heart of Tunbridge Wells and offer mortgage services throughout Kent & Sussex 

Later Life Mortgages

​Traditional mortgages are for people younger than 65, and the term (the date at which you will required to pay off any remaining mortgage) will always be by 70. That’s because traditionally we have worked to 60 or 65, with that more recently being extended to 70.

Later life mortgages are an acknowledgement that our lives – and the financial patterns of our lives – are changing, with more of us living longer and being active for longer.Generally, for people aged 70 and over to qualify for a later life mortgage, you have to have an income and be able to prove a future income. This income could be:

  • earned income
  • pension – state or private
  • rental income
  • investment income
Case Study

We recently arranged a later life mortgage for a 74-year-old physiotherapist. We managed to find a lender who would agree a later life mortgage for her up to the age of 85; even though her job is physically demanding, the lender was happy that she would be able to continue to earn until 85 and to lend against this. We contacted 15 lenders on our client’s behalf and only found one who was prepared to offer her a mortgage – but that’s all you need!

Alternatives

If you are over 70 and don’t have an income, you won’t be able to get a later life mortgage, but if you are already a homeowner you could potentially release equity from your home with an equity release mortgage*.This is not something we offer, but if we can’t help you secure a mortgage, we can refer you to trusted equity release advisers in the Tunbridge Wells area who may be able to help.

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