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Retired & Older Borrower FAQs

Written by Ipswich Building Society

25 Mar 2015

Tags

Mortgages after retirement, Older borrowers, Retired

4 min read

At Ipswich Building Society we welcome mortgage applications from people of all ages. Of course, we can’t promise to lend to every single person but due to our flexible underwriting you can be sure that your application will be judged on its merits and reviewed by a mortgage expert, giving you the best possible chance of being accepted.

We take the view that lending to those in later life is no different to lending to younger people – each individual has their own set of circumstances and their own financial commitments. However, over the years this group has not always been able to access providers and products as easily as others, and so may have their own set of concerns about their mortgage application.

Please see below for our mortgage FAQs for over 50s and retired borrowers. If your query is not answered here, please call 0330 123 0773 to speak to one of our expert mortgage consultants who will be able to help you.

Does Ipswich Building Society offer mortgages for over 50s and mortgages for pensioners?

Yes. We previously considered mortgage applications where the borrower will be up to age 85 at the end of their term. However, we’re aware that increasingly numbers of people can afford to make repayments beyond this age and therefore we have entirely removed the upper age limit for the end of the term.

Is there a special retirement mortgage product?

We have a range of later life mortgage products exclusively for borrowers over the age of 50. However, we also apply our later life lending policy consistently across our whole product range.

What happens if I am still working but self-employed?

As we manually underwrite all mortgage applications individually we can assess cases from self-employed borrowers as long as they have been self-employed for at least the last 2 years prior to application. We will need to assess long term affordability to ensure the mortgage is affordable for both now and in the future.

What does affordability mean and what types of income will you accept?

We have to look at both incomings and outgoings of every mortgage applicant to make sure they can afford their mortgage both now and in the future in event of any rate rises.

To assess affordability we will accept 100% of pension income, and a proportion of other forms of income such as investments.

Will you accept applications where I wish to increase my mortgage balance, to release equity in my home?

We will consider applications where the borrower wishes to increase their mortgage balance, as we know that there may be occasions where borrowers wish to free up capital for example to help family members on to the property ladder or to help address long term health needs.

Will you accept interest only applications?

Yes, we will consider interest only applications in line with our usual affordability requirements and lending criteria.

If I have an interest only mortgage with another lender can I apply for a repayment mortgage with Ipswich Building Society?

Yes, we will consider applications in line with our usual affordability requirements and lending criteria.

Do I have to live in Suffolk to qualify?

Our mortgage products are available to direct applicants across England and Wales or via mortgage intermediaries based in Suffolk, Norfolk, Essex, Cambridgeshire, Bedfordshire, Hertfordshire and Buckinghamshire.

This article was published under our previous name of Ipswich Building Society. We changed our name in 2021 – find out more.

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