Mortgages for Over 60s
Mortgages in later life.
We understand that there are any number of reasons that someone could be seeking a mortgage over the age of 60. Perhaps they want to stay in the family home, release equity to make improvements, or want to help children through university or get onto the housing ladder.
We help customers who are approaching retirement, looking to borrow into retirement, or those already in retirement who simply want to continue with their current mortgage.
A retirement mortgage programme for older borrowers.
Over the last few years older borrowers have faced significant challenges in accessing the mortgage market. In 2014 legislation known as the Mortgage Market Review (MMR) led to many banks and building societies refusing to lend to existing mortgage holders where the term would take the borrower over the age of 65.
More emphasis was placed on affordability, which meant lenders must now look closely at the income and outgoings of mortgage applicants. This leaves older borrowers in their fifties and above with a reduced choice of mortgage products in the UK.
This, plus changes to state pension and retirement laws including the abolishment of the compulsory retirement age means the choices for borrowing later in life are limited. We are pleased to confirm that all of our mortgage products are available to those in retirement with no upper age limit.
Through our Retirement Mortgage Programme we’ll accept 100% of a borrower’s pension as well as a proportion of other forms of income, such as investments, when addressing affordability.
You can compare different types of later life mortgages using our mortgage finder – select ‘Older Borrower’ under Mortgage Type.
What type of later life borrower are you?
Are you seeking a later life or RIO mortgage? Or maybe you know what you need the money for but you’re unsure if a later life mortgage is the best option. We’ve put together a guide on Later Life and Retirement Interest Only Mortgages and some tips to help you decide what type of later life borrower you are.
Have a chat with us about some features that might be available to you:
- No age limit on some mortgages. You can read more about our age limits on later life mortgages here
- Maximum LTV 75%
- Up to a 40 year term available
- Borrowing for: home improvements, second home purchase or gifting to help children onto the property ladder
Building relationships
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We took out a mortgage on our house to help children get on the property ladder and have found Ipswich now Suffolk Building Society a friendly, professional and human organisation – just like building societies and banks used to be but so few are these days. A great team of people.
Mortgage member via
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I have always found it very easy to contact Suffolk Building society by phone, or by email or on line, and the staff are always friendly, knowledgeable, helpful and efficient. For me, this is the most important feature of a good building society.
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Find the right mortgage product for you.
Enquiries
We have conversations, not algorithms.
Our decisions are made by experts, not computers. We need to calculate the financials, but we understand there’s more behind a mortgage than the numbers on a page. We can’t promise to lend to everyone and anyone, but we’ll consider most applications on an individual basis.
Ready to go? We’d love to hear from you. Get in touch with our friendly and knowledgeable team.
Prefer to talk?
Call 0330 123 0723
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