Mortgages for over 70s.
Mortgages for people over 70
We understand that people over the age of 70 may be looking for a mortgage for various reasons. You may want to change your repayment type. Or perhaps you want to raise funds for some home improvements, or to help your children or grandchildren onto the property ladder? This might be as a remortgage from another lender, raising further funds against your home (whether it currently has a mortgage or not), or even as part of a home move.
Whatever the reason, we’re here to help you, and our team review every application individually.
Flexibility for older borrowers.
The number of mortgage options for those over 70 has increased in recent years, regardless of whether you’re already retired, or want your mortgage to continue into retirement. We can offer up to 80% LTV for applicants looking to borrow into retirement, or up to 70% LTV for people who are already retired.
Regardless of your age, you can apply for any of our standard range of mortgages at the same rate as everyone else, including:
- Residential
- Expat
- Self build
- Buy to let
- Holiday let
It’s even possible for older borrowers to use multiple sources of income. These may include:
- Earned income
- Pension income
- Self employed income
- Rental income
- Uncrystallised assets, such investment and pension pots. And you don’t have to be drawing a pension for us to look at it for affordability.
You can compare different types of mortgage products using our mortgage finder.
What type of later life borrower are you?
It’s common for older borrowers to want to free up equity so that they can fund gifted deposits for younger family members. Others want to switch mortgage types or lenders. Some are motivated by a change in their circumstances, such as the breakdown of a relationship. Alternatively, some want to purchase a buy to let property, or a holiday home.
We have a wide range of options for you to consider, including capital and interest, interest only, or part and part.
Get in touch so we can talk to you about the features that might be available to you:
- Potentially no maximum age at the end of the term
- Multiple income sources accepted
- 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.
Mortgage member via
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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
From Our Blog
Mortgage news.
Our blog contains the latest goings-on and updates across the Society, so here’s where you can check out our latest mortgage news.
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