{"id":5224,"date":"2022-03-31T12:35:52","date_gmt":"2022-03-31T11:35:52","guid":{"rendered":"https:\/\/new.contentdeployment.co.uk\/tomd\/?p=5224"},"modified":"2022-03-31T12:35:53","modified_gmt":"2022-03-31T11:35:53","slug":"getting-a-mortgage-when-retired-what-you-need-to-know","status":"publish","type":"post","link":"https:\/\/new.contentdeployment.co.uk\/tomd\/2022\/03\/31\/getting-a-mortgage-when-retired-what-you-need-to-know\/","title":{"rendered":"Getting a mortgage when retired \u2013 what you need to know"},"content":{"rendered":"<div class=\"hd-block hd-block-paragraph\">\n<p><strong>Becoming a homeowner later in life is not uncommon these days, but is\nit possible to get a mortgage if you\u2019re retired?<\/strong><\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><strong>All the fives<\/strong><\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>It\u2019s true that getting a mortgage becomes a lot harder after the age\nof 55. First because it is more difficult to prove retirement income than it is\nto prove a salary, and second because mortgage providers will want to be sure\nyou\u2019re able to pay off the loan during your lifetime.<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><strong>Pensions and spending plans<\/strong><\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>Difficult doesn\u2019t mean impossible though. Some lenders are willing to\nprovide mortgage finance to retirees so long as you can prove your income.\nSources of income include a private or workplace pension (or a mixture of the\ntwo), as well as any savings you might have. These details, along with an\noutline of your expenditure, will help prove you will have enough to live on\nand to pay your mortgage for the duration of the term.<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>Depending on the lender, and your age, you may have to accept a\nshorter mortgage term or a higher interest rate. This is because most lenders\nhave a maximum age by which they will want the mortgage to be paid off \u2013 this\ncan be as high as 85 or as low as 70.<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><strong>Find the right deal<\/strong><\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>For help and advice, get in touch and we will work with you to secure\nmortgage finance that suits your circumstances.<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><strong>As a\nmortgage is secured against your home or property, it could be repossessed if\nyou do not keep up mortgage repayments.<\/strong><\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Becoming a homeowner later in life is not uncommon these days, but is it possible to get a mortgage if you\u2019re retired? All the fives It\u2019s true that getting a mortgage becomes a lot harder after the age of 55. First because it is more difficult to prove retirement income than it is to prove [&hellip;]<\/p>\n","protected":false},"author":12,"featured_media":5225,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[32,91],"tags":[],"hd_content_source":[],"_links":{"self":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/5224"}],"collection":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/comments?post=5224"}],"version-history":[{"count":2,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/5224\/revisions"}],"predecessor-version":[{"id":5227,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/5224\/revisions\/5227"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/media\/5225"}],"wp:attachment":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/media?parent=5224"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/categories?post=5224"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/tags?post=5224"},{"taxonomy":"hd_content_source","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/hd_content_source?post=5224"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}