Mortgages for over 70s are available to help retired homeowners purchase their new property, or remortgage their existing residential property. Retirees can choose from a range of nationwide mortgages for over 70s to suit their individual requirements, with the options varying by age limits, interest rates and associated fees. The key to finding a suitable mortgage for over 70s is understanding the different criteria and eligibility requirements that apply. It’s also vital that retired homeowners seek specialist advice throughout the application process to ensure that they’re fully informed of their options and the best mortgage for them.
Nationwide buy mortgages for over 70s for over 70s through its specialist lending branch, The Mortgage Works (TMW). These offer a range of mortgage products that are specifically tailored to the needs of retired homeowners. These include lifetime mortgages, retirement interest-only mortgages and equity release schemes that don’t require monthly repayments.
The mortgages for over 70s offered by TMW are typically available at a lower rate than traditional mortgages, and some even come with cashback deals and free valuations. This makes them a suitable option for homeowners who’ve been refused a conventional mortgage due to their age.
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The Mortgage Works accepts mortgage applications from customers up to the age of 85, with their mortgage terms ranging from five years to 35 years. However, it’s important to note that borrowers will be required to demonstrate that they can afford repayments over this period. Furthermore, it’s essential that borrowers fully understand their mortgage terms and conditions to avoid any potential financial stress or repossession.