Fixed rate mortgage with no upper age limit

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More and more clients in their sixties, seventies and beyond are looking to arrange mortgages, with many borrowing in retirement. There are many reasons behind this, but only a limited number of lenders who are prepared to lend to clients in this age bracket.

It’s therefore important to have a wide understanding of the market when approaching lenders about property finance as an older borrower. This will maximise your chance of a successful application. Another way of maximising your likelihood of success is approaching a lender who specifically offers mortgages for clients who are borrowing into retirement.

For example, our product of the week is a 3-year fixed rate of 3.69%. from a lender who specifically offers mortgage for older borrowers. This product has no upper age limit and can be accessed regardless of whether you are employed, moving into retirement, or are already retired and in receipt of pension income.

Although not the cheapest rate on the market, it’s important to remember the very lowest rates are not available to clients who are borrowing into retirement or do not meet high-street criteria. As such, this is a fantastic product for those looking to borrow into retirement.

  • 3.69%
  • 3-year fixed rate
  • No upper age limit

The Enness Mortgages team has experience in this area, having recently assisted a 75-year-old client to secure a mortgage with this lender.

Of course, if you are borrowing into retirement and looking for a mortgage over £1million, a private bank may well be your best bet, as we will be able to negotiate for a bespoke rate and product dependent on your circumstances and background. Age can often be less of an issue in these cases, as large private bank mortgages are typically arranged on an interest-only basis over a 5-year term, so you likely won’t be borrowing into very old age at any rate.

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