Mortgages for over 60's
Are you looking to borrow into retirement? Unlike the big banks we’ve been providing retirement mortgages to those aged 60 or over for many years.
Retired or approaching retirement? We offer mortgages for older borrowers
Getting a mortgage at 60 can often be difficult. Many people find their current lender won't extend their mortgage term simply because of their age.
This is where we can help. Borrowing in retirement and over 60's mortgages is our specialist subject.
We may be able to help if you are looking to:
- Assist family members onto the housing ladder
- Purchase a property or second property for a holiday home or Buy to Let
- Carry out home improvements
- Find an alternative to Equity Release.
Am I eligible for a later life mortgage?
Here are a few details you be should be aware of to check that you could be eligible for a later life mortgage with Family Building Society:
- Our minimum loan amount is £45,000
- Our loans are subject to minimum accepted property value or purchase price (whichever is the lower) of £120,000
- Maximum term we will lend up to is 40 years
- Minimum term we offer is 5 years
- We are unable to consider short term lending including bridging finance
- We accept residential properties in England and Wales either freehold or leasehold
- We do not accept new build flats, studio flats, freehold flats and flats above a commercial premises (however these may be considered subject to certain conditions being met)
- We can't consider ‘Holiday Lets’ on a Buy to Let basis
- We do not accept Shared Ownership mortgages, property offered by housing associations
- We cannot lend on properties that are owned by a trust.
- Earned income up to the age of 70
- Sources of income up to and beyond 70 such as pension, investment and rental income evidenced on your Tax Returns (SA302)