Mortgages for Retired People – Mortgages for over 70s And Over 60s – RIO November 2023

• Raise money for anything you like at 5.09% with Nationwide mortgages for over 70s
• Some offers don’t require you to make a monthly payment
• Free valuation with Nationwide mortgages for over 60s
• No product fee
• No early repayment charges
• No lender arrangement fees
• Keep living in your own home or look at mortgage options to buy a new home
• The new rate for November 2024
• RIO retirement interest-only mortgage where you make a monthly payment

Apply today

Happy Customers

Mr Shaw from Bradford

I thought I was going to have to sell my home to pay back my mortgage as the bank wanted their money back. With the money left I could only afford a flat and I would have been further away from my daughter and her children. Downsizing was a bad idea for me.

My lifetime mortgage was ideal for me as I had no monthly repayments and I paid off my old mortgage.

I saved the cost of moving to a new flat where I would pay to move to a place I did not want. The no negative equity guarantee and equity release council assurances were very important to me.

I am better off each month and have some tax-free cash ready if repairs to the house are necessary.

Mrs Yardley from Sheffield

I had an old, tired car and a very unreliable central heating system. Repair bills continually mounted up meaning I had less money to spend on holidays and other nice things. A friend said I should consider equity release, but I was put off about the horror stories of the roll-up/compounded interest destroying people’s homes.

When I did my own homework, I found in 2024 equity release interest rate was very low and the negative press was around people that had been ripped off with high rates of the past.

Even if my house price only went up a little the roll-up interest would be covered. The equity release enabled me to get a nice 3-year-old car and a new boiler, so I was not wasting money all the time on repairs!

Mr Hogarth from Leeds

I am healthy and have a good income from my pensions for later life. I decided to release money from my unencumbered home with a retirement interest-only mortgage (RIO mortgage), so I could get a new kitchen and bathroom and give money to my children so they could move house and buy bigger homes.

I did not have any problems with a minimum or maximum age requirement or affordability.

The interest rate was very low like a prime conventional mortgage from a bank or building society. The monthly payment was tiny compared with the rest of my outgoings. The whole process was authorised and regulated by the finance conduct authority.

William from Birmingham

My son knew a guy who owned 6 pubs. Because of successive lockdowns due to COVID-19 coronavirus, he had to do a quick sale on his holiday home in Cornwall.

My equity release money bought his flat at 35% under market value and not only does my family have the shared use of a holiday home, but the rental income is also much more than the interest on the equity release.

Mrs Heart from Aberdeen – Nationwide mortgages for over 70s

I was struggling to pay my mortgage and had no money left at the end of the month for emergencies, let alone saving for a holiday.

I had investigated home reversion plans, but they did not appear to be the right solution.

Equity Release for older borrowers with no monthly repayments was exactly what I wanted, and the interest rate was very low. I was able to pay off my mortgage. I live in an area where house prices are going up nicely so keeping 100% ownership of my own home is wise.

I am confident that my house price appreciation will be much bigger than my roll-up interest.

Many lenders will help you save money depending on your personal circumstances and current income if you think working longer is a good plan.

Can pensioners get a mortgage?  Over 75s? Nationwide mortgages for over 70s ?

In short, YES! Depending on your circumstances, with or without a monthly payment, you can raise money against your home.

Getting a mortgage with an open-minded view to age limits and maximum age from a bank or building society with a realistic loan amount can be easy with the help of a credit broker or mortgage broker.

Keeping a more valuable home and not downsizing can keep you in the property market with a bigger stake, so you are able to capitalise on the upside in property prices.

Interest-only mortgages for over 65-year-olds – Family Building Society?

Pensioners with provable income rates as low as regular bank mortgage rates can be achieved with the help of Frequent Finance.

Visit our offices located a short walk from Putney Station.  The Family Building Society has some great rates. Building society and high street bank mortgages for over 70’s can have similar rates to standard mortgages for younger people.

Nationwide mortgages for over 65s and over 70s – flexible age limit Mortgages for pensioners over 70

A well-known and trusted lender, Nationwide has a wide range of lending products for people of all ages.  A retirement mortgage can be at a rate as low as 2% APR.

Halifax mortgages for over 65s – getting a mortgage 25-year term

You don’t need to be an existing Halifax account holder to get a mortgage from them.  Refinance or release equity from your home with the help of Halifax.

Maybe your current lender wants their money back?  Frequent Finance can help you find a mortgage lender at a reasonable rate.  You can use the lump sum from the home loan to help loved ones or buy a holiday home. 

Mortgages for over 75s can be of great value.

Is this you?

• Existing home mortgage has a reduced rate
• Still have a mortgage balance and age restrictions stop the existing lender from extending your mortgage term
• You have the income to pay interest and don’t want equity release or home reversion
  
• The mortgage applicants have complex circumstances
  
• Discounted term or fixed rate term running out
• Have you been turned away from some lenders or building societies by their eligibility criteria?
• Need to raise money for another property
• Looking for an interest only mortgage for over 70s at a low rate with no fees?

Metro Bank Equity Release
Yorkshire Building Society YBS Lifetime Mortgage

Equity Release Yorkshire Building Society YBS

Metro Bank Lifetime Mortgage

Yorkshire Bank Equity Release Scheme

Do Nationwide do Equity Release?

Yes, Nationwide Equity Release is 2.05% MER for people aged 70 and over.

YB-Yorkshire Bank Lifetime Mortgage

Legal & General Lifetime Mortgage – Updated For January 2024

Use Frequent Finance to access the best mortgage adviser with the lowest rates NOT ON THE COMPARISON SHOPPING WEBSITES!

We offer

• A massive panel of lenders from multiple sources
• Fixed, discounted and tracker rates
• Self Employed as well as Employed
• Prompt and professional service
• Discounted lenders fees
• High loan-to-value without being penalised on terms and rates
• A guarantor mortgage could be a good mortgage deal if your credit history is poor, but the mortgage terms might not be quite as good.

New lenders from early 2024 with other options that have a low overall cost!

Do Nationwide do Pensioner Mortgages?

Yes, Nationwide Pensioner Mortgages are 1.99% MER when you are over the age of 70. They are very similar to a standard mortgage and are the right deal for pensioners with regular income.

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• Just Retirement Equity Release From House
• Rm Secured Direct Lending
• Liverpool Victoria Lv= Lv Lifetime Mortgage No Payments – Updated For November 2024
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• Norwich Union Equity Release
• Age Concern Equity Release Calculator 2024
• Prudential Lifetime Mortgage Broker
• Secured Loan Direct Lender
• Lv Equity Release Schemes
• Norwich Union Lifetime Mortgage Fixed Rate
• Nationwide Retirement Mortgage
• More to Life Equity Release Mortgage

Does Nationwide offer Retirement Mortgages?

Yes, Nationwide Retirement Mortgages are 2.07% MER. Interest only mortgages for over 70s can have a very low overall cost and have similar interest rates to mortgage for the under 55’s with income.

A mortgage applicant is warned to keep up repayments on your mortgage unless you have an equity release where there are no monthly payments. To get a great long term interest rate the lending criteria can be strict and house prices can be key in your area.

Retirement income Nationwide mortgages for over 70s

The mortgage products that can be available to you may depend on your property value, the lenders’ upper age requirements for older people and any investment income you may have.  Your monthly outgoings including your car insurance or home insurance may be taken into consideration as well as the mortgage age limit.

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.

Some mortgage deals at very low interest rates could involve an age cap and may change if you go into long-term care. Nationwide mortgages for over 60s can have very low rates and generous loan to value requirements.

Does Nationwide offer Equity Release Under 55?

Yes, Nationwide Equity Release Under 55 is 2.12% APRC. Interest only mortgages for over 65 year olds are also common.

A retirement mortgage product may need pension income and other eligibility requirements – Nationwide over 55 mortgage

Some mortgage advisor professionals will make clear any early repayment charge fees in the small print.  They may show you a mortgage calculator and show you a mortgage comparison.  You may be asked to show your savings account details during your search for mortgages.

Nationwide over 55 mortgage

Do Nationwide do Lifetime Mortgages?

Yes, Nationwide does lifetime mortgages at 1.85% MER. Nationwide Lifetime Mortgages can have a loan-to-value (ltv) of 65%.

Is a Nationwide buy to let mortgage for over 70s a good deal?

Yes, because of the free valuation and no fees the Nationwide buy-to-let mortgage for over 70s is an excellent deal.  Mortgages for the over 70s are considered low risk for the lender so you can get great rates – Updated For January 2024. A Nationwide over 55 mortgage has very low fees and a free valuation. A mortgage over 70 can be easy to get as long as both occupants of the home have a good income.

Another good equity release lender is HSBC Interest Only Lifetime Mortgages for UK pensioners

Most lenders have different limits on loan to value. For the first time in a long time some lenders will do 65% LTV.