Securing a mortgage later in life need not be a challenge if you work with a broker that has the knowledge and experience to find the right lender. So when we were asked to help our 74 year old client remortgage his home, we were able to help him find a great deal.
Although he had a number of investments to draw upon to cover the remainder of the loan, he did not want to utilise these at the time. Despite being past state retirement age, he was self-employed with regular income and had recently started a three-year contract working in data security.
How to Get a Retirement Mortgage When You’re 74
With access to whole of market, we are well-positioned to help clients to achieve a successful mortgage application, despite unusual circumstances. In this instance, we approached a micro building society and presented the applicant’s case, highlighting his long-standing experience in the sector.
Consequently, the lender offered a five-year deal which would see the applicant through to the end of the mortgage term at the age of 79.
Although many high street banks and building societies would have refused such a case, at NM Finance we have a longstanding history of working with niche and specialist lenders to present the circumstances and achieve a positive outcome for our applicants.
If you are self-employed or your circumstances are unusual and might preclude you from applying for a mortgage with a traditional lender, contact NM Finance to discuss your mortgage or remortgage needs.
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