Lending In Retirement Mortgages

When the term of your mortgage stretches past retirement age it is known as ‘lending into retirement.’

Regardless of how well you might have prepared for retirement, sometimes you need a little bit of help. Obtaining a mortgage later in life can be especially frustrating, which is the reason we at Swansea Building Society has mortgages available to house buyers / homeowners who are in a position to pay off the loan by age 85.

We offer mortgages for house buyers / homeowners who need to lend into retirement.

For those looking to lend into retirement, we will evaluate your mortgage requirements beyond what is commonly identified as the "normal" retirement age (state pension age), as we can consider applicants that are able to pay off the loan by their 75th birthday.

We will consider for mortgages with a maximum loan-to-value (LTV) of 75%.

Yes - We offer mortgages for house buyers / homeowners who have already retired /are semi-retired. We will consider you for a mortgage with a maximum LTV of 60% up to age 85 for the main applicant. You can explore your options with one of our mortgage advisors https://www.swansea-bs.co.uk/swansea-building-society-contact-mortgages

Yes - paying back your mortgage with a pension is acceptable. Here at Swansea Building Society, we have a team of knowledgeable mortgage underwriters who understand the security of pension earnings. Because of this, we are in the position to consider mortgages for more mature borrowers, provided that you can afford the mortgage repayments and have a verified income. This could be either from your job, a private or work-related pension or on occasion a combination of both. We can also accept other forms of income as long as these can be evidenced.

The minimum age of the eldest applicant is 84 and the borrowers need to have the ability to repay their mortgage by the 85th birthday of the main applicant. Please remember that your acceptance is subject to a detailed appraisal of your finances and credit history, to make sure you can afford the monthly payments.