A mortgage for over 70 is a good option for retired homeowners who want to take out a new mortgage or remortgage their existing home. Retirees who choose to take out this type of mortgage can benefit from a range of benefits, including competitive interest rates, flexible mortgage terms, increased borrowing limits and access to specialist advice.
One of the most important things to remember when applying for a mortgage for over 70 is that you’ll need to provide detailed information about your income, assets and credit history. This will help the underwriters at Barclays assess your eligibility for a mortgage. Once all of the information is reviewed, you’ll be informed about the mortgage terms and conditions and how much you’re able to borrow.
Retirees who are interested in taking out a mortgage for over 70 can apply online. During the application process, you’ll need to provide proof of income, consent to a credit check and have your property valued by an approved surveyor. Once all of the required documents are in place, you can work with a mortgage expert at Barclays to finalize your loan agreement.
Many people who are looking for a mortgage for over 70 choose a retirement interest-only mortgage (RIO) because it allows them to pay just the interest on the loan each month. This means that they’ll only have to repay the capital when they sell their property or pass away. This type of mortgage is often a better option for older borrowers who may be struggling to get a traditional mortgage because they don’t have the regular income that working people can use as collateral against the mortgage.