Repayment Mortgages for Over 55s
At Rockhopper Later Life Finance we help customers aged 55 and over arrange capital and interest repayment mortgages. With a repayment mortgage your monthly payment covers both the interest and part of the capital, so the balance reduces over the term and the mortgage is repaid in full by the end. For many older borrowers a repayment mortgage remains a suitable route.
We work with customers who are:
- Want a mortgage that is fully repaid by the end of the term
- Are moving home and need a standard mortgage that extends past age 55
- Are remortgaging and prefer capital and interest payments to interest only
- Have been told by a high-street lender that their age is a barrier
- Want the balance to reduce steadily rather than remain outstanding
- Have retirement income they want assessed for affordability
- Are comparing a repayment mortgage with later life alternatives
Being told that your age makes a standard mortgage difficult can be discouraging, particularly when you have a reliable income. Lenders vary widely in how they treat older borrowers, and a specialist view helps identify those whose criteria fit your circumstances.
A repayment mortgage works in the same way at any age. Each monthly payment reduces the outstanding balance as well as paying the interest, so by the end of the agreed term the mortgage is cleared. The main consideration for older borrowers is the term, because lenders assess whether payments remain affordable into retirement.
Lenders look at the income you will have during the years the mortgage runs, which may include pension income, part-time earnings, or other sources. They set a maximum age by which the mortgage must be repaid, and this varies considerably between lenders.
Where your circumstances make a standard repayment mortgage difficult, other routes may be available, such as a retirement interest only mortgage, a term interest only mortgage, or a lifetime mortgage. The route that suits you depends on your income, your plans, and how you want your payments to work.
We research the market and recommend the route we believe fits your circumstances. We cannot say in advance that a particular lender will lend, because each application is assessed on its own facts.
The Process
Your first conversation is an informal discussion about your circumstances, your income, and what you want the mortgage to achieve. This helps us understand which lenders are likely to consider your case.
We complete a full fact-find covering your income, your property, and your plans, and we consider alternatives where a standard repayment mortgage may not be the best fit. We then provide a written recommendation explaining our reasoning.
Every case is different. An applicant with a final salary pension is assessed differently from one with variable income, and our recommendations reflect that.
Speak to a Later Life Mortgage Specialist
Call 0203 621 5696
Lines open 9am to 5pm Monday to Friday. Alternatively, complete the enquiry form and we will call you back at a time that suits you.