With the over 60s owning an estimated £841 Billion in property* - some are looking to take out over 60s mortgages to improve their lifestyle.
With the over 60s owning an estimated £841 Billion in property* - some are looking to take out over 60s mortgages to improve their lifestyle.
Typical reasons for raising the additional money include: once in a lifetime holidays such as round-the-world cruises; spending on home improvements such as conservatories; or giving an early inheritance to family and friends.
With equity release schemes not necessarily right for everyone, standard mortgages for people over 60 could be an option to release some of the cash locked in a property.
Mortgages for the over 60s, up to age 90, are available through some lenders as long as the repayments are affordable based on the income of the applicant(s).
*According to Norich Union/Aviva (2007)
