29 March 2021

Mortgages for over 55’s with a pension

Clients that save into a pension do question whether they should be paying down their mortgage or investing for their retirement.

Appropriate financial advice should be sought when looking to answer this question as the answer will be specific to you, taking into consideration your planned life and financial goals.

For those that have saved into a pension but are looking to take a mortgage, you will be pleased to know lenders can support your request. At 55 you will know you have the ability to draw upon your pension but may not necessarily need or want to. Not drawing on this income could limit the amount a lender would lend to you prompting a decision to draw prematurely.

Thankfully you may not need to as lenders increasingly look to understand and support clients with ways of assessing affordability.

Given the fact you have the ability to draw on your pension, we are able to source lenders that take that as an acceptable form of income to support a mortgage. This really helps clients with medium to large pension pots but a lower assessable income.

Should you be interested in finding out more about these products please get in touch with us today. Contact Us

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Remember Your home may be repossessed if you do not keep up repayments on your mortgage

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