Mortgages are traditionally taken out for a 25 year period. There is no reason for this. The mortgage should be affordable and fully paid before they retire.
Many mortgage lenders now offer longer terms, providing the borrower is able to explain sufficient funds to pay the mortgage beyond the expected retirement age. Some mortgage lenders require evidence of repayment vehicles in retirement. Our mortgage brokers will be able to source and advise you the right deals based on your circumstances
It also worth noting the shorter the mortgage term in years, the less the borrowers pay; an affordability check would determine the monthly budget; surplus and then mortgage term
If you require mortgage term advice, please speak to one of our advisers based in Manchester. We have access to the whole mortgage market. Some clients may wish for a standard 25 mortgage term but initially think they’re unable due to age, again speak to one of our advisers whom can search the whole mortgage market and choose mortgage lenders whom can lend up to 75. Some mortgage lenders dont have maximum age restrictions; all depends on individual circumstances. Call us for further advice.