Nowadays, the age of 60 is no more considered as the age of retirement only, with people continuing to work until they are 70. It is no longer impossible to get a mortgage at the age of 60, provided you meet the financial requirements.
It is illegal for a mortgage lender to reject your application because of your age. If you are retired or approaching retirement, you will need to provide evidence of a stable income. If you are able to repay the loan, age or retirement status should not be an issue.
What do you need to get a mortgage if you are over 60?
In addition to the ability to repay the loan, here is a list of what lenders expect you to provide, whether you are retired or not:
- Proof of income: you must prove that you have a regular income and can thus make the loan payments, which may involve a blend of pension and retirement payments.
- Debts: Detailing your outstanding debts, such as credit cards, loans and current mortgages.
- Debt to income ratio: A comparison of all your debts to all your income. This calculation is used to qualify you for a mortgage.
- Credit rating: You must have a good credit rating.
However, a long-term mortgage for people aged 60 and over will certainly be subject to certain restrictions. Lenders have set the age limits for a conventional mortgage at between 70 and 80 years old maximum.
Age restrictions also have an impact on younger applicants. For example, many people in their 50s find that because of the age limits, the term of their mortgage is shorter (less than 20 years), which means higher monthly payments.
Looking to invest in a house that will meet your needs and fit your lifestyle or supplement your retirement income by renting out. It is your chance!
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Our various departments are at your disposal for any questions related to your investment, your expatriation as well as all legal formalities.If you need more details, please consult our Experts
