Why retirement doesn't mean you have to slam the door shut on the idea of moving.

A leading expert has shared his tips on the best ways older movers can secure a mortgage.

Many retired housemovers often wrongly think securing a mortgage isn’t an option that’s available to them. Yet, in reality, more and more lenders are happily agreeing deals with older applicants who meet eligibility tests.

But many retired housemovers can face unique challenges.

Housemovers like Richard Guy and Penelope Sanders, who are both retired and in their early 70s. They faced an unexpected series of hurdles when relocating from the South of England to the North.

Their journey involved a disrupted property sale, a buy-to-let investment, and later-life mortgage complexities. However, with the expert support of mortgage experts at UKMC, they were able to navigate these hurdles and move closer to their ideal dream home.

Here Richard shares his story:

“We sold our house in the South of England and had planned to rent once we moved north, while searching for the right property. But the buyers of our house ran into difficulties, and their sale fell through, which put our own sale at risk. It was a worrying time.

“To try and best deal with this we decided to purchase the property that our buyers were selling. We bought it as a rental investment, intending to let it out while we continued our search for a permanent home in the North.

“After around 12 months of searching without success, we decided to move into the rental property ourselves. It needed work, so we knew we’d have to fund extensions and renovations to make it our proper home. That’s when we realised we needed to arrange a residential mortgage, and we understood it might be complicated at our stage in life.

“Securing a mortgage was not straightforward. With retirement incomes operating as our sole funds, and previous adverse credit linked to tenant issues beyond our control, there were added challenges. On top of this, the property’s title had not yet been registered in our names because of the recent purchase.

"So we weren’t sure if it would even be possible to get the mortgage we needed. That’s when we contacted UKMC, and one of their mortgage and protection advisors, Chris Roberts took over. Suddenly, it felt like a weight was lifted.

“Chris meticulously researched lenders willing to consider their specific situation. He handled communications with solicitors and the land registry, ensuring the expedited title registration required by the lender was arranged.

“Chris took care of all the complex details: chasing paperwork, responding to lender enquiries, and keeping us informed without overwhelming us with technical jargon. He clearly understood our circumstances and was fully committed to helping us through all the stages.”

“Following the application, the lender approved the mortgage offer within a remarkably prompt timeframe of two weeks. We were relieved when the mortgage offer came through. It meant we could leave rented accommodation behind and begin truly making a home of the property - our dream house.

“Having someone like Chris, who really understands the market and supports you every step of the way, makes a huge difference. It gave us real peace of mind throughout the process.”

Borrowing options when you're aged 60+

Can I get a mortgage over 60?

Yes, mortgages are available for customers over the age of 60. There are lots of different options but success will depend on which lenders are willing to lend to you based on your personal circumstances and their criteria.

What options are there for over 60s mortgages?

If you want to borrow money to repay in full then you have the option to take out a standard mortgage, with many lenders willing to lend even if you are already retired. Other options that may be open to you include lifetime mortgages which allow you to borrow and add some or all of the interest to the mortgage.

Anyone over the age of 55 can look at equity release or lifetime mortgages.

Lifetime mortgages will reduce the value of your estate and can affect your eligibility for means tested benefits.

What is the age limit for getting a mortgage?

Most lenders will have their own age limit for mortgages. A rough guide for taking out a mortgage is a maximum age of 65 - 80 and the age limit for when a mortgage would end would be between 70 and 85.

How many years of mortgage can you get at 60?

You could get up to 25 years on a mortgage for over 60s but this will depend on lenders and their specific affordability criteria as well as your credit score. Again, a mortgage adviser will be able to let you know the options that will fit your circumstances.

How to improve your chances of getting a mortgage

To improve your chances of getting approved for the mortgage that you would like, bear in mind the following points. Have a clear plan of how you will pay the loan back including how much you can afford for your monthly payments. You could also think about whether you will be able to overpay at any time or pay off lump sums.

Know how much you can afford – compare your monthly incoming finances to your monthly outgoings. See what your previous mortgage repayments have been and decide whether you would need the new payments to be lower or you could afford to pay more each month.

Work on improving your credit score to the best it can be by making sure that you pay bills on time and demonstrate good use of credit. You can also dispute any inaccuracies on your credit report if you notice that there’s something that you don’t agree with on there.

Provided by UK Mortgage Centre at www.ukmc.co.uk