Category: lending in to retirement

Lending in to later life – age 65+, no problem!

We all know life doesn’t end at age 65-70 and neither should it on the high street!  Often, retired people have managed their finances successfully over the years and enter retirement mortgage free.  At the same time, many, whilst having no mortgage, also suffer from reduced income and there is a saying in our profession […]

Coming to the end of your interest only mortgage?

According to our good friends at Shawbrook Bank, there are an estimated 600,000 people due to come to maturity on their interest only mortgage by 2020.   Many will probably have no way of repaying their interest only mortgage.  Some will have endowments that didn’t meet expectations, or maybe the house has not increased in price […]

Coming to the end of your mortgage life?

When coming to the end of the mortgage term with your lender, it’s rare to be offered any additional products to stay with them as you are ending the mortgage contract (normally 25 years or more).  They also fail to advise you to seek further advice about re-mortgaging to another provider.  Despite ages possibly having […]

Lending to those over 70yrs old is not a new thing for AToM!

Rates continue to tumble as the cost of funds remains low and lenders fight to attract your custom. During the last seven days, we have witnessed Halifax reduce some rates by up to 0.30% and Coventry Building Society reduce some of theirs by 0.20%.  Other lenders have reviewed their criteria.  For example, Kensington Mortgages will […]

Helping First Time Buyers and Contract Workers

Great to see lenders are seriously looking to assist first time buyers positively.  One example is the Saffron Building Society, who have launched a five year fixed rate under 4%, with only a £495 lender arrangement fee.  Available with just a 5% deposit, this is an attractive product to those looking to get their first […]

No maximum age on some mortgages..

Halifaxhave recently carried out a survey and found that many customers are now choosing a longer term in which to repay their mortgage.  Some lenders now offer up to a 40 year term.  Of the First Time Buyers that were surveyed by the lender, 26% took a 35 year term.  Taking a longer term allows […]

What is a normal retirement age for mortgages?

You may have seen the Citizens Advice Bureau release research estimating that nearly 1 million people have an Interest Only mortgage with no obvious way of repaying it.  This means that come normal retirement age, the lender has the right to request repayment of their loan.  If the customer has no way of repaying this […]

Provide as much info as possible at the outset to avoid problems later on.

Mixed updates from lenders this week as some have increased rates and others have reduced them.  Fluctuations do not always correlate to the cost of the funds to the lender.  Sometimes a lender will increase rates to stem the flow of business and, where needed, allow them to catch up and bring their service levels […]

Lenders are targeting the Self Employed..

Mortgages for the Self Employed have been sparse over the last few years.  Despite providing a huge part of the economy, lenders have been reluctant to lend to this area.  However,  lenders have now recognised this and are looking more positively to assist the 4.5m self employed (figures as at end of 2014).  A few lenders will now […]

People over 40 yrs old should be able to get a mortgage!

It was interesting to see many of the national press last week covering stories on how difficult it now is to get a mortgage if you are aged over 40.  The articles suggested that many first time buyers are now not able to purchase their first home until they are 40 years old, or even […]