Mortgage for Over 60s in Newcastle

We’ve helped numerous people over the age of 60 with their home moving plans. There’s a range of mortgage options specifically tailored for those over 60, depending on their personal circumstances and property goals.

Whether you fully own a property or are thinking about refinancing your existing mortgage, we take a detailed look at your financial standing and income sources. These can include pensions, earnings from self-employment, regular employment income, or returns from investments.

In your no-obligation, free initial consultation, our dedicated team of mortgage advisors in Newcastle will assess your specific situation and recommend the best way forward.

In our wide-ranging experience, we’ve found that those over 60 often think about moving home for various reasons.

These can include moving to a smaller or larger property, relocating to a new area, living closer to family, choosing a home that better meets their needs such as a bungalow or a property with disability access, living near their grandchildren’s schools, managing divorce settlements, or downsizing to release equity for debt repayment or significant purchases.

Remortgaging can sometimes be a complex procedure, particularly for those aged 60 and above. The circumstances can range from straightforward to complex. Here are some common reasons why our clients aged 60 and above decide to remortgage:

• Securing a new rate as a fixed rate comes to an end.
• Managing a divorce or separation.
• Accumulating capital.
• Settling debts.
• Altering the mortgage term.
• Adding or removing a mortgagee’s name.
• Transitioning from an interest-only mortgage to repayments.

If you’re approaching the age of 60, still employed and possess substantial equity, we can potentially arrange a standard mortgage product for you. Its affordability will hinge on elements like your income, your outgoings, and the loan amount you’re considering.

Nevertheless, if this doesn’t appear to be a viable choice given your current situation, our team of trusted mortgage brokers in Newcastle can explore retirement mortgages that better align with your needs and recommend the most effective course of action.

If you have owned your property for a considerable period and accumulated equity, it doesn’t matter if your mortgage is fully paid off or not, you could potentially unlock tax-free equity from your property.

Our clients who are 60 years or older often choose to release equity for a range of purposes, like:

• Gifting money to family members.
• Funding home improvements or restorations.
• Financing significant purchases such as cars or boats.
• Clearing debts before stepping into retirement.
• Enhancing their pension income.
• Managing divorce settlements.
• And many other reasons…

Choosing the suitable mortgage product relies on your personal circumstances, income, and future plans for your property. If you’re over 60 and considering releasing equity, we are here to answer any queries and provide you with a personalised recommendation.

Opting for a remortgage specifically designed for home enhancements can be a savvy way to fund the upgrade of your property. If you’ve been a homeowner for a considerable period, you might have accrued substantial equity that can be utilised to better your living space.

Many clients aged 60 and over frequently choose to remortgage for home improvements, undertaking projects like adding extensions, designing new bedrooms or communal areas, updating kitchens or bathrooms, improving accessible features, changing windows and doors, beautifying gardens, setting up home gyms or workspaces, constructing new driveways or garden rooms, building summer houses, or transforming lofts or basements.

Our range of mortgages for over 60s is designed to support such improvements. If it fits with your financial strategy, remortgaging your property often provides a lower interest rate than a personal loan.

Furthermore, completing these upgrades is likely to increase the long-term value of your property.

If you are over 60 and thinking about consolidating your debts into one easy monthly mortgage payment, it’s essential to seek professional mortgage advice in Newcastle.

Many people in this situation find themselves caught in a cycle of only making the minimum payments on their credit cards, which are largely interest-based, leading to little reduction in the total debt. As retirement approaches, managing these financial obstacles can become stressful, especially if you’re relying on a pension income.

It’s important to carefully consider debt consolidation mortgages that are specifically tailored for those over 60. Not seeking advice from an experienced mortgage broker in Newcastle could worsen your financial situation and potentially increase the risk of losing your home.

Common scenarios among our clients aged 60 and over looking for debt consolidation remortgages in Newcastle include paying off credit cards, personal loans, store cards, and car loans.

Our dedicated mortgage advisors in Newcastle will assess your individual circumstances and the costs associated with your debts, providing recommendations that are specifically suited to your personal goals.