Martin Lewis demonstrates how to get a mortgage later in life despite the fact that it’s “not going to be simple!”
MARTIN LEWIS has given Britons the most up-to-date advice on mortgages in later life, and his remarks are sure to benefit thousands of people.
Martin Lewis, Money Saving Expert, discusses a variety of topics to help Britons save money, but his most recent advice is for elderly people considering a mortgage. According to a recent Hargreaves Lansdown survey, one in every six respondents expects to be over 65 by the time they pay off their mortgage. Some people may need to refinance, taking out a completely new loan to fit their needs.
Jan, an older woman who called into Martin’s segment on ITV’s This Morning to ask for help, was in this situation.
Jan had hoped to utilize the money she had earned to buy a new house outright, but she realized she would need to borrow a modest to medium-sized sum.
However, due to her advanced age, she was having difficulty obtaining a mortgage.
Thankfully, Martin was nearby to offer advice on what she should do next.
“Let’s be honest, you’d expect approximately 12 to 15 years left at your age based on conventional life expectancy,” he remarked.
“So you can see why a mortgage lender might be hesitant to grant you a mortgage that you’ll have to pay off over the course of 25 years.
“I’m afraid I won’t be able to offer you a particular answer because this will have to be done on a case-by-case basis.
“However, there might be a path you can take. It isn’t going to be simple.”
Martin suggested anyone in Jan’s circumstances to consult with a mortgage broker, who are specialists who can assist with various types of arrangements.
He emphasized the necessity of working with a broker who can search the entire market for the best bargain.
There are a variety of solutions available to those who have access to the internet.
Unbiased and Vouched For, for example, can direct Britons to local mortgage brokers, according to Martin.
Some will charge a price, while others will not, and people will want to look for suppliers who do not charge.
Certain mortgages will have age restrictions, but others will allow borrowers to borrow at any age.
Typical age restrictions. “Brinkwire News in Condensed Form.”