If you have found yourself asking 'Can I get a mortgage at 50?' then you'll be pleased to hear the answer is yes - though there may be strings attached.
Banks, never ones to miss a trick and always ready to make a mint, have noticed they can make money by offering mortgages for the over 50s.
If you make a comparison of what mortgage deals for over 50's lenders are willing to provide, you may just find a cheap offer that matches your needs.
Considerations when getting a mortgage over 50
There are several reasons to think about getting an over 50 mortgage. Maybe you haven't had a chance to own a property before, or perhaps you're a homeowner who wants to reduce your monthly payments by getting a sweeter deal.
Whatever the reason, banks will want to know, if you're going to take out a mortgage with them, that you can afford it!
If you're still working then you'll need to show that you have the income needed to make your repayments.
As you may well be approaching retirement, you could also have to prove that you will have money available to cover the costs when you finish work, whether it's from a pension, savings or investment.
Alternatively you may need to show that you can afford to pay off your mortgage in a shorter time, as most lenders have an upper age limit somewhere between 70 and 85 which could curtail your mortgage term.
It may well be that your lender wants you to find a backer who can cover your payments should you be unable to, so think about who you could get to act as your guarantor if you need one.
What kind of mortgage for over 50s do you need?
Before you start your mortgage comparison, think about what you require. There are a number of questions you should ask yourself, including:
What amount of money will you need to borrow (which will determine the loan-to-value ratio)?
Do you want set, consistent monthly (fixed rate) repayments, or are you willing to gamble with changing (variable) rates?
Would a shorter or longer initial interest rate period be better for you?
One way to answer these questions is think again about how much you can commit to paying each month, as that will give you a clue as to how much you can realistically borrow (and pay back) and whether you'll need to budget - read our guide How to get a mortgage if you're an older borrower for more information about this.
The age issue with over 50s mortgages
Risk-averse mortgage providers will probably have one age limit for taking out new mortgages (normally 65 to 70) and another for paying them off (between 70 and 85).
These limits can vary though, depending on your circumstances and available income, so you'll need to check with each lender before applying. So don't worry just yet if you're blowing out the candles on your 70th birthday cake!
How to compare the best mortgages for over 55s
Mortgages, whatever age you are when applying for them, will come with extras you have to take into account when browsing.
When comparing over 50s mortgage deals remember to think about the duration of the deal you want, whether you are happy to pay a mortgage product fee or not and whether you want a fixed or tracker initial interest rate.