Halifax Mortgages For Over 60s

Halifax mortgages for over 60s are now available through Renew Advice. The mortgage provider is offering a fixed retirement interest only mortgage rate of 2.97% and a lifetime product at 3.11% for borrowers over 60. These are aimed at people who want to move home or plan their estate.

In order to apply for a Halifax pensioner mortgage, each borrower will need to pass affordability checks. These will take into account both earned income and other sources of retirement income (such as an annuity) to ensure that they can afford the monthly repayments throughout their life.

Securing Your Dream Home After 60: Nationwide Mortgages Tailored for Seniors

When assessing the affordability of a Halifax mortgage for over 60s, the lender will consider both the current and projected state pension age. This is because the maximum state pension age is currently 65 for men and 63 for women, although it is likely to rise to 66 in 2020 and 67 between 2026 and 2028.

The Halifax remortgage calculator can help homeowners to find the best remortgage deals. These will depend on a variety of factors including income, credit score, age and existing borrowings. A specialist mortgage broker can advise on the most suitable options for a particular circumstance.

Some lenders such as HSBC, Nationwide and Santander require that all mortgages be paid off by the borrower’s 75th birthday. However, according to the Building Societies Association, more than half of its members allow borrowers to borrow up to 80 or 85 and six have recently loosened their age limits further.