{"id":4030,"date":"2019-01-03T13:34:03","date_gmt":"2019-01-03T13:34:03","guid":{"rendered":"https:\/\/wordpress-638995-2240450.cloudwaysapps.com\/?p=4030"},"modified":"2019-01-03T13:34:03","modified_gmt":"2019-01-03T13:34:03","slug":"mortgage-options-over-55s","status":"publish","type":"post","link":"https:\/\/cliffordosborne.co.uk\/mortgage-options-over-55s\/","title":{"rendered":"Mortgage Options for Over 55s"},"content":{"rendered":"<p>Following the Mortgage Market Review in 2014, banks and building societies were required to adopt stricter lending criteria and affordability checks, and as a result many lenders restricted both their maximum borrowing and repayment age.<\/p>\n<h2><strong>FACTORS TO TAKE INTO CONSIDERATION<\/strong><\/h2>\n<p>Whatever their age and circumstances, older borrowers will need to go through the usual checks to ensure they can afford to make their monthly mortgage repayments. They will need to show proof of income and declare all outgoings, including any debts.<\/p>\n<p>Lenders will need to consider issues that could affect an older borrower\u2019s income, such as their state of health, and in the case of joint borrowers, what would happen to their finances if one of them were to die.<\/p>\n<p>On the other side of the coin, older borrowers can often be free of other commitments that can burden younger borrowers \u2013 they are further into their careers and probably earn more, their children may have left home, and many may have already come into money through a family inheritance.<\/p>\n<p>It can be easier for a lender to assess whether a loan is affordable in the case of a potential borrower who is in receipt of a pension, as opposed to one who is likely to retire half way through the mortgage term.<\/p>\n<h2><strong>TAKING ADVICE IS KEY<\/strong><\/h2>\n<p>Getting advice from a mortgage adviser can really help. We know the lenders in the marketplace and the criteria they operate under, and so are able to ensure that your application goes to one that caters for your specific mortgage needs.<\/p>\n<p>As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments.<\/p>\n<p><strong>Clifford Osborne are Independent Financial Advisors (IFA) based in Eastbourne, East Sussex, offering\u00a0<a href=\"https:\/\/cliffordosborne.co.uk\/pension-advice-and-retirement-planning\/\">early retirement advice<\/a>,\u00a0<a href=\"https:\/\/cliffordosborne.co.uk\/pension-advice-and-retirement-planning\/\">pension advice<\/a>,\u00a0<a href=\"https:\/\/cliffordosborne.co.uk\/mortgage-broker\/\">mortgage advice<\/a>\u00a0and more. Our clients often come from Uckfield, Lewes, Brighton, Tunbridge Wells, Hastings, Bexhill, Newhaven, Seaford, Crowborough and further afield.<\/strong><\/p>\n<p><strong>Please read our\u00a0<a href=\"https:\/\/cliffordosborne.co.uk\/top-250-ifa-in-uk\/\">VoucherFor reviews<\/a>\u00a0here.\u00a0<\/strong><\/p>\n<p><strong>The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated.<\/strong><\/p>\n<p style=\"font-size: 7pt;\">It is important to take professional advice before making any decision relating to your personal finances. Information within this blog is based on our current understanding of taxation and can be subject to change in future.<\/p>\n<p style=\"font-size: 7pt;\">It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK; please ask for details. We cannot assume legal liability for any errors or omissions it might contain. Levels and bases of, and reliefs from, taxation are those currently applying or proposed and are subject to change; their value depends on the individual circumstances of the investor.<\/p>\n<p style=\"font-size: 7pt;\">The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated.<\/p>\n<p style=\"font-size: 7pt;\">If you withdraw from an investment in the early years, you may not get back the full amount you invested. Changes in the rates of exchange may have an adverse effect on the value or price of an investment in sterling terms if it is denominated in a foreign currency. Taxation depends on individual circumstances as well as tax law and HMRC practice which can change.<\/p>\n<p style=\"font-size: 7pt;\">The information contained within the blog is for information purposes only and does not constitute financial advice.<\/p>\n<p style=\"font-size: 7pt;\">The purpose of the blog is to provide technical and general guidance and should not be interpreted as a personal recommendation or advice.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Whatever your age and circumstances, if you&#8217;re an older borrower, you&#8217;ll will need to go through the usual checks to ensure you can afford to make their monthly mortgage repayments. Here&#8217;s our advice on getting a mortgage if you&#8217;re over 55&#8230;<\/p>\n","protected":false},"author":2,"featured_media":4031,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[48,49,61,83,134,140,141,142],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Mortgage Options for Over 55s | Mortgage Advice from Clifford Osborne East Sussex<\/title>\n<meta name=\"description\" content=\"Looking at mortgages later on in life? We explain mortage options for over 55s. Advice from IFA in Eastbourne, East Sussex &amp; Kent\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cliffordosborne.co.uk\/mortgage-options-over-55s\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mortgage Options for Over 55s | Mortgage Advice from Clifford Osborne East Sussex\" \/>\n<meta property=\"og:description\" content=\"Looking at mortgages later on in life? We explain mortage options for over 55s. Advice from IFA in Eastbourne, East Sussex &amp; Kent\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cliffordosborne.co.uk\/mortgage-options-over-55s\/\" \/>\n<meta property=\"og:site_name\" content=\"Clifford Osborne\" \/>\n<meta property=\"article:published_time\" content=\"2019-01-03T13:34:03+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cliffordosborne.co.uk\/wp-content\/uploads\/2019\/01\/MORTGAGE-OPTIONS-FOR-THE-OVER-55s.png\" \/>\n\t<meta property=\"og:image:width\" content=\"650\" \/>\n\t<meta property=\"og:image:height\" content=\"450\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Paul Clifford FPFS FCII Chartered Financial Planner\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Paul Clifford FPFS FCII Chartered Financial Planner\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/cliffordosborne.co.uk\/mortgage-options-over-55s\/\",\"url\":\"https:\/\/cliffordosborne.co.uk\/mortgage-options-over-55s\/\",\"name\":\"Mortgage Options for Over 55s | Mortgage Advice from Clifford Osborne East Sussex\",\"isPartOf\":{\"@id\":\"https:\/\/cliffordosborne.co.uk\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/cliffordosborne.co.uk\/mortgage-options-over-55s\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/cliffordosborne.co.uk\/mortgage-options-over-55s\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/cliffordosborne.co.uk\/wp-content\/uploads\/2019\/01\/MORTGAGE-OPTIONS-FOR-THE-OVER-55s.png\",\"datePublished\":\"2019-01-03T13:34:03+00:00\",\"dateModified\":\"2019-01-03T13:34:03+00:00\",\"author\":{\"@id\":\"https:\/\/cliffordosborne.co.uk\/#\/schema\/person\/d53148440ae8cefcdc4f314f8fc3b1c4\"},\"description\":\"Looking at mortgages later on in life? 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