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Are you between 52 and 56 years old and do you have special housing needs or has your personal situation changed because, for example, the children are out of the house? Then it is wise to take action on time. Once you are 57 years old, different standards apply when calculating your maximum mortgage. In this article, we would like to explain what is changing.
Once you are 57 years old (10 years before the state pension age), mortgage lenders must use a different method to calculate your maximum mortgage. They then include not only your current employment income, but also your expected retirement income. If your pension income is less than 70% of your current employment income, this leads to a lower maximum mortgage.
This is not always the case. Indeed, from the state pension age, slightly wider mortgage standards are used, partly thanks to the lower rate in the first instalment. In addition, there may also be other income that can provide a higher maximum mortgage. Do you want to know for sure what your options are? Then have a personal calculation made by a DGA mortgage advisor.
Do you have excess value on your current home? This can affect the mortgage options that are available, both for refinancing an existing mortgage and taking out a new one.
Before you are 57 years old, there are wider options for taking out a mortgage. From the age of 57, the options may be less extensive, depending on your personal situation. Don't take unnecessary risks and take action on time, so we can look at everything carefully with you and fix it for you before you turn 57.
If you want to take out a new mortgage or modify an existing mortgage, preferably arrange this well before you turn 57. Then we have plenty of time to discuss the options with you and take out a well-considered and, of course, affordable mortgage for you.
Make a free appointment with one of our mortgage advisors, we'll be happy to help you.
