Mortgages Into Retirement, the Debate Continues

Tuesday, June 25th, 2024

For many years there have been discussions about the validity and plausibility of people taking out mortgages over a term that will stretch beyond their state retirement age. These discussions have been rekindled recently following some new data that has been released by the Bank of England.**

Emerging Trends in Mortgage Terms

The data suggests a trend in recent years where more borrowers are taking out mortgage terms that extend beyond their state retirement age. The fastest-growing trend is among those in their thirties, as they attempt to get onto the housing ladder without overstretching themselves financially.

Planning for the Future

Some would argue that when retirement is such a long way away, with the correct advice and planning, and with regular reviews the mortgage term can be reduced gradually over a period as the borrowers’ circumstances improve and their financial situation becomes stronger. This can then provide the structure required to make sure the mortgage ends before retirement is reached.

However, those with a different perspective might argue that improvements in financial standing are not guaranteed, and that ‘life events’ can often disrupt even the most carefully devised plans and intentions.

The Role of Mortgage Brokers

It is for these reasons, and many other important considerations, that many people choose to discuss their situation and mortgage requirements as well as their short-medium term plans with a mortgage broker.

Tailored Mortgage Advice from Caboodle Finance

An experienced mortgage adviser will be able to develop a bespoke plan with regular reviews scheduled, whilst also recommending the best and most suitable mortgage based on the individual circumstances and requirements of each customer.

See what our clients have to say

And that is where the team here at Caboodle Finance can help. If you would like to check out what our clients think of the assistance they have received from our mortgage advisors, our testimonials page is located HERE.

Get in Touch for Expert Advice

Thereafter, if you would like more information on how the experts here at Caboodle Finance in Sutton Coldfield, Birmingham can provide you with tailored advice, please call 0121 308 9114 or click HERE to complete our online form and one of our friendly team will be in touch.

We look forward to talking with you.

** Source – Financial Reporter. 13-05-24

The information contained above was correct at the time of publication but is subject to change.

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THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT. CONSOLIDATING DEBTS MAY INCREASE THE TERM AND TOTAL AMOUNT PAYABLE.

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Caboodle Financial Services Ltd, registered in England and Wales at Mere Green House, 46-48 Mere Green Road, Sutton Coldfield, West Midlands B75 5BT (number 08044670).
Caboodle Financial Services Ltd is an appointed representative of PRIMIS Mortgage Network (PRIMIS), a trading name of Advance Mortgage Funding Ltd which is authorised and regulated by the Financial Conduct Authority. PRIMIS is only responsible for the service and quality of advice provided to you in relation to mortgages, protection insurance and general insurance products. Any other product or service offered by Caboodle Financial Services Ltd may not be the responsibility of PRIMIS and may also not be subject to regulation by the Financial Conduct Authority. The Financial Conduct Authority does not regulate some forms of Buy to Let.

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