It's Free to Speak to an Advisor, 7 days, 8am - 10pm

Mortgage for Over 50s in Cambridge

It's free to speak with a
mortgage advisor in Cambridge

01223 653 832 Speak to an Advisor - It's Free!
Reviews IO Logo

Read our 3 Reviews

Reviews Logo

Mortgage for Over 50s in Cambridge

Mortgage advice for the over 50s in Cambridge.

Speak to an Advisor - It's Free!

Can I get a mortgage if I'm aged over 50 in Cambridge?

It’s a common misconception that people aged over 50 have limited options when it comes to mortgages. In fact, there are many different types of mortgage options designed particularly for this age bracket.

As a mortgage broker in Cambridge, we specialise in providing mortgage advice for individuals over 50 considering a mortgage. Here’s how we can assist:

  • We can guide on remortgaging options for those aged 50 and over.
  • We can assist with property purchasing options for individuals over 50.
  • We can help explore avenues for raising capital for those aged 50 and above.
  • We can provide support for those over 50 with poor credit and needing debt consolidation.
  • We can answer most other mortgage-related questions.

Video BG One Video BG Two
Mortgage for Over 50s in Cambridge

The Types of Mortgages for Over 50s

If you’re looking for a mortgage over 50 in Cambridge, there are five main mortgage options you should consider. You can opt for these plans either on your own or with a partner:

  • Repayment Mortgages – A growing number of lenders are now offering repayment mortgages to those aged over 50. You’ll need to fulfil certain criteria and demonstrate affordability to qualify.
  • Interest-Only Mortgages – This could be a suitable choice for some customers. With this type of mortgage, you’re required to repay the principal amount by a specified deadline.
  • Combined Mortgage Options – These plans offer a blend of a repayment and an interest-only mortgage and are accessible to individuals aged 50 and above in Cambridge.
  • Retirement Interest Only Mortgages (RIOs) – These are specifically designed for customers aged 55 and over who desire an interest-only mortgage with no defined termination date.
  • Equity Release Mortgages – If you’re unable to meet the requirements or demonstrate affordability for the above mortgage types, you might contemplate an equity release in Cambridge. This could be via a lifetime mortgage or a home reversion plan.

Mortgage Advice in Cambridge for Clients Over 50

Our mission is to provide clear and transparent mortgage guidance in Cambridge, helping you locate the most suitable mortgage solution tailored to your specific needs.

Your mortgage advisor in Cambridge will take into account several factors before proposing any suggestions:

  • The reason for your application, be it buying a property, remortgaging, or raising capital.
  • Whether the mortgage is solely in your name or shared with another person.
  • Your long-term plans for the property.
  • Your credit score and other financial commitments such as loans and credit cards.
  • Your current and prospective income, including pension plans.
  • Your ability to afford and manage monthly mortgage repayments.

We are always on hand to address any queries you may have about obtaining a mortgage over 50 in Cambridge.

Video BG OneVideo BG Two
Speak to an Advisor - It's Free!

Mortgages for Over 50s in Cambridge FAQs

Are retirement mortgages available to the over 50s in Cambridge?

Accorion Arrow

Mortgages designed for retirement are an available choice for individuals who are looking for a mortgage over 50 in Cambridge.

These particular types of mortgages are specifically designed to cater to the needs of older homeowners who may be approaching their retirement or have already retired.

We are observing a growing trend of mortgage lenders extending their services to include retirement mortgages for the over 50s demographic. This latest progression has opened up opportunities for a diverse range of homeowners to secure a mortgage over 50 in Cambridge.

Is it too late get a mortgage in Cambridge over the age of 50?

Accorion Arrow

It’s quite typical for people in their 50s, 60s, or even older, to get a mortgage.

The primary reason we see people get a mortgage over 50 in Cambridge is to purchase a new property. Whether this is to relocate to be closer to family, downsize, or put aside money for retirement. If these circumstances resonate with your goals, speaking with a mortgage advisor in Cambridge could possibly save you both time and money.

Before committing to a mortgage over 50 in Cambridge, it’s crucial to assess your financial status and objectives prior to making any commitments. As a mortgage broker in Cambridge, we explore a range of options for you, ensuring that we locate a mortgage product that perfectly suits your specific financial and personal needs.

What is the age limit when getting a mortgage in Cambridge?

Accorion Arrow

Your age isn’t usually the deciding factor when it comes to mortgage approval. Instead, lenders primarily focus on your income and overall financial health to determine whether you qualify for a mortgage.

If you’re looking for a mortgage over 50 in Cambridge, you have several options at your disposal. Certain types of mortgages, like capital repayment and interest-only mortgages, have specific end dates. These might be a suitable choice if you have a consistent income and can manage regular payments.

Alternatively, there are options like retirement interest-only and lifetime mortgages that don’t have a fixed end date. These kinds of mortgages are typically paid off when the property is sold, or when the borrower either passes away or moves into long-term care.

Whether you’re buying a property, remortgaging, or accumulating capital, we’re here to help you find the most appropriate solution!

Our Customers Love Us

Reviews Stars5.00 Rating3 Reviews

Our Simple 4-Step Process

Arrange a Free Chat

Step 1

Schedule your free telephone or video meeting with a mortgage advisor in Cambridge and begin your mortgage process today.

In this mortgage consultation, we can calculate the maximum mortgage amount you can borrow, while also providing an estimate of your monthly mortgage payments.

Alternatives to Equity Release

Step 2

While options such as equity release exist, we view this as a last resort.

Should you be looking for a mortgage over 50 in Cambridge, there could be more appropriate choices that match your personal and financial situation. We will search through thousands of mortgage possibilities to pinpoint the most beneficial route for you.

Mortgage Application

Step 3

Once we've chosen the perfect mortgage option for you, we can begin preparing your mortgage application. During this phase, we'll pair you up with a case manager who will take care of all your necessary paperwork!

As soon as your mortgage application is complete and ready to go, we're in a position to send it off to your mortgage lender.

Insurance Recommendation

Step 4

We also suggest taking out insurance alongside your mortgage. This is a protective measure to shield you and your family from unexpected events such as an unexpected death or a serious health condition.

We recommend this to provide you with peace of mind when taking out a mortgage over 50 in Cambridge, reassuring you that your family will be safeguarded in the event of any unfortunate circumstances.

Reasons to Choose Us

Free Appointment in Cambridge

Accorion Arrow

We welcome all of our clients to book a free mortgage appointment with a mortgage specialist based in Cambridge. This can be arranged online or by getting in touch with our devoted team over the phone.

Getting a mortgage over 50 in Cambridge can sometimes get complicated, and this is the reason why we highly recommend a conversation with a well-informed expert.

During this meeting, we will carry out an evaluation of your financial capability to determine your borrowing potential and delve into the diverse mortgage solutions that are open to you.

Search 1000s of products

Accorion Arrow

Our dedicated team will search through 1000s of mortgages on your behalf, before recommending a suitable mortgage product.

Your mortgage advisor in Cambridge will recommend a plan that suits your unique personal and financial situation. We aim to save you money on your mortgage and time throughout the process.

Our Service

Accorion Arrow

For more than 20 years, we've been helping clients get a mortgage over 50 in Cambridge. We've seen and handled a wide variety of mortgage scenarios, so no case is too complicated for us!

Our dedicated team is here to guide you through the entire mortgage process. We aim to make you feel comfortable and assured, every step along the way.

7 Days a Week

Accorion Arrow

Securing mortgage advice in Cambridge has never been easier! Our committed team is at your disposal 7 days a week, offering you the flexibility to get in touch at a time that best fits your schedule.

Reach out to us today to schedule your free consultation with a mortgage advisor in Cambridge.

Malcolm and Amy Davidson - Mortgage Advice in Cambridge

We search 1000s of mortgage deals in Cambridge

Fleet Mortgages
Paragon Mortgages
TSB Mortgages
Bluestone Mortgage Advice
BM Solutions Mortgages
Chorley Building Society
Precise Logo
Pepper Money
Mortgage Works
Coventry Building Society
Natwest Mortgage Advice
Newcastle Building Society
Kensington Logo
Accord Mortgages
Aldermore Mortgage Lender
Beverley Building Society
Kent Reliance
Virgin Money & Mortgages
Leeds Building Society
Scottish Widows
Foundation Home Loans

Types of Mortgages For Over 50s in Cambridge

Purchase mortgages for the over 50s in Cambridge

Accorion Arrow

We have had the pleasure ohelping a wide array of clients in securing a mortgage over 50 in Cambridge.

We’ve see that individuals aged over 50 often decide to buy a new home for several reasons, which might include:

  • Looking to upgrade or scale down their existing home.
  • Planning to move to a new city or area.
  • Desiring to live closer to their family.
  • Preferring a house that better suits their requirements, like a bungalow or a disability-friendly property.
  • Wanting to live nearer to their grandchildren’s school.
  • Handling property concerns that have emerged due to a divorce.
  • Deciding to reduce their living space to release equity for clearing outstanding debts or managing large expenses.

If you’re aiming to achieve any of the above-mentioned objectives or if your situation is complex, don’t hesitate to reach out to our team.

We have spent 20+ years helping people obtain a mortgage over 50 in Cambridge, allow us to guide you in initiating your mortgage process today.

Remortgages for the over 50s in Cambridge

Accorion Arrow

Considering a remortgage in Cambridge and you’re over 50? You might think it’s a complex task, but it’s usually quite simple!

Individuals over 50 often opt to remortgage for various reasons such as:

  • Approaching the end of a fixed rate and desiring a new one.
  • Changes in personal situations like a divorce or separation.
  • Needing to secure extra funds.
  • Planning to settle growing debts.
  • Reassessing and possibly altering the mortgage term.
  • Having to add or remove a name from the mortgage.
  • Transitioning from an interest-only mortgage to a repayment one.

If you’re close to 50, employed, and have accumulated significant equity in your property, you’re likely eligible for a normal mortgage product.

Yet, the mortgage’s affordability will be assessed on your income, expenditures, and the amount you want to borrow.

If these conditions don’t suit your current situation, don’t worry. Depending on your personal circumstances, there might be other mortgage options for retirees that are more suitable for you.

Release equity for the over 50s in Cambridge

Accorion Arrow

No matter if your mortgage has been fully paid or is still ongoing, the length of time you’ve stayed in your property can significantly increase the equity you hold in it.

In certain scenarios, it might be feasible to unlock equity from your property, which could give you a sizeable cash sum.

There are numerous reasons why you may want to take release equity over 50 in Cambridge:

  • Assisting a family member by providing a deposit for their house purchase.
  • Financing major home renovations or enhancements.
  • Making significant purchases like a vehicle or a boat.
  • Clearing any remaining debts as retirement draws closer.
  • Supplementing pension income.
  • Handling financial commitments resulting from a divorce.
  • Among many other unique situations.

The best mortgage solution for you will depend on your individual circumstances, your income, and your plans for your property in the future.

If you’re considering releasing equity from your property and you’re over 50 in Cambridge, don’t hesitate to contact our team. We’re here to discuss your options with you.

Home improvement mortgages for the over 50s in Cambridge

Accorion Arrow

Deciding to remortgage your property in Cambridge to fund home improvements can be a wise choice.

This is especially true for long-standing homeowners who have accumulated a significant amount of equity in their homes, which can be used to upgrade your property.

There are several reasons why individuals over 50 might consider remortgaging for home enhancements in Cambridge:

  • Expanding a property.
  • Adding extra bedrooms.
  • Upgrading the kitchen or bathroom.
  • Improving accessibility or installing disabled access.
  • Revamping the garden or landscaping.
  • Creating room for a home office or gym.
  • Laying a new driveway.
  • Refurbishing loft or basement areas.

We provide mortgage options specially tailored for clients aged 50 and over, which can be hugely advantageous for such projects.

If your financial circumstances meet the criteria for this type of product, securing funds through your property generally results in lower interest rates compared to a personal loan.

Additionally, by remortgaging for home improvements as a homeowner over 50 in Cambridge, you are likely to increase the long-term value of your property.

Debt consolidation for the over 50s in Cambridge

Accorion Arrow

If you’re over 50 and searching for a mortgage to consolidate your debts in Cambridge, it’s crucial to seek expert advice.

As retirement draws nearer, carrying a significant amount of debt can add stress. That’s why it’s preferable to take action sooner rather than later.

If you’re over 50 in Cambridge in this situation, debt consolidation can provide a feasible strategy to effectively resolve your debts. However, without the right mortgage advice in Cambridge, you might unknowingly put yourself in a risky position where your home could be repossessed.

We often come across the following debt consolidation situations:

  • Paying off credit card balances.
  • Settling personal loan amounts.
  • Dealing with store card debts.
  • Squaring off car loan dues.

Your mortgage advisor in Cambridge will assess your financial health and the extent of your poor credit before suggesting the most suitable solution for your circumstances.

Bad credit mortgages for the over 50s in Cambridge

Accorion Arrow

As a mortgage broker in Cambridge, we frequently help individuals in complex situations or facing financial difficulties. Sometimes these difficulties come in the form of bad credit.

Luckily, some lenders cater specifically to those with credit issues in Cambridge. Our role is to guide you towards a mortgage product from these lenders that aligns with your financial goals.

Here’s a rundown of common bad credit issues we come across:

  • County Court Judgements (CCJs).
  • Missed payments.
  • Individual Voluntary Arrangements (IVAs).
  • Debt Management Plans (DMPs).
  • Defaults.
  • Plus many more…

If you’re looking for a mortgage over 50 in Cambridge, and you’re facing any of these issues or something similar, don’t hesitate to contact us for assistance.

We provide a free mortgage appointment to every customer, so be sure to utilise this service by scheduling an appointment online or via phone call.

Mortgage Guides & Cambridgemoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.

UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.

Authorised and Regulated by the Financial Conduct Authority.

We are entered on the Financial Services Register No. 627742 at

Equity Release Council Logo Solla Later Life Logo
Facebook Image X Image Instagram Image YouTube Image LinkedIn Image SpotifyImage TikTok Image

Speak to an Advisor – It’s Free!
7 Days a Week, 8am – 10pm

Speak to an Advisor - It's Free Enquire Online 01223 653 832
We use cookies to enhance your customer experience. More detailsGot It