Retirement Property Mortgage

Mortgages on retirement properties are available although only a select few lenders offer these types of mortgage deals due to the restrictive covenants placed on the property. Thankfully the lenders that do operate in this market place offer competitive mortgage deals that is at the same rate as their standard mortgage deals. If you are interested in finding out more details about a mortgage for a retirement property contact us now and we will be happy to provide you with some mortgage illustrations.

Buying A Retirement Property Can Improve Your Quality Of Life!

When you are close to or just past retirement age you may feel it is time to sell up and move to a smaller property now that the kids have flown the nest. The benefits are obvious when you think about it. Less bedrooms to clean and maintain, cheaper heating bills, and if the stairs are becoming a little troublesome, then you can buy a bungalow, or a flat in a purpose built complex with easy lift access between floors. 

Buying a retirement property in the UK rather than abroad will also means you can stay close to your family and friends, and there are no language barriers to overcome unlike when you move to Spain for example. 

Retirement properties come in a wide range of types and have many different levels of support on offer.Modern, purpose built retirement homes are often built in a complex or small village setting specifically for use by older people over the age of 55 years. Although these complexes are made for the over 55s, you don’t have to be over this age to buy one. Quite often younger family members will purchase a retirement property for their parents to live in. 

Some retirement homes come complete with shared amenities that benefit their retirement community, such as a swimming pool, gardens, tennis courts, social club, communal lounge, and even a restaurant. This offers you a chance to make new friends and socialise with like-minded people, while at the same time feeling totally secure in your surroundings. 

When you are considering a particular property in a retirement complex, those that have shared facilities will usually have a service agreement that may require you to pay a nominal fee each year towards maintenance. This would cover the cost of maintaining communal gardens, cleaning and decorating communal corridors and lifts, repair and maintenance of external walls, and building insurance. 

Make sure you check out the service agreement and understand all the charges involved, and what is not included in the fee before you go ahead with your purchase. Retirement villages can offer buyers the chance to remain independent, yet benefit from a wide range of services. 

The purpose built homes will also have features built in that make life easier for older residents, such as arthritis-friendly taps, electrical socket positioned higher up the walls to eliminate too much bending down, and emergency pull-cords for complexes where there is a warden available to give you urgent assistance when needed. There are so many benefits associated with buying a retirement home, such as better quality of life, improved standards of living, lower bills, and increased social life, that it really is worth looking into today. 

Contact our team to discuss your retirement mortgage requirements or fill in our online mortgage enquiry form today and we will be in contact with you.

Published on 20 April 2020

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