Join our multitude of clients from the UK`s mature population who have enhanced their life with competitive loans for pensioners. We work all of our lives to provide during our old age, trying to put money aside each month into our pension pot and paying the mortgage ready for the day when we can say `that`s enough, I`m going to give it all up and raise begonias`. Trouble is there are only so many flowers you can grow before you realise that maybe you have earnt the right to also do some of those bucket list items you never got round to. It`s time to do something worthwhile, memorable and life enhancing. With our extensive choice of lenders loans for retired and senior citizens you could make those dreams a reality.
Perhaps you have applied for a loan elsewhere but there seems to be a problem?! ..…..have you previously been told:
` what`s that, you want to borrow money and pay for it with your monthly pension? – no sorry can`t help`
`you would like a low rate loan and you are over 60? - no sorry can`t help`.
You are not the first to have been let down in this way, as for many lenders you need to be working full time to borrow money and be under 65 years old at the end of the loan term. My Sort of Loan has worked hard to fill this gap with tailored loan plans and we certainly don`t believe your age or income source should restrict your loan options. So find out what your repayments could be today via a free quote by calling free phone on a mobile or landline using 0800 0159 295 or dial 0330 0536001 (mobile friendly) and speak confidentially with one of our experienced, friendly UK loan processing staff.
Alternatively complete our short online enquiry form (don`t worry no credit search will be carried out with this form) and we`ll try our very best to swiftly arrange your competitive loan.
Some key features that may be available to homeowners are:
Some great interest rates - Many of our senior / retirement lenders plans enable you to borrow in retirement (or when semi-retired) at the same rates you enjoyed whilst you were working.
Do you own a buy to let property or have equity in your home? No Problem! - Use your rental property or residential home as collateral for a secured loan as a pensioner.
Take a loan out until your 80th Birthday - My Sort of Loan can arrange loans that run until you are 80 years young, speak to one of our qualified advisors today and find out what we can do for you.
So what options are available to you if you have given up work and are living on your pension income? Will the rates be the same? Will you be able to borrow all the money you need? Will you have to sell your home? These are all very good questions and at My Sort of Loan we are often asked these and other questions when we`re approached to arrange finance for our retired clients. The truth of the matter is that many of the conditions that applied while you were working full time apply now that you`re over 50, 55 or 60 and receiving a private pension and / or perhaps working part time. There are of course a few more things to consider, for instance how long can you take a loan over in retirement and how much will you be able to afford to pay back.
Well the simple answer is that when it comes to loan options for our retired client it`s going to come down to how much income you have available, your age at the start of the loan as well as the value of your property alongside how much you already have secured against it. At My Sort of Loan our qualified advisors will review your current circumstances as well giving consideration to your future needs and requirements. If you want to discuss our panel of lenders which offer loan options for the retired call our mobile friendly number on 0330 053 6001 and talk to one of our advisors confidentially about how we could help you.
So you have a pension, or maybe you have a couple of pensions that are paying you an income, can you use all of that income? Well, you may very well be able to use all or any of your private pension income to support you loan application, if you`ve reached that age where you receive a state pension you can use that too as well as a number of state benefits – yes really some of our lenders plans allow various benefits to be included as income!. In fact there are all kinds of income that you can use to support your application , for instance did you know that if you receive an income from your buy to let properties you might not need to use your pension income at all. So all things considered so long as you have an income, providing that it isn`t housing benefit most lenders will accept your confirmed income when considering your loan application.
At My Sort of Loan one of the questions that we are often asked is, `will my home still belong to me if I take a secured loan out` and `I`ve heard that you can`t sell your house if you take a mortgage out at my age`… You see there are alternative ways to borrow money and some of those options do involve ownership of your home passing to a loan company. Now don`t misunderstand us there are circumstances where that can be the right thing to do and you should seek specialist advice if you are interested in equity release. At My Sort of Loan we offer an alternative that will not only keep you in your home it will also allow you the opportunity to leave it to your loved ones when the time comes.
A secured term loan arranged by My Sort of Loan can be repaid in as short a time as you can manage or as long a time as the lender will permit (which can be up to 80 years old). The key differences are that you will need to make repayments but at the end of the loan you will not owe the lender anything. You can also sell your home and move so long as you settle the loan and any early repayment charges from the sale. Our qualified second mortgage advisors will carefully consider your situation against your needs and retirements and suggest a plan that achieves your needs, suits your circumstances and above all retains ownership of your own home.
One of the limiting factors in the maximum loan size if of course affordability, it`s easy when you`re young because it seems you have all the time in the world to take loans over twenty, twenty-five or even thirty years. Unfortunately as we start getting on a bit there never seems to be as much time to do things and borrowing money is certainly no exception. As a general rule even the most flexible lenders want the loan to be repaid by the time you reach your 80th birthday however attitudes on the matter vary and there are those who don`t like to lend beyond 70 or even 65. Your qualified advisor at My Sort of Loan will know their way around the various lenders and their maximum age requirements so you can be rest assured that you won`t waste any of your precious time talking to people who aren`t prepared to help you based on nothing better than your age.
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