GETTING a mortgage past retirement age used to be a hurdle that was hard to jump over, but older home buyers and borrowers have more options than ever before.

Lenders have become more flexible in their criteria and deals for homeowners heading into their later years.

1

Some providers now have no maximum age limit at all, giving older borrowers the chance to get the home they want.

It comes as first-time buyer ages have gradually increased over the past few years, as higher house prices mean it is more difficult than it used to be to get on to the property ladder.

At the same time, people are living for longer and working past the traditional State Pension age in many cases.

In some cases, this may be out of financial necessity but it can also be for enjoyment and to keep mentally or physically active in later life.

As a result, lenders have adapted to changing patterns.

Chris Sykes, at financial firm Private Finance, said: “Lenders have indeed become more flexible in this space in recent years.

“It might sound like some people’s worst nightmare to have finance into later life, but for some it’s a lifeline as they can’t pay for food with bricks.

“Others haven’t been able to get on the property ladder as early in life as they would have liked, and some would rather pay monthly but raise capital for children or even grandchildren to buy.”

Whatever the reason for wanting to borrow, the chances are that there will be lenders willing to look at your case.

Chris added: “Mainstream lenders are taking employed and self employed income later and later in life, often to 75 now, some to 80 even.

“But the lenders who really specialise in this space is specialist building societies.”

Big lenders usually have set criteria for mortgage applicants which will specify things such as the age you will need to be by the time your mortgage ends.

However, specialist lenders such as building societies are more likely to look at applicants on a case-by-case basis.

As long as these lenders think you will still be able to afford to make the mortgage repayment at a later age, you could find that you are accepted at almost any age.

In some cases, pension payments will even be an accepted form of income whereas in the past it wasn’t.

Mr Sykes said: “Building societies are having to innovate in their criteria in order to win business so can be flexible.

“Often as you get into your 70s, lenders are looking at incomes guaranteed into later life, such as pensions. investments and buy to lets.

“But also if you own a business that pays you and is family-run, for example.”

Lenders typically assess whether you can qualify for a mortgage based on your income through your job.

The best mortgage rates for over-60s

 A borrower who is 60 and looking for a five-year fixed-rate mortgage today has plenty of choice and can get sub 4% rates.

The scenario assumes the borrower has an income of £50,000 and wants the mortgage for a 25-year term on a loan to value of 60%, according to data supplied by broker John Charcol,

The lowest rate is with Barclays with a competitive offering of 3.7%, it’s the only high street lender in the top five.

The rest of the leading rates are from building societies with Newbury offering 4.39%, Darlington 4.49%, Cambridge 4.69% and Family 4.74%.

Some building societies have specialist conditions such as requiring you to live within a particular region of the country.

The mortgages also come with different product fees which need to be taken into account when looking at the overall value of the deal.

An independent mortgage broker can help you understand the best deals available to you in your specific circumstances.

SPECIALIST LENDING

As well as traditional mortgage products there are also specialist products available to older borrowers.

Retirement interest only mortgages, for example, have increased in popularity.

These loans are available to borrowers over 55 and allow borrowers to pay a fixed amount of interest on a loan with the underlying sum paid off from the property when the owner dies or moves into long term care.

There are currently 181 retirement interest-only mortgages available, according to data site Moneyfactscompare.co.uk, compared to 104 products in 2021.

Caitlyn Eastell from the site, said: “Many people may have existing mortgage debt as they approach retirement age or are simply choosing to continue working past typical retirement age.

“S0, it is positive news to see a rise in the number of Retirement Interest Only products available to later-life borrowers despite only being a niche sector of the market.

“RIO mortgages are a way for older homeowners to continue borrowing into retirement and may well help with monthly repayments as it removes the need to repay the capital sum, which could appeal to those who are indeed relying on their pension to make payments.

“In any case, it is important borrowers seek advice before committing and ensure they are making the correct decision to suit their needs.”

Equity release is another product that may suit older homeowners looking to borrow cash.

You’ll need to get professional advice before you take out specialist lending products.

Later life advisers can help you to navigate the options available to you whether it’s a mainstream mortgage or a specialist product is best for your particular circumstances.

A secret boiler button could slash your heating bills by a whopping £150.

There’s claims that average gas bills could go down by as much as 9per cent by turning your boiler flow temperature down.

1

Families are trying to find ways to stave off energy costs down while keeping warm during the winter months.

But energy experts from one of the UK’s biggest money saving expert’s have revealed some top tips on how to combat heating bills as temperatures plunge.

Ben Gallizzi, energy expert at Uswitch.com, said: “The boiler flow rate controls how hot the water is when it leaves the boiler and goes to your radiators. It’s separate to heating and radiator controls.

“Reducing the flow rate can make your boiler run more efficiently, which can save you energy and money.

“People with a condensing combi boiler may be able to turn down the flow temperature to save themselves some money on their energy bills.

“For combi boilers, the recommended output temperature for the radiators is 75C and at least 60C for water, which is the temperature that kills legionella bacteria.”

Flow rate control work is a key element that homeowners can use to lower their payments.

Which? Energy Editor Emily Seymour explained why it’s important.

She said: “Most homes are heated by wet central heating. The heating flow temperature of your boiler is the temperature at which water leaves your boiler on its journey to your radiators.

“By default, many boilers are set to heat this water to 75-80C. But many homes with condensing combi boilers can be suitably warmed with heating flow temperatures of 60-65°C or lower.

“Lowering that temperature means your boiler uses less gas and operates more efficiently.

“Combi boilers also let you select how hot the water supplied to your taps is. As a result, you can adjust both your heating and hot water temperature separately.

“Water comes back from radiators into your boiler when it reaches a certain lower temperature, ready to be heated up again. This is called the return temperature.

“The return temperature is likely to be 60 degrees if you have a flow temperature of 80 degrees.”

By tweaking it, you could save yourself a fair bit of cash if your home is well insulated.

Your average gas bills could go down by as much as 9per cent by turning your boiler flow temperature down – which equates to roughly £150 a year.

But for those that aren’t well insulated or have small radiators, the benefits may not be as good.

To change your boiler’s flow temperature, Emily says: “On a combi boiler, flow temperature for heating is usually shown by a radiator symbol and, for hot water, a tap symbol.

“Use the up and down arrows to adjust the temperature.”

It is important to note that the Heating & Hot Water Industry Council (HHIC) recommends that people adapt their boiler settings with the advice of a boiler engineer.

But if you have a combi boiler, you’ve made sure it’s safe and you’ve checked your boiler’s technical manual, you can adjust these settings yourself.

This setting is accessible to anyone and it can be changed using your boiler controls.

IF you feel like you are getting a crumby deal on big-name biscuits, you’d be right.

A packet of McVitie’s Digestives has shrunk by as much as 28 per cent since 2014, despite prices rising by 129 per cent over the past decade.

9

So could the supermarket versions offer better value?

It’s crunch time as Laura Stott tries the own-brand digestives.

Aldi Belmont Digestives – 29 biscuits, 400g, 57p

9

IN true Aldi dupe style, the packet looks very like the McVitie’s one, which costs over a quid more.

But put these in a biscuit tin and it’s doubtful anyone will notice the difference.

And you get the most biccies per packet too.

Rating: 5/5

Tesco Digestives – 28 biscuits, 400g, 70p

9

THESE looked the part, but tasted disappointing and the texture is too dry.

The packet claims the biccies are crumbly and crunchy.

Instead they tasted dusty, with a few falling apart before I had a chance to dunk them in my cuppa.

Rating: 1/5

M&S Digestives – 25 biscuits, 400g, 80p

9

Advertisement

WHILE pricier than other super- market versions, these deluxe digestives from M&S are still good value compared with McVitie’s.

Sweeter than some on test but in a rich, mellow and smooth way.

Extremely tasty.

Rating: 4/5

Lidl Tower Gate Digestives – 26 biscuits, 400g, 57p

9

A GREAT value option from Lidl without compromising on flavour – they taste rich and sweet.

They also held up well during a cup-dunk.

But a shame there were fewer in the pack than many other own-brand offerings.

Rating: 4/5

Sainsbury’s Digestives – 28 biscuits, 400g, 70p

9

WITH a darker colour, these had a more wholesome flavour and were thick, offering a good crunch.

The biccies also had a milky and nice malty aftertaste and paired well with a cuppa.

A quality product at a great price.

Rating: 3/5

Asda Digestives – 27 biscuits, 400g, 70p

9

A GREAT-value offering with plenty to go round.

Sweeter than others on test, with an orangey hue and not very chunky, but the taste still hit the spot.

These also had a lovely aroma too, which made it hard to stop at just one.

Rating: 3/5

Morrisons Digestives – 27 biscuits, 400g, 70p

9

Advertisement

A GOOD ratio of crumble to crunch that stood up well in the cuppa dunk.

The flavour was pleasant too – not overtly sweet and with plenty in the packet.

These were thicker than some of the others, adding a pleasant texture.

Rating: 3/5

McVitie’s Digestives – 24 biscuits, 360g, £1.80, Tesco

9

AT well over a £1 more per packet than most supermarket versions, there are also fewer biccies, with only 24 inside.

They are enjoyable – but ­paying nearly two quid for them left a rather bad taste.

Rating: 2/5

A SHOPPER has warned people to “keep an eye out” after they bagged a garden chair that was reduced by 90%.

Lucky saver Christina shared her bargain in a post on Facebook after finally receiving delivery of the rocking seat.

2

2

Advertisement

The Maya Mango Rocking Chair she purchased had been reduced by a whopping 90%.

Instead of its regular retailing price of £214.99, Christina managed to nab it for just £21.99.

It had been listed on retail site Studio, which is owned by the Frasers Group alongside Sports Direct and House of Fraser.

Christina’s post on Facebook group Extreme Couponing and Bargains UK read: “Studio bargain.

“Took about a week to arrive.

“I’ve seen it go in and out of stock.. keep an eye out.”

More than 100 users were quick to comment underneath the post, desperate to grab the deal for themselves.

One said: “I want one of these for my bedroom.”

Another added: “I have one so comfy would recommend it.”

Others tagged their friends and family saying “keep an eye out for me please.”

One unlucky shopper, however, had the misfortune of buying the item at a much higher price just weeks before.

They said: “Oh my gutted, I bought this 4 weeks ago at 100 quid.”

Since Christina’s post, however, the item has now disappeared from Studio‘s website, indicating it may now be out of stock.

However, Christina added that while it’s not currently showing, it “keeps coming back and going again” like many other items at the moment.

This means there may be hope it returns at its major discount soon.

Studio is currently running a warehouse closing down sale, where it offers up to 90% off countless products.

It always pays, however, to compare prices so you know you’re getting the best deal.

There are countless other garden chairs listed online but many cost much more money.

The cheapest rocking garden chair we could find is currently listed at £45 from IKEA.

However, if you want one that looks most similar to the Studio product, Temu currently has a chair priced at £101.

Prices can also vary day to day and by what deals are on at the time, plus remember you might pay for delivery if you’re ordering online.

You can compare prices on platforms like Google Shopping.

MARTIN Lewis has issued a warning to anyone under 22 who could have £2,000 sitting in a forgotten account.

Child Trust Funds are long-term, tax-free savings accounts which were set up for every child born between September 2002 and January 2 2011.

2

2

Advertisement

The Money Saving Expert said on X that those aged 22 and under could have the Child Trust Fund set up and access it for free.

But he also warned that some firms are attempting to charge individuals to “get your own money” – but Lewis says “don’t pay.”

The Government deposited £250 for every child during that time period, or £500 if they came from a low income family earning around £16,000 a year or below.

An extra £250 or £500, depending on their families’ economic status, was deposited when the child turned seven.

In 2010, this was reduced to £50 for better off households and £100 for those on a lower income.

The scheme was eventually scrapped in 2011 as part of cost-cutting measures following the 2009 financial crisis and was later replaced with Junior ISAs.

Currently, parents or friends can deposit up to £9,000 into the child’s account tax-free, with the money usually invested into shares.

The youngest children across Britian to have these accounts are about 13 years old, so have around five years before they can access the cash.

It is important to note that savings in these accounts are not held by the Government but are held in banks, building societies or other saving providers. 

The money stays in the account until it’s withdrawn or re-invested.

Young people can take control of their Child Trust Fund at 16, but can only withdraw funds when they turn 18 and the account matures.

However, new figures released by the HMRC have found that more than 670,000 18-22 year olds are yet to claim their Child Trust Fund.

The tax office said that the average savings pot is worth £2,212.

Angela MacDonald, HMRC’s second permanent secretary and deputy chief executive, said the government wants to “reunite young people with their money and we’re making the process as simple as possible.”

She added: “You don’t need to pay anyone to find your Child Trust Fund for you, locate yours today by searching ‘find your Child Trust Fund’ on GOV.UK.”

How to track down a Child Trust Fund

If you were born in the UK between 2002 and 2006 it is worth checking to see if you have cash in a Child Trust Fund.

Parents were either given a voucher to set one up or HMRC set one up on a child’s behalf.

There are a number of third party groups offering to search for Child Trust Funds but it worth noting that they will charge a fee so you might loose a chunk of your money.

The Government has a free tool you can use online to help track down your fund.

You can find this by searching for “find a Child Trust Fund” on GOV.UK.

You’ll need to have a few personal details to hand to do the search, including your date of birth and National Insurance (NI) number.

Your NI number remains the same for your entire life. It’s made up of two letters, six numbers and a final letter. 

You can find this number on your payslips or by downloading the HMRC app, which can be downloaded on the Apple or Google Play Store.

When you’re done filling this out, HMRC will then send you a letter revealing what company has your Child Trust Fund.

What to do once you have claimed the money

Usually, people put the cash straight into a bank account, invest it, or transfer it into an ISA.

You can also ask your Child Trust Fund Provider to give you the money and get it cashed into your bank account.

This way you’ll need to share the bank account details you wish to transfer the cash into with HMRC.

But if you’d rather invest it, you can transfer it into an ISA.

The Sun recently broke down whether or not an ISA is right for you, which you can read here.