How Perenna is revolutionising mortgages for over-65s

As a broker, you may have seen more homeowners over 65 seeking mortgage advice. 

Did you know that 2 in 5¹ new mortgages now stretch beyond pension age? Understanding this growing group and their needs is key to helping your clients.

Over 50s² in the UK hold 78% of privately held housing wealth. 

Many in this age group are looking for ways for their equity wealth to help them to live their life in retirement, or to support their family to buy homes of their own. Changes in pensions and longer life expectancy mean people now have less money to spend compared to previous generations. 

Providing options here is crucial, but this group may find themselves frozen out by many lenders. Age limits at application or term end can cap loan sizes and shorten repayment terms, making payments harder to afford. This pushes people towards expensive specialist products, which can harm vulnerable customers if they don’t get the right advice. 

Perenna are proud to offer solutions to this group. We don’t apply maximum age limits, meaning we can offer longer mortgage terms. As long as we are using sustainable income into retirement, we can offer a long-term repayment mortgage on our standard product range and criteria. Our long– term fixed rates could be ideal for borrowers who are retired, as they remove the need to refinance every few years.  

Knowing their monthly payment will never change can give clients peace of mind. Importantly though our products come with a reducing 5-year ERC, to give flexibility should they ever need to change their deal. 

Our Retirement Interest Only (RIO) product could be great for those who prefer interest only. While some brokers might not deal with these cases often, our support teams are here to explain the options available for your clients and how we can help. 

At Perenna, we believe anyone who can afford a home should have the chance to own one – no matter their age. 

Do you talk to clients in or approaching retirement? Want to offer tailored mortgage solutions for those in later-life clients? Contact our support team or explore Perenna’s flexible products today. 

Written by Perenna’s Intermediary Support Manager, Graham Laverty.  

Correct at time of publishing. 

 ¹  Two in five mortgages set to run into retirement: LCP   – Mortgage Strategy 

 ² Savills UK, Housing wealth held by over 65s hits record high of over £2.6 trillion.