Mortgage options and retirement
The age of 55 is approaching and reaching the retirement date is still far ahead of you, or so it seems.
Lenders start looking ten years (in some cases even 10.5 years) before your retirement age to see if the mortgage you are applying for is affordable not only on your income now, but also later when you receive your retirement income. A mortgage generally runs for 30 years, so this is an understandable assessment method from lenders. Together they are responsible for preventing overcrediting.
For many of us, retirement income is lower than the income generated while working. So the impact on borrowing capacity can be very large if retirement income is taken into account when determining maximum borrowing capacity. As a result, a planned move, remodel or mortgage extension may suddenly become out of the question.
We would therefore like to celebrate with you, your 55th birthday! We would like to think along with you about your future plans. That way we have plenty of time to realize them.
Our mortgage team is ready to meet with you for a no-obligation consultation, contact us through the link.
Emma van Keulen - Mortgage Advisor
