Retirement mortgages have become increasingly popular in recent years, and the trend is only continuing to grow. According to Hampden & Co, a leading provider of retirement mortgages, demand for these products has increased by 39% over the past year.
Retirement mortgages are designed to help older people who are looking to purchase a home or remortgage their existing property. These mortgages are typically offered to those aged 55 and over, and they can be used to purchase a new property or to remortgage an existing one. The key benefit of retirement mortgages is that they can provide access to larger amounts of money than traditional mortgages, allowing older people to purchase a home or make improvements to their existing property.
The increased demand for retirement mortgages is likely due to a number of factors. Firstly, the population is aging, with more people reaching retirement age each year. This means that there is an increasing number of people who are looking for suitable mortgage products. Secondly, the cost of living is rising, meaning that older people may need access to larger amounts of money in order to purchase a home or make improvements to their existing property. Finally, the current low-interest rate environment has made it easier for older people to access more affordable mortgage products.
The increase in demand for retirement mortgages is good news for those looking to purchase a home or make improvements to their existing property. It means that there is now a wider range of products available, allowing older people to access the funds they need at more affordable rates. It also means that lenders are more willing to offer retirement mortgages, providing more choice and flexibility for those looking for suitable mortgage products.
Overall, the increase in demand for retirement mortgages is a positive development for those looking to purchase a home or make improvements to their existing property. With more lenders offering these products and more flexible terms available, it is becoming easier for older people to access the funds they need.