Should I retire with a mortgage?

Traditionally, a mortgage would be paid off during the working life of a person, and old age would provide a worry free financial environment for the retiree. For some people though, retirement is becoming a thing of the past, and many people are taking on mortgages well into their twilight years. So how should a mortgage be managed when finances generally are getting tighter as a person gets older?

Contrary to popular belief, although most financial advisers will advise against getting a mortgage in old age, there are banks that are happy to lend their money to pensioners. However it should be remembered, that banks are in the mortgage business and their primary concern is always to make money out of you.

So if you find yourself in a position where you need to get a mortgage in your retirement years, budget scrupulously and always take into account other associated payments such as insurance. Also the fixed rate mortgage is easier to manage on a smaller fixed income.

If managed well, retirees can also reap the benefits of continuing to climb the property ladder and retire in a home that provides the comforts that they will need as they get older.

Can bankrupts get mortgages?

If you have ever been a bankrupt, getting a mortgage need not be a thing of the past. If have been discharged of bankruptcy for two years prior to applying for a mortgage you can apply, but you will also have to ensure that your credit and finances are in good order.

To ensure that your credit rating is in good repair post bankruptcy and in readiness for a mortgage application, it is often wise to employ a credit repair firm to scrupulously sift through and fix any anomalies that may still exist. Your credit rating should then start to improve immediately. Also when applying for credit cards, ensure that the card firm you choose is bankruptcy friendly. Taking these few steps will ensure that by the time you reach the ear of your bank manager, your credit rating will be squeaky clean. You can then feel confident to apply for a competitive mortgage that will help keep you out of future debt.

So from a position where your financial future had seemed bleak, with positive thinking and sound preparatory action, you can soon be on the path again to having a good credit rating and owning your own home, the days of bankruptcy becoming a vague memory.