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Let us take you Back to the Future when it comes to Mortgages

4th December 2023

Great Scott! If you've ever watched "Back to the Future" you'll know that time travel can be a wild ride.

Back to the Future was released on the 4th December 1985. That’s thirty eight years ago. If you want to add some maths into it, it’s eight years longer than when Marty and Doc went ‘back to the past’ in the first movie by thirty years to 1955. It’s also eight years on from when from when they went ‘into the future’ in the second of the franchise in 2015.

So, while we wait for our to size-adjustable clothes and flying cars, lets pop our tongues firmly in our cheeks as we look at our own wild ride in mortgages over the last couple of years. 

We may not be able to take you on a DeLorean journey through time, but almost as impressively we can draw mortgage wisdom from Doc Brown and Marty McFly's adventures. So, strap in because we're about to explore the fascinating world of later life lending with a touch of retro inspiration.

1. The flux capacitor of interest rates

In "Back to the Future", Doc Brown's flux capacitor made time travel possible. In the mortgage world, interest rates act as a similar driving force. Just as Doc had to understand the workings of his invention, our customers can understand how mortgage rates work with our help.

But what about later life lending, I hear you say?
If you're planning to secure a mortgage after the age of 50, working with a mortgage broker can be even more critical. Using mortgage experts alongside the right, specialist lenders, can help you navigate the complex terrain of later life lending. They’ll help you find the right lender, one who can offer mortgage solutions tailored to your unique circumstances, ensuring that you secure the best possible terms for your situation.

2. The Importance of the "space-time Continuum

Doc and Marty had to navigate the "space-time" continuum carefully to avoid catastrophic consequences. Similarly, your mortgage, especially in later life, must align with your financial timeline. The term of your mortgage can be a critical factor.

Later life lending often involves extending the term of your mortgage to accommodate your retirement income and expenses. A mortgage broker can help you explore options such as equity release mortgages, residential mortgages, 50+ and RIO mortgages. These products can provide the flexibility you need in your later years, allowing you to stay in your home comfortably while managing your finances.

3. Biff Tannen and the importance of a good deal

Biff Tannen in "Back to the Future" was the epitome of a bad deal. When dealing with later life lending, avoiding your own ‘Biff moment’ is paramount. This means working with a mortgage broker who understands later life lending and who the specialist lenders are in the market.

When George stands up to Biff he becomes more confident, getting the girl. When it comes to your mortgage, luckily lenders and brokers are not at loggerheads and want to work together to get the best deal for their customers. But as mortgage brokers understand the market so intrinsically, you can be confident that they are seeking the best deal for you. They have the expertise to understand what you’re looking for. They can negotiate terms with the lender which consider your age, income, and financial goals. Ultimately finding the right deal for you.

4. Planning for "Time Paradoxes"

Time paradoxes could have catastrophic consequences for Marty and Doc. Similarly, taking on a mortgage in later life requires careful financial planning to avoid future budgetary paradoxes.

Your mortgage broker can assist you in creating a financial plan that considers your retirement goals, healthcare expenses, and potential changes in income and expenses. They can also help you explore mortgage options that align with your specific financial circumstances, providing peace of mind as you journey into your later years.

5. Don't Ignore the "hoverboard”.

Remember the hoverboard from "Back to the Future Part II"? It was a game-changer.
In the mortgage world, a mortgage broker plays a similar role. If you're considering later life lending, enlisting the services of a mortgage broker is like having your own hoverboard.

A mortgage broker can assess your financial situation, connect you with lenders specialising in later life lending, and guide you through the application process. They ensure that you have the support and expertise you need to make informed decisions about your mortgage, particularly in your later years.

So, let’s wrap this up. While we can't travel back in time or hop into a flying DeLorean, we can certainly learn valuable mortgage lessons from Doc Brown and Marty McFly. By understanding the dynamics of mortgage rates, aligning your mortgage with your financial timeline in later life and seeking the best deal with the help of a mortgage broker, you can navigate the world of mortgages with confidence, even as you approach retirement. Great Scott!

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