Can I Get a Mortgage Aged Over 80?

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Income 

Good Income

Lower Income

Deposit or Equity 

New Purchases

Equity Release

Joint or Sole Mortgage Applications 

Joint Applications

Sole Applications

Getting a Mortgage Over 80 

Yes, you can get a mortgage over the age of 80. While there’s no legal maximum age for taking out a mortgage, different lenders have varying criteria when it comes to later-life borrowing.

Whether you’re in your 70s, 80s, or beyond, there are plenty of mortgage options to consider, including both purchase and remortgage deals. 

For those over 80, the range of products includes retirement interest-only mortgages (RIOs), lifetime mortgages, home reversion plans, and traditional mortgage options.

Your financial circumstances will determine which over 80’s mortgage product suits you best, and we’ll outline a few key factors below. 

Short term mortgages are also available either as a bridging loan to fund a chain break in a property purchase or on an interest only basis with a repayment vehicle in place. 

Income 

Your income is a crucial factor in determining the type of mortgage you can get over 80.

Whether your income comes from a pension, investments, or part-time work, it will help decide which over 80s mortgage options are available to you. 

Good Income

If you have a strong income that can support monthly payments, you’ll have more mortgage choices available, including traditional repayment or interest-only mortgages. 

Lower Income

If your income is lower but you have considerable equity in your property or deposit available, a lifetime mortgage with flexible payment options could be a good solution.

This product allows you to borrow against the value of your home, or purchase a new one, while making optional monthly payments. 

Deposit or Equity 

A larger deposit or significant equity in your home can improve your chances of getting a mortgage over 80. Lenders often look at loan-to-value ratios (LTV), and a lower LTV reduces the lender’s risk, potentially giving you access to better interest rates.

New Purchases

If you’re buying a property, a larger deposit will allow you to borrow more. 

Equity Release

For those looking to release equity through a lifetime mortgage, having significant home equity is essential.

If you have a traditional mortgage and good income, a remortgage or further advance may be possible.

No matter your age, lenders base their decisions on risk, so a low loan-to-value ratio can improve your options for approval. 

Joint or Sole Mortgage Applications 

For those over 80, both joint and sole name mortgage applications are available.

Joint Applications

If applying with a partner, the mortgage options available will depend on both applicants’ incomes and future affordability.

If both have solid pension incomes, a retirement interest-only mortgage (RIO) or traditional mortgage may be suitable. 

Sole Applications

If applying on your own with low income, you might look at a lifetime mortgage, which doesn’t require ongoing monthly payments unless you choose to make them.

When considering a mortgage in later life, it is a good idea to seek legal advice to ensure your will is up to date and any power of attorney is in place if required.  

Getting a Mortgage Over 80 

There are plenty of mortgage options available for those over 80, whether you’re looking to purchase a new property or release equity from your existing home.

Many clients are surprised by the flexibility of mortgage products available in later life, from traditional mortgages to lifetime options that offer more financial freedom.

Whether you’re looking to buy a more expensive property than you could afford with cash or simply wish to unlock the value in your home, there are solutions available to meet your needs.

It’s always a good idea to seek independent advice to explore your options fully. Your financial goals and objectives should be at the heart of these discussions.