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Can I Get a Mortgage Over 65?

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Yes, there is no maximum legal age that a mortgage term runs for, however, lending criteria can differ per provider.

Whether you are currently in your 30s, 40s, 50s, 60s+, there is a good range of both purchase and remortgage deals that run past the age of 65. At age 65, you have a wider choice in mortgage products that include retirement interest only and lifetime mortgages along with all the traditional options that run into later life.

What type of mortgage will be more suitable for your situation will depend on a range of factors, here is a summary of these. 

Income 

Whether you are working either full or part time past the age of 65 and/or have good pension or investment income will impact which kind of mortgage is best for your situation.

If you have a good income and you can afford to pay a monthly amount, then there will be more mortgages for over 60 options available to you.

If not, there are some mortgage types such as lifetime mortgages where monthly payments are optional, these can work well for those customers that are equity rich yet income poor or those looking to buy a new home afford a more expensive property than their cash budget allows. 

Deposit / Equity 

For a new purchase, you will need a deposit, the bigger the deposit, the more you will be able to borrow into retirement.

If you are looking into equity release options, then you will need to own a lot of equity in your property to qualify.

Mortgage lending to all customers, not just the over 65s, is based on risk. The higher the loan-to-value ratio is to the lender the riskier the loan is. The more equity or cash deposit you have available will lower the risk of lending and allow you to qualify for a better rate of interest. 

Looking For a Mortgage Over 65?

Our mortgage advisors can work out how much you are able to borrow and what products you qualify for.

Joint or Sole Name Application 

It is possible to get a joint or single name mortgage for those over 65. If you are looking to buy a new home or release equity with a partner, then what type of mortgage we will recommend will be based on your affordability both now and in the future.

If you both have good pension provisions, then either a traditional or retirement interest only mortgage may be suitable for you.

If you both do not have private pension provisions in place, an interest only lifetime mortgage option may be more suitable – our expert later life mortgage advice team will recommend the best way forward. 

As part of the mortgage application process, it will be worth considering your life insurance for over 50s options to see if getting covered is affordable to you. If you have a joint application with life insurance to cover your mortgage in place, you will have peace of mind should the worst happen. Even if you can only afford to cover some of your mortgage, any insurance money received will buy you or your partner some time. 

Credit Score 

Getting poor credit mortgages for the over 65s can be trickier but usually possible. A good place to start would be to get an up-to-date copy of your credit report. Our team will then run through this with you to let you know your options.

The most popular poor credit mortgage types for those over 65 are county court judgements (CCJs), missed payments, and defaults. With a big enough deposit or enough equity, we can usually help. 

Mortgages for Over 65s 

Whether you are looking to purchase a new home or release equity for one reason or another then there are lots of mortgage options available past the age of 65.

Customers are often surprised by how many mortgage options are available in later life. Also, if you are looking to purchase a new home, doing this with a mortgage may allow you to afford a much more expensive property than buying with cash.

It is always best to seek trusted independent mortgage advice to ensure that you explore all the options available to you.

Along with the above, your plans and objectives for the property also need to be the center of the discussion.


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Author Image of Dan Osman - Head of Later Life at UK Moneyman Ltd.

About the Author

Dan Osman

Head of Later Life at UK Moneyman Ltd.

Dan joined the Financial Services sector back in 2002, but actually left the industry in 2008 before returning some years later. During the in-between years, he took a degree to become a Social Worker specialising in working with vulnerable adults.

Upon his return, Dan combined his experiences in the two sectors to become an Equity Release Specialist and he now heads up UK Moneyman’s Later Life Lending proposition. He genuinely believes in a holistic approach and always ensures his clients receive a proper consideration of all the options available, including non-lending alternatives to Equity Release.

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Registered Address: 10 Consort Court, Hull, HU9 1PU.

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