Can I Get a Mortgage Over 70?

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Income 

Deposit / Equity 

Joint or Sole Name Application 

Credit Score 

Are you looking at getting a mortgage over 70? 

Yes, you can get a mortgage over the age of 70. While there is no maximum legal age for mortgage terms, lending criteria can vary between providers.

Regardless of your age, whether you’re in your 50s, 60s, 70s or beyond, there is a broad range of purchase and remortgage deals that extend past the age of 70.

At this stage in life, you have a wider array of mortgage products available, including retirement interest-only mortgages and lifetime mortgages, in addition to traditional options.

The most suitable type of mortgage for your situation will depend on several factors, summarized below. 

Income 

Your income source and amount, whether from full or part-time work, pensions, or investments, will influence the type of mortgage that best suits your needs. 

Good Income

If you have a substantial income and can afford monthly payments, more mortgage options will be available to you. 

Lower Income

For those who are equity-rich but income-poor, or those looking to afford a more expensive property than their cash budget allows, lifetime mortgages with optional monthly payments might be a suitable choice. 

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Deposit / Equity 

A larger deposit will increase your borrowing capacity in retirement. 

• New Purchases: A bigger deposit means you can borrow more. 
• Equity Release: You need significant equity in your property to qualify. 

Lending decisions for all customers, including those over 70, are based on risk. Lower loan-to-value ratios reduce the lender’s risk, potentially securing you a better interest rate. 

Joint or Sole Name Application 

Both joint and sole name mortgages are available for those over 70. 

• Joint Applications: The type of mortgage recommended will depend on both partners’ current and future affordability.
  • If both partners have good pension provisions, traditional or retirement interest-only mortgages may be suitable. 
  • If not, an interest-only lifetime mortgage might be better. Our later life mortgage advice team can help determine the best option. 

Considering life insurance for over 60s during the mortgage application process is also advisable. Life insurance can offer peace of mind, ensuring that the mortgage is covered if something happens to one of the applicants. Even partial coverage can provide crucial financial relief. 

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Credit Score 

Obtaining a mortgage with poor credit can be challenging but is usually possible. 

Credit Report

Start by obtaining an up-to-date credit report. Our team can review it with you to identify your options. 

Poor Credit Types

Common poor credit mortgage types for those over 70 include those for county court judgements (CCJs), missed payments, and defaults. With sufficient equity or a large deposit, we can often assist. 

Are you looking at getting a mortgage over 70? 

Whether you’re looking to purchase a new home or release equity, numerous mortgage options are available beyond the age of 70. Many customers are surprised by the range of options available in later life. Mortgages can also enable you to afford a more expensive property than if you were buying with cash.

It’s always best to seek independent mortgage advice to explore all your options fully. Your plans and objectives for the property should be central to these discussions.