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For many homeowners, the question of whether a mortgage can continue beyond 65 is an important one.
Some borrowers are approaching the end of their term and need to extend it, while others are considering taking out a new mortgage later in life.
Lending criteria have changed over the years, and while some restrictions still exist, many lenders are more flexible than they used to be.
The options available will depend on individual circumstances, but continuing a mortgage beyond 65 is often possible.
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For those who already have a mortgage in place, extending the term can be a practical solution.
This can provide more time to repay the loan, potentially reducing monthly payments if affordability becomes a concern.
Some lenders allow borrowers to extend their mortgage past the original end date, provided they meet the necessary requirements.
Lenders will assess whether extending the term is realistic based on factors such as income, financial commitments, and the remaining balance on the loan.
Borrowers who are still working may find it easier to secure an extension, as employment income provides a clear repayment structure.
For those who have retired, pension income and other financial assets will be considered instead.
Not all lenders will agree to an extension, particularly if they have strict upper age limits or require a certain level of income to approve the request.
If extending a current mortgage is not an option, other solutions may need to be explored.
If an extension is not possible, or if a borrower is looking for a new deal, many lenders now offer mortgages that run well beyond 65.
Some allow terms that extend into a borrower’s 70s or 80s, provided affordability checks are met. Pension income, investments, or other financial assets may be used to demonstrate the ability to repay.
Remortgaging can also be an option, allowing homeowners to switch to a different lender or product that better suits their circumstances.
Some borrowers choose to remortgage to access a lower interest rate, adjust their repayment structure, or release equity from their property.
While standard mortgage options exist for older borrowers, not everyone will meet the criteria set by traditional lenders. In these cases, alternative solutions are available.
Some borrowers may struggle to meet affordability checks due to retirement or reduced income.
If a traditional mortgage or remortgage is not an option, specialist products can allow borrowing beyond 65 in a different way.
A retirement interest-only mortgage (RIO) is designed for older borrowers who may not qualify for a full repayment mortgage.
Unlike standard mortgages, where both the capital and interest are repaid, a RIO mortgage only requires borrowers to pay the interest each month.
The loan itself is repaid when the property is sold, usually after the borrower moves into long-term care or passes away.
This structure can make it easier to secure a mortgage past 65, as affordability checks focus only on interest payments rather than repaying the full loan amount.
Since the monthly repayments are lower than a standard mortgage, it may be a more manageable option for those relying on pension income.
Lenders still need to be satisfied that the borrower can maintain interest payments for the foreseeable future.
A lifetime mortgage offers another route for those unable to extend their existing deal or secure a new mortgage.
This allows homeowners over 55 to borrow against their property without the need for monthly repayments. The interest rolls up over time, and the loan is only repaid when the property is sold.
Because a lifetime mortgage does not require affordability checks in the same way as a standard mortgage, it can be an option for those whose income does not meet the requirements for a repayment or interest-only deal.
Borrowers should consider that interest accrues over time, increasing the total amount owed.
Some lenders offer options to make voluntary payments or protect a portion of the property’s value for inheritance purposes.
Extending a mortgage beyond 65 is possible, but the right solution depends on individual circumstances.
Some borrowers may be able to continue their existing mortgage, while others might need to explore alternative options.
Whether extending, remortgaging, or considering a specialist product, the key is finding a solution that works for both immediate needs and long-term financial plans.
UK Moneyman has access to a wide range of lenders and mortgage options.
Whether securing an extension, switching to a new deal, or looking at alternative solutions, expert advice can help navigate the best route forward.
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UK Moneyman Limited is Registered in England, No. 6789312
Registered Address: 9 Gallows Lane, Beverley, United Kingdom HU17 7FJ.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk.
© UK Moneyman Limited 2025.
UK Moneyman Limited is Registered in England, No. 6789312
Registered Address: 9 Gallows Lane, Beverley, United Kingdom HU17 7FJ.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk.
© UK Moneyman Limited 2025.
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