It's Free to Speak to an Advisor, 7 days, 8am - 10pm
It's Free to Speak to an Advisor, 7 days, 8am - 10pm
As more people choose to remain in their homes or move later in life, the mortgage market has adapted to offer a range of products for borrowers over 60.
Whether you’re still working, retired, or looking to release equity from your property, there are options available that cater to different financial needs.
From standard repayment mortgages to interest-only options, and even equity release products like lifetime mortgages, lenders are more flexible than ever in helping older borrowers find a solution that works for them.
If you’re asking, “Can I get a mortgage at 60?” the answer is yes, by seeking trusted independent advice, securing a mortgage in later life is entirely possible.
Here are some frequently asked questions relating to getting a mortgage at age 60.
Yes, you can still get a mortgage at 60. Many lenders offer mortgages for older borrowers, though some conditions may apply, like shorter repayment terms or specific criteria around your income.
At 60, you have access to standard repayment mortgages, interest-only options, or even equity release products like lifetime mortgages, depending on your needs and financial situation.
Yes, it is possible to get a bad credit mortgage at age 60. Lenders will all have different criteria surrounding bad credit therefore it is important that first we understand what you have registered against you, the dates, amounts, and status.
Most traditional lenders set age limits on when the mortgage must be repaid, often around 70 or 75, but many now offer products with no age limits specifically for those looking to get a mortgage at 60 or older.
The term of your mortgage might be shorter if you’re 60, typically between 5 and 20 years, depending on the lender’s criteria and your financial circumstances.
There are also specific later-life products available at 60 with no maximum term, they run for your lifetime.
If you’re retired, lenders will look closely at your income from pensions or savings to ensure you can afford the repayments.
Getting a mortgage at 60 in retirement is possible, but it depends on demonstrating a stable income. If income is short, there are a range of equity release mortgages that do not require a monthly payment.
Right to buy mortgages are available to the over 60s providing you have sufficient income to meet the lender’s criteria.
We receive a lot of enquiries from customers in their 60s wanting to buy their council houses thus seeking security in retirement.
Yes, many lenders consider pension income when assessing affordability, both personal and state pension.
Pension income can be used alongside earned income and/or investment income for mortgage affordability.
A lifetime mortgage is a form of equity release that allows you to borrow against your home’s value without monthly repayments, with the loan repaid when the property is sold.
With enough deposit available, you can also purchase a new home with a lifetime mortgage.
Yes, lenders offer products tailored to older borrowers, such as retirement interest-only mortgages (RIO) and lifetime mortgages, which could be a good fit if you’re looking to get a mortgage at 60.
Typically, equity release, like a lifetime mortgage, allows you to access your home’s value without monthly repayments, whereas a traditional mortgage requires regular monthly payments over a set term.
Also, a traditional mortgage will have an end date whereas an equity release does not.
Nowadays, most equity release mortgages have flexible features that allow overpayments and monthly payments of interest which bridges the gap between the two products.
In many cases, lenders may require a larger deposit if you’re applying for a mortgage at 60. This reduces their risk and may help secure a better deal for you.
With an interest-only mortgage, you only pay the interest each month, and the capital is repaid at the end of the term, often by selling the property or using savings.
This option is available to those looking for flexible repayment plans at 60. Retirement interest-only mortgages are also available that do not have an end date.
Yes, you can remortgage at 60, whether to release equity, reduce your interest rate, repay a mortgage that is ending soon, or switch to a more suitable mortgage product.
Lenders will review your current financial situation and income.
You’ll need to provide proof of income, which could include pension statements, savings, or other investments. Lenders may also require bank statements and identification documents.
Lenders will assess your pension, savings, or any other income sources to ensure that you can comfortably afford the repayments. Affordability checks are key when applying for a mortgage at 60.
If a mortgage is unaffordable, there is a range of equity release mortgage options where monthly payments are not required, and interest rolls up.
If taking out a mortgage isn’t right for you, options like a personal loan, further advance from your existing lender, a secured loan, equity release, or downsizing could offer financial flexibility.
Speaking to an independent mortgage advisor can help you explore alternatives.
The benefits include accessing funds for retirement or moving home.
Downsides might be higher monthly payments or impacting your estate’s value. Understanding the full picture is vital when considering a mortgage at 60.
Taking on a mortgage, especially an equity release, may reduce the value of your estate. It’s important to consider how this could impact any inheritance plans you have in place.
Also, if you receive any means-tested benefits, these could be impacted if you increase your income.
Yes, buy-to-let mortgages are available for older borrowers with enough deposit. Lenders will look at your expected rental income alongside your pension and other income sources.
If you are already an experienced landlord, this will increase your chances of being accepted.
While traditional lenders don’t directly assess your health, they do consider how long you’ll likely be able to afford repayments, especially if you’re planning to take out a mortgage at 60 with a longer term.
With equity release mortgages, having health conditions and a lower life expectancy may allow you to qualify for better terms.
There are also over 50s life insurance options available for you to consider if you would like the security of a lump sum payment towards your mortgage to help your partner or family should you die.
Yes, seeking advice from an independent over 60s mortgage advisor is highly recommended so they can explore all product types.
They can help you navigate the options available, making the process smoother if you’re looking to get a mortgage at 60.
Read our Reviews
UK Moneyman Limited is Registered in England, No. 6789312
Registered Address: 10 Consort Court, Hull, HU9 1PU.
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 is Registered in England, No. 6789312
Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
We value your privacy
This website uses cookies. If you continue to use the site, we will assume that you agree with our use of cookies.
