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Mortgages for Over 50s

Mortgages for Over 50s offer flexible solutions for new a purchase, remortgage, or releasing equity.

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Can I get a mortgage if I'm aged over 50?

Whilst many homeowners and home buyers may think their options are limited, there are still plenty of options out there when it comes to mortgages for over 50s.

We are an independent mortgage broker, specialising in later life mortgage advice.  Here are the main areas we help:

  • Remortgages for the over 50s
  • Purchases for the over 50s
  • Release capital for the over 50s
  • Bad credit & debt consolidation for the over 50s
  • Anything else?

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The 5 types of mortgages for over 50s

There are 5 main mortgage types available to the over 50s, each can be in a sole or joint name basis:

  1. Capital Repayment Mortgages – Many lenders now let you take a capital repayment mortgage until aged 80+ if you meet the criteria and pass their affordability checks.
  2. Interest-Only Mortgages – For the right client, an interest only mortgage might be suitable. An interest only mortgage will have an end date where the capital will need to be repaid.
  3. Hybrid Mortgage Options – Such as part capital repayment and part interest only mortgages are also available for the over 50s.
  4. Retirement Interest Only Mortgages – Similar to an interest only mortgage, RIOs are aimed at customers aged 55+ wanting an interest only mortgage without an end date.
  5. Equity Release Mortgages – If you are not able to pass affordability and criteria checks with the mortgage types above, equity release is available in the form or a lifetime mortgage or a home reversion plan.

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Mortgage advice for clients aged over 50

Our experienced and trusted mortgage team can provide truly independent mortgage advice in order to recommend the best mortgage products for your personal needs.  

Your mortgage broker will consider the following to make their recommendation: 

  • Whether it’s a purchase, remortgage or capital raising application.  
  • Sole of joint names. 
  • Your future wishes with the property.  
  • Your credit score and any debts such as loans and credit cards.  
  • Your income, both now and future income such as pension provisions.  
  • Affordability, can you afford to pay a monthly mortgage payment? 

We’re happy to answer any questions you have releasing to your mortgages for the over 50s options.  We’re also able to discuss over 50s life insurance with you.

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FAQs – Mortgages for Over 50s

Are retirement mortgages available to the over 50s?

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It has been great to see so many lenders being innovative in the mortgages for over 50s space over the last few years. Brilliant new products are now available that are specifically aimed to help older borrowers.

Is it too late to buy a house and get a mortgage over the age of 50?

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No, it is not too late to buy a house over the age of 50. Many people continue to purchase homes well into their 50s, 60s, and even beyond that. 

There are lots of mortgage options as above to clients over the age of 50 looking to buy a new property.  Many of our older clients choose to move in their 50s to be closer to families, grandchildren, their schools and separation/divorce.

It’s important to consider your personal financial situation and goals before making any decisions, but age alone is not a determining factor in whether you can purchase a home. 

What is the age limit when getting a mortgage?

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There is no specific age limit for getting a mortgage, however, which mortgage type will be most suitable for you will depend on your age, income, and affordability.

Purchase, remortgage and capital raising mortgages are available to clients over the age of 50.

Some mortgage types have end dates such as a capital repayment and interest only mortgage, other mortgages do not have end dates such as a retirement interest only mortgage and a lifetime mortgage.

Our mortgage broker team will recommend the best way forward for you based on your personal situation.

Can I get a mortgage after I retire?

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Yes, you can get a mortgage after you retire, we have a range of options for mortgages over the age of 60.

There are lots of retirement mortgage options available now to customers aged over 50 looking to either purchase a new home or remortgage.

Options of a debt consolidation mortgage are also available to our older clients to help clear credit cards and loans ahead of an income drop in retirement. Debt consolidation is a specialist area of lending and doing a debt consolidation mortgage without seeking experienced advice could put you in a worse financial situation.

Can I get a buy to let if I’m over the age of 50?

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Yes, you can get a buy to let mortgage if you’re aged over 50, but you’ll need to meet the mortgage lender’s eligibility criteria, which may include a minimum income requirement and a deposit of at least 25%.

If you’re an experienced landlord wanting to expand your portfolio, you’ll have more chance of qualifying for a mortgage than a first time buyer buy to let.

Is the mortgage application process the same for over 50s?

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For a standard mortgage, the application process is generally the same for over 50s as it is for younger applicants, but mortgage lenders may take your age and retirement plans into account when assessing your application.

For a more specialist type such as a retirement interest only or equity release mortgage more underwriting will be required.

With a retirement interest only mortgage your new lender will require proof of affordability for both applicants and if the mortgage will be sustainable by the lowest earner. Good pension incomes are required here.

With an equity release mortgage product, your lender will require more detail about your property value and construction.

There’s nothing to worry about here as our team of mortgage case managers are highly experienced and will guide you through the whole process.

Why is it difficult getting a mortgage over 50?

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Getting a mortgage when you are aged over 50 doesn’t have to be difficult, however, it’s important to seek impartial independent mortgage advice to ensure you are getting the best product for your needs.

It can be difficult to get a traditional capital repayment mortgage over the age of 50 due to the affordability of size of the monthly payment you’ll need to pay. Basically, you’re running out of working years to repay the full loan plus interest back compared with a 30-year-old.

Mortgage lenders have recognised that there is a need for innovation in this area and have released lots of new products to help older clients with their mortgages over 50s needs.

Which mortgage is best for over 50s?

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The best mortgage for over 50s depends on your personal circumstances and financial goals. Some options to consider are a standard capital repayment mortgage or an interest-only mortgage deal.

Other alternatives can include retirement interest only (RIO) mortgages, term interest only (TIO) mortgages and equity release mortgages, which includes both a lifetime mortgage and home reversion plans.

Your dedicated later life mortgage advisor will take a look at your personal and financial situation, as well as your future goals, in order to best advise on which route would be most suitable for you.

How much can I borrow over 50?

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The amount you can borrow over 50 will be dependent on various factors, such as your income, outgoings, credit score, and the value of the property you want to buy.

Also, the amount you can borrow on a mortgage will depend on which mortgage types are available to you.

Mortgage lenders typically use affordability assessments to determine how much they are willing to lend.

If you are aged 50+ and wanting to find out how much you can accurately borrow on a mortgage and how much this will cost, it’s best to speak with a dedicated mortgage broker who will be able to help.

How does my age affect my mortgage eligibility?

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Your age can affect your mortgage eligibility as some mortgage lenders may view older borrowers as higher risk and may be concerned about your ability to repay the loan if you retire before the mortgage is fully repaid.

That being said, so long as you are able to prove that you have a sufficient income, you should in theory still be able to take out a mortgage.

If you are unable to afford to make the full monthly repayments, then there are more specialist mortgage products we can recommend for you.

What will I need to show my mortgage provider?

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For a mortgage over 50, you will typically need to show your mortgage provider proof of income, such as payslips or pension statements, and demonstrate that you can afford the repayments.

Other documents such as your ID, proof of address and details of any current mortgage will be requested as part of the application process.

What is equity release for the over 50s?

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Equity release is a financial product that allows homeowners over 55 to access the equity in their property without having to sell it. 
 
This can be achieved either through a lifetime mortgage or a home reversion plan. 
 
UK Moneyman Limited and our later life mortgage advisors are voluntary registered members of the Equity Release Council, adhering to the standards they have set. 

What is a lifetime mortgage for the over 50s?

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A lifetime mortgage is a type of equity release mortgage where you take out a loan secured against your home that is repaid when you die or sell your home.  A lifetime mortgage can be used to release equity from your current house, repay an existing mortgage, or purchase a new home.

Lifetime mortgages usually either come in the form of a lump sum lifetime mortgage or a drawdown lifetime mortgage.

A lump sum lifetime mortgage allows you to release your funds, tax-free, into a one-time lump sum. This allows you to retain complete ownership of your home, without the need to make monthly repayments.

A drawdown lifetime mortgage works similarly, but instead will allow you to draw additional equity from the property as and when you need it. This reduces the overall cost of your mortgage, as you are only charged interest on the amounts that are drawn out.

The qualifying criteria for each of these types of lifetime mortgage is the same. 

With a lifetime mortgage there are lots of options such as the ability to make overpayments and contribute towards the monthly interest payments.  

What is a home reversion plan for the over 50s?

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A home reversion plan is a type of equity release where you sell a portion of your home to a provider in exchange for a lump sum or regular payments.

You retain the right to live in the property until you die or move into long-term care. 

There are two types of equity release mortgage available, a lifetime mortgage and a home reversion plan.  A lifetime mortgage is recommended 99% of the time.  

My interest only mortgage is ending, what can I do?

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If your interest only mortgage is ending and you’re over 50, if you wish to stay in the property, you may need to switch to a repayment mortgage or consider alternative options, such as equity release, via a lifetime mortgage or a home reversion plan. 

When your interest only mortgage is ending soon, your lender will give you plenty of notice and start writing to you years ahead requesting the repayment of your loan.  

You’ll also have the option to sell the property and downsize to consider.  

What is a term interest only (TIO) mortgage for the over 50s?

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A term interest only (TIO) mortgage is a type of mortgage where you only pay the interest on the loan for a fixed term, typically between 5 and 25 years, and then repay the full amount at the end of the term. 

These kinds of mortgages are part of a retirement mortgage range that we have available.  It’s always best to speak with a later life mortgage advisor for help and a recommendation.  

What is a retirement interest only (RIO) mortgage for the over 55s?

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A retirement interest only (RIO) mortgage is a type of mortgage designed for older borrowers aged 55+ where you only pay the interest on the loan, and the full amount is repaid when you die or sell the property.

RIO mortgages can be used to purchase a new home or to refinance an existing mortgage. 

Retirement interest only mortgages are more suited to either single of joint applicants that have good pension income and can afford to pay the interest on a mortgage for their lifetime.  

8 Reasons to Choose UK Moneyman for Over 50s Mortgage Advice

Working hard 7 days a week!

We work to a time that suits you. You can put your personal life first, attending your free mortgage appointment at a time convenient to you.

Free initial mortgage appointment.

During your free mortgage appointment, we can go over your options with you. This includes lifetime mortgages.

We are proud members of the Equity Release Council!

As members, we have agreed to follow the Council rules, safeguarding our customers and providing a high standard of conduct.

We work for you, we have your best interests at heart.

We will be open and honest at all times; finding you a deal that suits your personal and financial situation.

Jargon-free insurance advice for you and your family.

We'll recommend the most suitable insurance products to protect you and your family, should you become seriously ill or unable to work.

1000s of mortgage options.

We will compare different mortgage deals across the market. We have a large panel of mortgage lenders to choose from.

We are dedicated and experienced.

We have been in the mortgage industry now for over two decades. If you need help with a mortgage over the age of 50, get in touch!

From the start until completion.

We will be there for you throughout your whole mortgage process, recommending the best mortgage deal for your situation.

Mortgages for the Over 50s Types

Purchase mortgages for the over 50s

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We have helped lots of customers over the age of 50 move home. Depending on what your personal situations is and your plans for the property there are lots of mortgages for the over 50s options available to you.  

Whether you own your home outright or have an existing mortgage that you’re looking to refinance you’ll have options to consider.  

As part of your free, no-obligation consultation our mortgage broker team will look at your affordability and income source.  Examples of income source are pensions, self-employment, employment, investment income, or a combination to recommend the best way forward.  

In our experience, clients that are aged 50+ look to move home for the following reasons: 

  • Move to a smaller or large property.  
  • Relocating.
  • To be closer to family. 
  • Choose a property more suitable such as a bungalow, disabled access, or an annex etc. 
  • To be near their grandchildren’s school.
  • Divorce settlements.
  • To downsize to release equity to repay debts or make a large purchase.  

Remortgages for the over 50s

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Many remortgages for clients aged over 50 can often be relatively straightforward, others not so. 

Here are popular reasons why our clients aged 50+ choose to remortgage: 

  • Fixed rate ending soon and want to secure a new rate. 
  • Divorce or separation. 
  • Capital raising.  
  • Repay debts. 
  • Change the mortgage term.  
  • Add or remove a name from a mortgage. 
  • Move from an interest only product to repayment.   

If you’re close to 50, still working and have lots of equity we’ll probably be able to get you a standard mortgage product.  Whether it’s affordable to you will depend on the amount you earn, your outgoings and the amount you are looking to borrow.  

If not and depending on your personal situation there may be more suitable retirement mortgages available to you that we can arrange.  Our mortgage broker team will recommend the best way forward for you here.

Release equity for the over 50s

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If you have been a homeowner for a while and have built up equity, whether you still have a mortgage or not, it’s likely that you’ll be able to release tax free equity from your property.  

Here are the main reasons why our clients aged 50+ choose to release equity: 

  • Gifts to family.  
  • Home improvements/renovations.  
  • Large purchase such as a car or boat etc.  
  • Pay off debts going into retirement. 
  • Supplement pension income.  
  • Divorce settlements.  
  • & Many more…. 

What type of mortgage product is more suitable for you will depend on your personal situation, your income and your plans with the property. 

If you are aged 50+ and looking to release equity, we’ll be happy to answer all your questions and provide you with a recommendation.

Home Improvement mortgages for the over 50s

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A home improvements remortgage can be a good way to fund the renovation of your property.  

If you’ve owned your property for a long time, you might be in a position where you have lots of equity available to help contribute towards improving your living situation.  

Examples of why our clients aged 50+ choose to remortgage for home improvements are: 

  • Extensions. 
  • Adding a new bedroom or living area. 
  • New kitchen or bathroom.
  • Improving accessibility/disabled access.
  • New windows and doors.
  • Garden landscaping or alterations.
  • Adding a home gym or office.
  • New driveway.
  • Garden room or summer house.
  • Loft or cellar conversion.  

We have mortgages for clients aged 50+ available to help with this.  If you can afford to do so, borrowing the money against your property will most likely be at a lower rate of interest than a personal loan, and by completing the renovations, you’ll likely be increasing the value of your property in the longer term. 

Debt consolidation for the over 50s

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If you are aged 50+ and considering consolidating your debts into one monthly mortgage payment, it’s important to seek mortgage advice.  

Often, clients can become stuck between a rock and a hard place paying the minimum payments on credit cards which consist of mainly interest and they are not seeing the balance reduce.  

When you are approaching retirement, this can cause a lot of stress and frustration as you look to the future with regards to living off your pension income.   

With debt consolidation mortgages for the over 50s, not seeking advice from an experienced mortgage broker could potentially put you in a worse situation and could risk repossession.   

Here are the popular remortgage for debt consolidation situations of our clients aged 50+: 

  • Paying off credit cards. 
  • Repaying personal loans.  
  • Clearing store cards.  
  • Paying off car loans.  

Your mortgage broker will assess your situation and the costs of your debts to recommend the best way forward based on your personal objectives. 

Bad credit mortgages for the over 50s

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The lives of our clients are getting more complex, and we see customers with bad credit multiple times daily.  

The good news is that there are mortgage lenders who specialise in bad credit mortgages who maybe be able to help our customers aged 50+ get a mortgage.  

Here are the common bad credit types we see for clients wanting mortgages for over 50s: 

  • County court judgements (CCJs) 
  • Missed payments 
  • Bankrupt. 
  • Individual voluntary agreement (IVA) 
  • Debt management plan (DMP) 
  • Defaults.  
  • & Many more…. 

If you are aged 50+ and looking for a mortgage with a CCJ or any of the above, then it’s best to seek advice from an experienced mortgage broker. 

It’s always best to obtain an up-to-date copy of your credit report ahead of any application as your new lender will be keen to know when the bad credit was registered, how much this was for and if it’s now repaid.  

Retirement mortgages for the over 50s

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Retirement mortgages are available to both working, semi-retired, and retired applicants on both a sole and joint basis for the over 50’s. 

Retirement mortgages for the over 50s are available for: 

  • Purchases.
  • Remortgages.
  • Releasing equity from your home.
  • Interest-only or repayment options.
  • Fixed or variable rates available.  

Mortgages into retirement are available from both high street lenders like with a standard mortgage, or, via retirement interest-only (RIO) mortgage providers. 

The application process for retirement mortgages is like a regular mortgage, however, your lender will be interested in your income now and in the future following retirement.  

When you are ready to talk about your retirement mortgage advice options, speaking with a truly independent mortgage broker works best as they can consider all the products available to you, saving you both time and money.   

Equity release mortgage for the over 50s

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If you are a homeowner with a property that is worth at least £70,000 and aged over 55 you might be eligible for an equity release mortgage. 

An equity release mortgage allows you to unlock tax free money from your home if you have sufficient equity available.  

Before looking at an equity release mortgage, it’s important that we consider all the other retirement mortgage types that are available to you beforehand.  

There are two types of equity release mortgages available: 

  1. Lifetime mortgages. 
  2. Home reversion plans.  

The most popular reasons why our clients choose to release equity via a lifetime mortgage are: 

  • Gifts to family.  
  • Repaying an existing mortgage.  
  • Paying for care.  
  • Travel and holidays.  
  • Estate planning.  
  • Home improvements/renovations.  
  • Large purchase such as a car or boat etc.  
  • Pay off debts going into retirement. 
  • Supplement pension income.  
  • Divorce settlements.  

Please bear in mind that equity release mortgages are not without risk.  

Here are some of the risks: 

  • The inheritance you leave to your family will be reduced.   
  • Equity release will reduce the amount you have available to you to pay for care costs in later life.  
  • If you opt not to make monthly interest payments, the interest will roll up on the plan and could increase significantly over time.   
  • Equity release could affect any means tested state benefits that you receive and could make you ineligible for future means tested benefits.   
  • Equity release is a long-term financial product and shouldn’t be used for short-term lending where alternative products such as bridging finance should be considered.   

When you feel ready to talk about your equity release mortgage options, speaking with a truly independent mortgage broker works best as they can consider all the products available to you, saving you both time and money.

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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

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