Whether you are looking to remortgage your home to release tax-free equity, repay an interest only mortgage or move home we’ll be able to help with your age 60+ mortgage solutions.
There are 4 main types of mortgages available if you’re over the age of 60. Which type we’d recommend would be based on lots of factors including your income, your plans for the property, whether you solely or jointly own your home and your age.
This article is aimed at clients over the age of 60 looking for mortgage solutions on or for their main residence and not an investment property. We can help with buy to let mortgages for clients over the age of 60.Book a Free Appointment
Yes, it is possible to get a mortgage if you’re aged over 60. The most popular reasons for needing a mortgage over the age of 60 are:
How much you can borrow and what type of mortgage will work best for you will depend on several factors including:
Your later life mortgage specialist will run through each type with you and ensure that you fully understand the features and risks associated with their recommendation.Speak to an Advisor
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We’ve helped numerous clients aged 60 and above in their home moving journeys. Depending on your personal circumstances and property plans, there are various mortgage options tailored for those over 60.
Whether you own your home outright or seek to refinance an existing mortgage, our consultation explores your affordability and income sources, including pensions, self-employment, employment, or investment income.
During your free, no-obligation consultation, our dedicated mortgage broker team assesses your unique situation and recommends the best way forward.
In our extensive experience, clients aged 60+ often contemplate moving home for reasons such as downsizing to a smaller or larger property, relocation, proximity to family, choosing a more suitable property like a bungalow or one with disabled access, being near grandchildren’s schools, managing divorce settlements, or downsizing to release equity for debt repayment or significant purchases.
Remortgages for clients aged over 60 can vary in complexity, with some being relatively straightforward while others may pose challenges. Here are common reasons why our clients aged 60+ opt for remortgaging:
1. Securing a new rate when a fixed rate is ending soon.
2. Managing divorce or separation.
3. Capital raising.
4. Repaying debts.
5. Changing the mortgage term.
6. Adding or removing a name from a mortgage.
7. Transitioning from an interest-only product to a repayment plan.
If you’re approaching 60, still employed, and possess substantial equity, we can likely arrange a standard mortgage product for you. The affordability depends on factors such as your income, outgoings, and the amount you intend to borrow.
If this isn’t feasible based on your situation, our mortgage broker team can explore more suitable retirement mortgages and recommend the best path forward for you.
If you’ve been a homeowner for an extended period and have accumulated equity, whether you still have an outstanding mortgage or not, there’s a high likelihood that you can unlock tax-free equity from your property.
Clients aged 60+ often choose to release equity for various reasons, including:
1. Making gifts to family.
2. Funding home improvements or renovations.
3. Financing significant purchases like a car or boat.
4. Settling debts before entering retirement.
5. Supplementing pension income.
6. Managing divorce settlements.
7. And many more…
Determining the most suitable mortgage product for you depends on your personal situation, income, and plans for the property. If you are aged 60+ and considering releasing equity, we’re here to address all your queries and provide you with a tailored recommendation.
Opting for a remortgage specifically tailored for home improvements can be a strategic way to finance the enhancement of your property. If you’ve been a homeowner for an extended period, you may find yourself in a situation where substantial equity is available to contribute towards elevating your living space.
Clients aged 60+ often choose to remortgage for home improvements, undertaking projects such as extensions, adding new bedrooms or living areas, renovating kitchens or bathrooms, enhancing accessibility with disabled access features, installing new windows and doors, landscaping gardens, creating home gyms or offices, constructing new driveways, garden rooms, summer houses, or undertaking loft or cellar conversions.
Our range of mortgages for clients aged 60+ is designed to help with these improvements. If it fits within your budget, borrowing against your property through a remortgage often comes with a lower interest rate compared to a personal loan.
Additionally, completing these renovations is likely to increase the long-term value of your property.
If you find yourself aged 60 or above and contemplating consolidating your debts into a single monthly mortgage payment, seeking professional mortgage advice is important.
Often, clients in this situation feel trapped, making minimum payments on credit cards dominated by interest, with little reduction in the balance. As retirement approaches, managing these financial challenges can induce stress, especially when considering reliance on pension income.
Opting for debt consolidation mortgages tailored for those over 60 requires careful consideration. Failing to seek advice from an experienced mortgage broker may lead to a worsening financial situation and even risk repossession.
Common scenarios among our clients aged 60+ seeking debt consolidation remortgages include paying off credit cards, repaying personal loans, clearing store cards, and settling car loans.
Our dedicated mortgage brokers will assess your unique situation and the costs associated with your debts, offering recommendations tailored to your personal objectives.
As the lives of our clients become more complex, we regularly help individuals with bad credit scenarios on a daily basis. The reassuring news is that specific mortgage lenders specialise in catering to clients looking for bad credit mortgages, offering potential solutions for those aged 60 and above seeking a mortgage.
Common bad credit types we encounter among clients in their 60s include County Court Judgements (CCJs), missed payments, bankruptcy, Individual Voluntary Agreements (IVA), Debt Management Plans (DMP), defaults, and more.
If you are aged 60 or above and are in search of a mortgage, especially if you have a CCJ or any of the aforementioned credit issues, seeking advice from an experienced mortgage broker is advisable.
Before making an application, obtaining an up-to-date copy of your credit report is recommended, as new lenders will be keen to understand the timing, amounts involved, and whether any outstanding issues have been resolved.
Retirement mortgages cater to individuals over 60, whether they are still working, semi-retired, or fully retired, and are offered on both sole and joint bases.
These mortgages for the over 60s cover various purposes, including property purchases, remortgages, releasing equity, and provide options for interest-only or repayment plans, along with choices between fixed and variable rates.
These specialised mortgages for those transitioning into retirement are accessible from mainstream lenders, similar to standard mortgages, or through retirement interest-only (RIO) mortgage providers. The application process mirrors that of a regular mortgage, with emphasis placed on your current and future income during retirement.
When contemplating your retirement mortgage options, engaging with an independent mortgage broker proves invaluable. Their expertise allows them to assess all available products, saving you both time and money in navigating the complexities of retirement mortgage advice.
If you are a homeowner with a property valued at a minimum of £70,000 and are aged over 55, you may qualify for an equity release mortgage. This type of mortgage allows you to unlock tax-free funds from your home, provided you have sufficient equity.
Before delving into an equity release mortgage, it’s important to explore all available retirement mortgage types. Two primary categories of equity release mortgages exist: lifetime mortgages and home reversion plans.
Clients typically opt for lifetime mortgages to achieve various financial goals, including gifting to family, repaying an existing mortgage, covering care expenses, funding travel and holidays, estate planning, home improvements, or settling large purchases such as a car or boat. However, it’s essential to acknowledge the risks associated with equity release:
1. The inheritance you leave to your family may be reduced.
2. Equity release may limit funds available for future care costs.
3. If you choose not to make monthly interest payments, interest can accumulate significantly over time.
4. Equity release may impact means-tested state benefits, potentially making you ineligible for future benefits.
5. Equity release is a long-term financial product and isn’t suitable for short-term lending; alternatives like bridging loans should be considered.
When you’re ready to explore your equity release mortgage options, consulting with an independent mortgage broker proves advantageous. Their expertise allows for a comprehensive evaluation of available products, saving you both time and money in making informed decisions.
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.
During your free mortgage appointment, we can go over your options with you. This includes lifetime mortgages.
As members, we have agreed to follow the Council rules, safeguarding our customers and providing a high standard of conduct.
We will be open and honest at all times; finding you a deal that suits your personal and financial situation.
We'll recommend the most suitable insurance products to protect you and your family, should you become seriously ill or unable to work.
We will compare different mortgage deals across the market. We have a large panel of mortgage lenders to choose from.
We have been in the mortgage industry now for over two decades. If you need help with a mortgage over the age of 60, get in touch!
We will be there for you throughout your whole mortgage process, recommending the best mortgage deal for your situation.
No, it is not too late to buy a house over the age of 60. Many people continue to purchase homes well into their 60s, and even beyond that. Often, older clients choose to move home to be closer to family members or to downsize to a smaller property.
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.
Speaking to a mortgage broker is vital and could save you a lot of money in the long term. The mortgage market for the over 60’s is specialist and there are lots of considerations. It’s certainly not something that you could compare deals online etc.
There isn’t one, we have access to a full range of mortgage solutions from aged 18 to 100+. Your mortgage advisor will recommend the best product for you based on your age, income and objectives.
There are all kinds of mortgage available including fixed and variable interest rates.
Yes, you can get a mortgage after you retire, there are various mortgage options available for you and which one your mortgage broker will recommend will depend on lots of factors.
Options such as whether you can afford or wish to make monthly payments, how much you are looking to borrow and your pension income will be discussed.
Yes, this is one of the most popular older clients contact us to become debt free in retirement. Often, they are having difficulty meeting the credit card and loan repayments from their pension income.
As above, what type of mortgage is most suitable will be recommended by your mortgage broker. This is also known as a debt consolidation mortgage, this type of mortgage is not without risk though as you’ll be taking unsecured credit and securing it on your home.
The risks will depend on which mortgage type is recommended by our team and all the risks associated with this will be discussed with you, so you fully understand any implications, including repossession.
Yes, you can get a buy to let mortgage if you’re over 60. Buy to let criteria is very different to a residential mortgage and how much you can borrow will be calculated using the rental income you’ll receive.
Yes, sure, this is one of the most popular reasons that our clients choose to release equity from their homes. It’s called a remortgage for home improvements. It’s a good idea to have all-inclusive quotes from reputable tradespeople so you know how much you are looking to release.
Yes and no, the mortgage process for a regular mortgage is different from the other types. Our expert mortgage broker team will help and guide you through the application process to ensure we have all the documents that are required.
It’s all based on affordability which is calculated using the number of years you have left at work. The difficulty will be lower if you have a great pension income and are looking to borrow a smaller amount.
Please remember to use a dedicated later life specialist mortgage broker with the full range of lending solutions.
The best mortgage for over 60s depends on your personal circumstances and financial goals. Some options to consider include fixed-rate mortgages and variable-rate mortgages.
Other alternatives can include retirement interest only (RIO) mortgages, term interest only (TIO) mortgages and equity release, which includes both lifetime mortgages 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.
Yes, you can get a mortgage if you’re self employed and over 60, but you’ll need to provide evidence of your income and show that you can afford the repayments. Again, if you are part-retired and part-working, there may be alternative retirement mortgage products available to you.
The amount you can borrow over 60 will be dependent on various factors, such as your income, outgoings, credit score, and the value of the property you want to buy.
Mortgage lenders typically use affordability assessments to determine how much they are willing to lend.
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.
The number of years for a mortgage over 60 will depend on various factors, such as your income, outgoings, credit score, and the property’s value.
Mortgage lenders typically use affordability assessments to determine the maximum term they are willing to lend. Other types of mortgages designed for the over 60’s include lifetime mortgages with no end date.
There are two main products within the equity release range of mortgages, the first is a Lifetime Mortgage and the second is a Home Reversion Plan. A lifetime mortgage is the product that is the most popular in the equity release range.
Over the years, equity release has received lots of regulatory influence and innovation by mortgage lenders which has resulted in the creation of some product features in this space.
An equity release mortgage provides you with a lump sum (or smaller chunks) with no requirement to pay monthly payments. It can be used to release tax-free cash from your property for various reasons without the need to sell it.
Traditionally the interest on the capital rolls up and the plan is usually repaid on death or when the sole or second applicant goes into long term care.
Changes in the industry, and a demand for more flexibility, now mean that you can make penalty free payments on all lifetime mortgages (within lender limits – usually up to 10% of the amount borrowed can be paid each year before penalties apply).
This means that, if you can afford to, you can pay the interest (and more) on a monthly basis, just like an interest only mortgage so that the amount you owe doesn’t increase over time.
We are proud to be registered members of the Equity Release Council, adhering to the standards they have set.
To understand the features and risks, ask for a personalised illustration. Equity Release may come in the form of a lifetime mortgage or home reversion plan.
A lifetime mortgage may impact the value of your estate and it could affect your entitlement to current and future means tested benefits. The loan plus accrued interest will repayable upon death or moving into long term care.
A home reversion plan involves selling all or part of your home to a plan provider in exchange for a tax-free lump sum.
If your interest only mortgage is ending, 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. There may be other product types available for you also such as a retirement mortgage.
A retirement interest-only mortgage, also known as a RIO, is an interest-only mortgage aimed at older borrowers who can afford to make interest payments per month.
Like a regular mortgage, with a RIO you’ll need to provide details of your income and prove to the lender that you are able to afford to make the interest-only payments per month. A RIO is available for both working and retired clients who are looking to remortgage or purchase a new home.
If you’re doing a RIO in joint names, the income will generally be assessed based on which of you would have the lower income if the other died to ensure that they can afford the mortgage on their own. A RIO mortgage doesn’t have an end date and the capital is repaid when the second applicant goes into long-term care or dies, usually from the sale of the home.
A term interest-only mortgage, also known as a TIO, works in a similar way to a RIO. A TIO is available to both retired and working applicants and can be used to remortgage or purchase a new home. You’ll pay interest-only payments per month.
Unlike a RIO, a TIO will have a set term of up to 30 years. At the end of the term, a TIO can then be repaid from the sale of the property or via the funds raised from a Lifetime Mortgage. A TIO is a great product that can be used to find the gap between a regular and a lifetime mortgage product to save interest rolling up.