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Mortgages for Pensioners

Explore tailored Mortgages for Pensioners to suit your retirement needs.

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Can a pensioner get a mortgage?

Yes, there are many reasons you might need a mortgage as a pensioner.

Common reasons why pensioners might look at their mortgage options include to move home or purchase a second property, repay an existing mortgage, consolidate debt, release tax-free cash from your equity, and managing financial changes due to divorce or separation.

Additionally, mortgages for pensioners can be useful for addressing other complex financial situations.

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What types of mortgages are available to pensioners?

There are three main types of mortgages for pensioners.

Traditional mortgages can extend beyond age 80, depending on your circumstances, and can be structured as repayment, interest-only, or part and part.

Retirement interest-only mortgages run for your lifetime, requiring monthly interest payments.

Equity release mortgages, typically lifetime mortgages, also run for life but do not require monthly payments, with interest rolling up if no payments are made.

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Which mortgage is right for me as a pensioner?

It’s important that you always look to seek independent mortgage advice to thoroughly explore all your options and minimise your interest payments.

Our team considers several factors when recommending mortgages for pensioners, including your current and projected income, plans for the property, foreseeable changes, ownership status, equity availability, and credit score.

During our free, no-obligation consultation, we will carefully listen to your needs and suggest the most cost-effective path forward for you.

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Learn More About Mortgages for Pensioners

Mortgage Options for Pensioners

Standard Residential Mortgage  

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Pensioners may find themselves eligible for different mortgage options tailored to their needs.

One such option is a standard residential mortgage, which some lenders extend to older borrowers, typically up to the age of 80 or 85, especially with stable pension income.

To qualify for this type of mortgage, applicants must meet specific criteria, pass affordability assessments, and maintain a good credit score.

Retirement Interest Only Mortgage (RIO)

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A retirement interest-only mortgage (RIO), designed for older borrowers seeking to make monthly interest payments. Similar to standard mortgages, RIO applicants need to demonstrate sufficient income from work and/or pension to cover these payments.

This option is suitable for both working and retired individuals looking to remortgage or purchase a new home. In joint applications, income assessment considers the lower earners’ ability to manage mortgage payments independently.

Unlike traditional mortgages, RIOs lack an end date, with the capital repaid upon the second applicant’s entry into long-term care or passing, typically from the sale of the property.

Term Interest Only Mortgage (TIO)  

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There may also be term interest-only mortgages (TIO) available to individuals aged 50 and above. These mortgages function similarly to RIOs but have a set term of up to 30 years.

Monthly interest payments are required, and at the end of the term, the mortgage can be repaid from property sale proceeds or through funds raised from a Lifetime Mortgage, offering a flexible option between standard and lifetime mortgage products

Equity Release Mortgage  

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It’s essential to carefully consider equity release options before committing to a plan due to potential interest roll-up.

Common equity release products include Lifetime Mortgages and Home Reversion Plans. Lifetime Mortgages, popular among asset-rich individuals with low incomes, offer a lump sum without monthly payments.

The amount borrowed depends on age and property value, with some lenders considering enhanced medical underwriting.

Flexibility in equity release plans allows for penalty-free repayments, helping borrowers control the loan’s cost and ensuring financial flexibility in retirement.

Combination of the Above

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Retirement mortgage solutions often involve a phased approach, combining various products to meet individual needs.

For instance, starting with a standard mortgage or TIO and transitioning to a lifetime mortgage later can mitigate financial pressure in retirement or upon one’s passing.

The process of receiving tailored mortgage advice ensures a thorough assessment of pensioner finances, identifying potential vulnerabilities and recommending suitable solutions to safeguard financial stability.

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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 into retirement, 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 Pensioners FAQs

Can I buy a house when as a pensioner?

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Purchasing a house as a pensioner is entirely feasible and common practice. Many pensioners opt to buy homes, whether it’s to be closer to family or downsize to a more manageable property.

Age shouldn’t be a barrier; instead, your financial situation and objectives should guide your decision-making process.

Speaking with a mortgage broker is key, particularly in the specialised later life mortgage market, where expert advice can lead to significant long-term savings.

What is the age limit when getting a mortgage? 

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There’s no age limit on accessing mortgage solutions, as we cater to individuals from 18 to over 100.

Your mortgage advisor will assess your age, income, and goals to recommend the most suitable product for you.

Options range from fixed to variable interest rates, tailored to your unique circumstances. Discover bespoke mortgages for pensioners designed to meet your retirement needs.

Can I get a mortgage as a pensioner?  

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Being a pensioner doesn’t stop you from obtaining a mortgage.

Various mortgages for pensioners are available, depending on factors such as your ability or preference to make monthly payments, desired loan amount, and pension income.

Your mortgage broker will guide you through these options to find the most suitable fit. Explore flexible mortgages for pensioners to unlock new possibilities in retirement.


Can I repay debts using a mortgage if I’m a pensioner? 

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Debt consolidation through a remortgage is a popular choice among older clients seeking financial freedom as pensioners.

This approach helps alleviate the burden of credit card and loan repayments, often challenging to maintain on pension income alone.

It’s essential to understand the risks associated with securing unsecured credit against your home, and your mortgage broker will thoroughly discuss these implications to ensure informed decision-making and mitigate any potential risks, including repossession.

Can I get a buy to let if I’m retired?  

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Buy-to-let mortgages are available for individuals over 60, albeit with distinct criteria from residential mortgages.

Lenders calculate borrowing capacity based on rental income rather than personal income.

Many retirees choose buy-to-let investments to supplement pension income and provide a valuable asset for their family’s future.

Consulting with a mortgage advisor will clarify the specifics and ensure alignment with your financial objectives.

Explore tailored mortgages for pensioners to maximize your investment potential.

Is the mortgage application process the same when you're a pensioner?  

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The mortgage process for regular mortgages differs from other types, but our expert team will guide you through every step.

Providing necessary documents such as ID and proof of pension income is essential, along with details of any spouse’s pension if applicable.

Why is it difficult getting a mortgage when you’re a pensioner? 

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Affordability is key, determined by the years left in your working life. Younger applicants can spread the mortgage over 30 to 40 years, making monthly payments more manageable.

For pensioners, regular mortgages may not fit affordability criteria, leading to consideration of alternative retirement mortgage options.

Which mortgage is best for pensioners? 

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The best mortgage for pensioners varies based on personal circumstances and goals.

Options include fixed-rate, variable-rate, retirement interest-only (RIO) mortgages, term interest-only (TIO) mortgages, and equity release plans.

A dedicated advisor will assess your situation to recommend the most suitable route.

Can I get a mortgage if I’m self-employed and semi-retired? 

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Self-employed and semi-retired individuals can obtain mortgages by demonstrating income and affordability.

If part-retired and part-working, alternative retirement mortgage products may be available.

Specialised advice is recommended due to the complexity of self-employed and later-life lending options.

How much can I borrow on a mortgage if I’m a pensioner? 

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Borrowing capacity for pensioners depends on factors such as income, outgoings, credit score, and property value.

While traditional mortgages rely on affordability assessments, retirement mortgage options differ, requiring expert guidance to determine accurate borrowing figures.

How does my age affect my mortgage eligibility?  

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Age may impact mortgage eligibility, with some lenders viewing older borrowers as higher risk. However, demonstrating sufficient income should still secure mortgage approval.

How many years mortgage can I get as a pensioner? 

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Mortgage term into retirement varies based on factors like income, outgoings, credit score, and property value.

While traditional mortgages have a maximum term, retirement-specific options like lifetime mortgages offer flexibility without an end date.

What is equity release?  

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Equity release mortgages offer lump-sum payments without monthly obligations, suitable for retirees seeking financial flexibility.

Changes in the industry allow penalty-free payments on lifetime mortgages, ensuring tailored solutions for retirees’ needs.

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.

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

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Transitioning from an interest-only mortgage requires considering alternatives like repayment mortgages, equity release, or retirement mortgages. Expert advice helps explore suitable options for your circumstances.

What is a retirement interest only (RIO) mortgage?  

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Retirement interest-only mortgages cater to older borrowers capable of monthly interest payments. With no set end date, these mortgages offer flexibility, with repayment triggered by specific events like long-term care or death.

What is a term interest only (TIO) mortgage?  

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Term interest-only mortgages offer flexibility and affordability, with payments spread over a set term.

Unlike retirement interest-only mortgages, these have a specified repayment period, providing a bridge between regular and lifetime mortgage products.

Finding the right mortgage for pensioners.

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