Mortgages for the Over 80s

Yes, interest-only mortgages are an option for those over 80 and can be more affordable monthly. Popular choices include:

• Traditional Interest-Only Mortgages: Ideal if you have good income, sufficient equity, and a repayment plan, such as property sale or investments. Part-and-part mortgages, combining interest-only with capital repayment, may also suit certain borrowers.
• Retirement Interest-Only Mortgages (RIOs): These mortgages run for life and are a suitable solution for those with reliable pension income, allowing lifelong interest-only payments.
• Interest-Only Lifetime Mortgages: A form of equity release, this option lets you release funds without the need for monthly payments. Instead, interest can roll up, or payments can be made to keep the balance consistent.

Our experienced team will guide you in selecting the most suitable path based on your objectives.

Yes, buy-to-let mortgages are an option for those over 80, as lenders primarily assess the rental income and your assets rather than age.

Being an experienced landlord or having a large deposit may improve your application’s chances.

A lifetime mortgage is a common form of equity release, ideal for clients over 80.

It allows you to release funds from your home while retaining ownership and the right to live there until you pass away or move into long-term care.

Monthly payments are optional, allowing interest to compound over time, or you can make payments to keep the loan balance steady.

A home reversion plan provides homeowners over 80 with a way to unlock cash from their property by selling all or part of it, allowing them to continue living in their home, typically rent-free, without needing to fully sell.

This equity release option is designed for clients over 80 who may want to boost their retirement income or raise additional funds.

As part of our specialised mortgage options for those over 80, a home reversion plan can offer either a one-off lump sum, regular income, or a combination of to fit your financial needs.

Unlike traditional mortgages, home reversion plans don’t require affordability assessments, making them accessible even for those with low income, poor credit, self-employed status, or more complex circumstances.

The amount available to you is determined by factors such as your age, health, and property type.

Numerous high street and specialist lenders offer mortgages for those over 80.

While some lenders have upper age limits, specialist lenders have innovative options for older borrowers.

Working with an experienced mortgage broker can help you navigate these options and avoid costly mistakes.

Yes, older clients with sufficient equity may qualify for a homeowner loan, also known as a secured loan.

These loans are often used for debt repayment or home improvements.

Remember, when consolidating unsecured debts into a homeowner loan, your home becomes collateral for repayment.

If you’re considering a mortgage as a person over 80, our team is ready to help you understand the best options available for your unique needs.

Get in touch today for a free, no-obligation appointment to discuss how we can help you achieve your financial goals.