A retirement interest-only mortgage is designed for borrowers aged 55 and over who want a long-term mortgage solution without repaying the full balance each month.
You only make monthly interest payments, keeping costs predictable while retaining full ownership of your home.
The mortgage continues for as long as you live in the property, only coming to an end when you pass away or move into long-term care.
At that point, the loan is usually repaid through the sale of the property.
This type of mortgage can be used for different needs such as paying off an existing deal, moving home, or raising funds in retirement without the pressure of a fixed term.
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With this type of mortgage, you pay just the interest each month, so the balance stays the same over time.
Lenders will check that you have a reliable income to cover these payments, often looking at pensions, savings, or other retirement income.
The flexibility comes from knowing there’s no set end date.
The mortgage carries on until you leave the property permanently, which takes away the stress of remortgaging later in life.
You can use a retirement interest-only mortgage to purchase a new home, replace an existing mortgage, or release funds from your property without needing to downsize.
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For many homeowners, these mortgages offer a way to stay in their home and keep monthly payments affordable in retirement.
They’re particularly useful if you have equity but a lower income, as the focus is only on meeting the interest each month.
They aren’t always the cheapest form of borrowing, so it’s worth considering the alternatives too.
If you qualify for a standard repayment mortgage, that may save money long term.
If you’d rather avoid monthly payments altogether, equity release products might be better suited.
A retirement interest-only mortgage is often chosen for the stability it provides, lasting for the rest of your time in the property and reducing the need for frequent changes.
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Joseph Harros
As first-time buyers, we had very little knowledge of the mortgage process and found it quite daunting, especially with rising interest rates and uncertainty in the property market. We’re extremely grateful to Dinah and Jo for their support and would highly recommend UK Moneyman to any first-time buyer looking for a professional, knowledgeable and supportive mortgage broker.
29 Oct 2026
Jade Wilmot
As first-time buyers, we had very little knowledge of the mortgage process. We changed properties along the way, and our circumstances made the mortgage process more complex than we initially expected. Dinah and Jo were absolutely brilliant throughout. We would definitely recommend UK Moneyman to anyone looking to set up a mortgage.
29 Oct 2026
Diane A
First class service. Jason and Lizzie helped me immensely getting a good mortgage quickly when I found myself separated. They pulled out all the stops and even spoke to me after hours. Excellent and would highly recommend. I can’t thank them enough. I now have my dream home
28 Oct 2026
Chloe Gathergood
Paula and Jason have been so helpful in getting our first mortgage sorted. They were quick to answer any questions and very helpful with their advice. Thank you very much
23 Oct 2026
Rebecca Joy
Leo and Lizzi were exceptionally helpful. Leo gave us great advise, not just on products available, but on things like bidding on properties, whether we were likely to be approved for more complicated properties etc. Lizzi was very communicative and thorough in processing our application, and after our first sale fell through we didn't hesitate to use UK Moneyman again. Thanks so much to Leo and Lizzi!
15 Oct 2026
Callum Kennedy
Very helpful and informative. Made the process as easy as possible. Would recommend to other
14 Oct 2026
Barry Hall
I had a financial issue that I thought was pretty unique to myself. The help and solution to my financial question has been exceptional in every step of the way. A big thank you to Warren and Joe for all of your patience and technical expertise.
14 Oct 2026
Megan Whitlock
The team working with my profile were amazing, I was in constant communication with them, if I emailed and rang someone responded quickly and they were able to secure my mortgage within 6 weeks from my initial meeting which saved me a lot of messing around and stress. Great service thank you
14 Oct 2026
Linda Chadwick
Amazing company very helpful and patient fantastic staff at the Hull branch nothings to much trouble sorted me a morgage out quickly and efficient i would recommend them 100%
14 Oct 2026
Natalie Rose
We’ve had Elaine Tiernan as our mortgage advisor and she has helped us out so much in the process of being approved with our first mortgage. From working around our working hours to arrange phone calls and online teams meetings to being prompt to respond to our enquiries. Elaine has been nothing but helpful, professional and supportive in our journey this far and we are very grateful to have had her as our mortgage advisor. Thank you to Paula aswell for always checking up on us and ensuring the process was as smooth as possible. Natalie and Liam
13 Oct 2026
Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The fee is up to 1% but a typical fee is £1295.
You should always think carefully before securing a loan against your property.
A lifetime mortgage will reduce the value of your estate and may affect your entitlement to means tested benefits.
Clearing existing mortgage with a lifetime mortgage may result in higher cost of borrowing.
Enjoy a selection of our YouTube videos we think that you'll find useful.
More on Retirement Interest-Only Mortgages
We'll never prioritise business over your needs. We're here to make sure you end up with the best result for you and your family.
We follow the rules and guidelines set by the ERC, safeguarding our customers and providing a high standard of conduct.
We'll never charge you just to sit down, answer your questions and chat about your goals or your situation, we're only paid on results.
We pride ourselves on trying to be as accessible as we can be. That means appointments from early until late, every day of the week.
Thanks to our membership with the Equity Release Council, you'll never need to worry about negative equity impacting your family.
Our advisors will take the time to run through everything with you, ensuring you understand your deal. Your family are welcome to be there too.
We know this and will never just push equity release as your only option. If there are alternative options out there, we will always look at those first.
Mortgages are more accessible than ever for older borrowers and we actively encourage this. It's not "later life", it's just another mortgage option.
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