It's Free to Speak to an Advisor, 7 days, 8am - 10pm
It's Free to Speak to an Advisor, 7 days, 8am - 10pm
After the age of 55, there are lifetime mortgage products available to you such as a lifetime mortgage and a retirement interest only mortgage.
However, traditional high-street mortgage lenders are being innovative for more mature customers and allow terms of up to 85 years and beyond in some cases.
All 3 mortgage types can be used for purchasing a new home, remortgage, repaying an existing mortgage, or releasing equity either as a lump sum or in smaller chunks as and when required.
Age should not be a barrier to get a mortgage, unfortunately is it with some lenders and brokers, with us, however we have the full range of older borrower lending solutions available.
We are an independent mortgage broker, and we work with both traditional mortgage lenders and the full range of later-life lending products, we will recommend the best, most cost-effective way forward for your individual situation.
The reason there now a higher demand for maximum age mortgages is:
Have a Question?
It’s super easy to send a question to one of our specialist mortgage advisors. Simply follow the link below and ask a question. We’ll be in touch right away!
The mortgage products that do not do not have an age limit on the term are:
Certain traditional mortgage lenders will let you do a 40-year term at the age of 60 taking you to age 100. These do have a term, i.e. age 100, however this will be sufficient for most of us. The eligibility will be based on your income, affordability, credit score, and outgoings.
Retirement interest only mortgages, these run from age 55+ for your lifetime and are good where there is good pension income in retirement as a monthly payment will be required.
Lifetime mortgages, these also run from age 55+ until you die or go into long term care. Monthly payments are optional, and if made, will help to keep the cost of the loan to a minimum. A lifetime mortgage is the most popular form of equity release mortgage.
Home reversion plans, you sell your property in exchange for a cash lump sum and keep the right to live in your property until you enter long-term care or die.
For advice on mortgages for the over 50s, please get in touch for a free, no-obligation consultation. We will answer your questions and recommend the best way forward for you.
While there is no official upper age limit for getting a mortgage, most lenders set their own limits, typically around 70 to 85 years old.
Some lenders now offer mortgages that can extend well into your 90s or even beyond, particularly for retirement or interest-only mortgages.
Yes, some lenders offer mortgages designed for older borrowers that can run until you’re 90 or older.
These are usually tailored for those who have a stable retirement income and want to keep making regular repayments, or for those considering interest-only mortgages.
If you’re over 60, you have several mortgage options, including lifetime mortgages, retirement interest-only (RIO) mortgages, and standard residential mortgages that can run into your 70s, 80s, or beyond.
Your options will depend on your income, property value, and individual circumstances.
This depends on the type of mortgage you choose.
A standard repayment or interest-only mortgage will require monthly payments, while lifetime mortgages and some other equity release products do not have monthly payments, as the loan is repaid when the property is sold.
Yes, many lenders allow you to extend your current mortgage into retirement, but you’ll need to show that you can afford the repayments based on your pension or other retirement income.
Your lender may also adjust the mortgage term or type to reflect your new circumstances.
A RIO mortgage is a type of later-life mortgage where you only repay the interest on the loan each month.
The loan balance remains the same and is repaid when you pass away or move into long-term care, often by selling the property.
Yes, many lenders offer traditional repayment mortgages to people over 65, though the term may be shorter.
Lenders will assess your retirement income to ensure you can afford the monthly payments, and some may allow the mortgage to run up to age 75 or beyond.
If you outlive your mortgage term, you’ll need to repay the remaining balance, usually by selling the property or refinancing.
Alternatively, some people switch to equity release products, like lifetime mortgages, which have no set term and allow you to stay in your home for life.
Yes, you can remortgage in your 70s or 80s, depending on your income, health, and property value.
Lenders may offer options like retirement interest-only mortgages or equity release to help older borrowers access funds or reduce monthly repayments.
It can be more challenging to get a mortgage when you’re older, as lenders want to ensure that you can afford the repayments based on your retirement income.
That said, with more products tailored to older borrowers, such as lifetime mortgages and RIO mortgages, it is becoming easier for people in later life to secure the right mortgage.
Read our Reviews
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
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
We value your privacy
This website uses cookies. If you continue to use the site, we will assume that you agree with our use of cookies.
