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Mortgages for Over 65s

Mortgages for Over 65s

If you are of pension age getting a mortgage can be more challenging.

Special features of what our services offers include:

  • Mortgage solutions for over 65s

  • Access to UK lenders where age is not an issue

  • Whole of market service - we work with most UK lenders

  • Access to leading market mortgage rates

  • Access to mortgage deals not available on high street

  • Fast turnaround - speak to us today if you need to move quickly

  • We have lenders who will take into account previous defaults and missed payments 

  • Looking to raise additional finance on top of your existing mortgage or buy to let mortgage? - we have access to a range of finance solutions

To investigate your mortgage options if you are in pre or post retirement call our mortgage team or fill in our call back form.

While there are now more mortgage options for older borrowers than in the past, you could still find getting a mortgage a challenge if you are 65 or over.

The upper age limit for new mortgage applicants tends to be between 65 and 70, depending on the mortgage provider.

Check if your mortgage provider specifies a repayment age – many will ask for the mortgage to be repaid in full by the time you reach a certain birthday.

To investigate your mortgage options if you are aged 65 plus call our mortgage team or fill in our call back form.

Interest Only Mortgages For Over 65s

Over the last year and into 2018 there has been significant movement by product providers in coming up with mortgage solutions for borrowers in later life. Interest only mortgages in retirement are now offered by a number of UK lenders. 

This move is welcome as it provides over 65s with lender options that previously did not exist and also provides an attractive alternative to equity release for those who have income that can support the borrowing.

Alternative options for over 65s - Equity release mortgages

In order to take out a mortgage, you will need to prove that you have sufficient income to repay your borrowing – which can be more difficult if you are retired and no longer receive a regular salary. If you own your current home, are over 65, and are struggling to find a mortgage, lifetime mortgages may be an option to consider.

A type of equity release mortgage, lifetime mortgages differ from standard repayment mortgages and are not suitable for everyone, so it is important to discuss your options with an independent financial adviser before proceeding with a lifetime mortgage. However, in certain circumstances, they may be an appropriate option. A lifetime mortgage enables you to release money tied up in your home by providing a loan secured against the value of your property.

This loan does not need to be repaid until you die or go into long term residential care. The main principle of a lifetime mortgage is that it allows you to stay in your current home while releasing tax-free cash, which you can then use as you wish.

To find the best over 65s mortgage deals, click here for Equity Release Quotes »

Eligibility for equity release mortgages

If you want to apply for a lifetime mortgage you will need to meet several criteria, such as:

  • Minimum age – the lower age limit for taking out an equity release mortgage is usually 55 or 60. The percentage of your property that you can borrow as a tax-free lump sum depends on your age when you take out the lifetime mortgage. Generally speaking, the older you are, the more you can borrow - in some cases up to half the value of your home.

  • Property type and value - Not all properties are eligible for lifetime mortgages. You may not be able to get an equity release mortgage on a flat or maisonette, and your property will usually need to meet a minimum value in order for your application to be considered.

What to look for in an over 65s lifetime mortgage

  • Decide how you want to receive your money - you may be able to choose from a lump sum payment or regular income payments.

  • Look for a no negative equity guarantee – this means you will never owe more than your house is worth.

  • Factor in extra costs - The process of applying for an equity release mortgage can involve various fees such as valuation and legal costs.

  • Check your benefits situation - Taking out an equity release mortgage could affect any means-tested benefits that you are eligible to receive.

If you are unsure about what mortgage product is suitable for you, we suggest you speak to a specialist adviser.

To find the best over 65s mortgage deals, click here for Equity Release Quotes »

Lifetime mortgages as from October 2004 are regulated by the Financial Conduct Authority. A lifetime mortgage is a loan secured on your home. The loan and interest are normally repaid from the proceeds of the sale of your home when you die or move into long term care. With a home reversion plan you sell all or part of your home for cash. However you do not get the full market return for doing so.

The above equity release mortgage detail is for information purposes only as does not constitute financial advice under the Financial Services and Markets Act 2000. When considering any type of equity release product, it is important that you seek independent legal advice.

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