Mortgages For Over 65s

If you require help on your mortgage options use our impartial mortgage advice service or click here if you are 65+ looking for options for borrowing in retirement.

Mortgages For Over 65s

Mortgage lenders can frequently be reluctant to offer good deals to potential buyers over the age of 65s – borrowers in this age group are often seen to represent a greater risk of non-repayment due to factors such as age, health and retirement.

However, in recent years, mortgage providers have begun to recognise that people are living longer, and what’s more, are often continuing to work into their 60s and beyond.

Proving your income over 65

In order to take out a mortgage, you will need to prove that you have sufficient income to repay your borrowing – this could come from your pension and other savings, or your salary if you are still working.

Whatever your age, mortgage lenders will want you to fulfil certain criteria before they approve you for a mortgage. To maximise your chances of getting a mortgage over 65, you may want to consider the following points:

• Think about whether you have sufficient income to borrow the amount you want  – this applies whether you are still working or have retired
• Consider your existing debts and outgoings – do you have credit cards or loans to pay off?
• Check your credit rating – do you have a clean credit history, with no outstanding payments or country court judgments against your name?

Mortgages In Retirement Service

• Borrowing options from age 55 to 99
• Independent advice on your mortgage options
• Interest only options
• No obligation service
• One short form to complete

Mortgages In Retirement Quotes & Advice »

Look out for specialist over 65s mortgage providers

There are some mortgages available, mainly through specialist mortgage brokers, which are specifically designed with older home buyers in mind.

How is an over 65s mortgage repaid?

There are various interest rate options available to over 65s who want to repay their mortgage in a way that suits them, including:

• Fixed rate mortgage – your interest payments are fixed for a set period of time (usually several years) after which you will be moved on to another rate
• Standard variable rate mortgage – your interest will vary with your lender’s mortgage rate
• Tracker mortgage – your interest rate will move up or down by tracking an external rate, such as the such as the Bank of England Base Rate
• Interest only – A number of UK lenders offer mortgage products for older borrowers on an interest only basis.
• Equity release – If you are retired, own your current home, and are struggling to find a mortgage, equity release mortgages may be an option. Equity release mortgages differ from standard repayment mortgages and are not suitable for everyone. However, in certain circumstances, they may be an appropriate option. You will need to seek specialist independent advice if you are considering an equity release plan.