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Getting a mortgage when you’re older

Once you're over 50 your mortgage options begin to change, so it's worth carefully considering your options.

Getting a Mortgage When You’re Older

Which mortgage could you get?

Compare a huge range of mortgages of all types on our comparison tables.

Once you're over 50 your mortgage options begin to change, so it's worth carefully considering your options.

What is the maximum age for a mortgage? Read the guide to learn all about mortgages when you're older, or if you're after advice about a specific age you can skip to one of these three categories:

  • Mortgages for over 50s - Typically this is the age when people enjoy the most flexibility with mortgages

  • Mortgages for over 60s - You will only be able to apply for shorter mortgage terms and may need to demonstrate pension and investment income

  • Mortgages for over 70s - It will be difficult, but not impossible, to get a mortgage. However if you are a homeowner it may be possible to get a secured loan.

Most lenders in the UK have an upper mortgage age limit for their lending, which typically involves a maximum age for taking out new mortgages (normally 65 to 70) and another age limit for paying them off (between 70 and 85).

These age limits mean that from your 50th birthday onwards your mortgage options may change.

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Compare mortgages for home owners thinking about getting a new mortgage

Mortgages for over 50s

In your 50s you are likely to have plenty of choice over how to plan your mortgage and should still be able to apply for the standard 25 year mortgage term.

This is the age where people typically see their income peak, as well being established homeowners with respectable deposits. This means mortgages for over 50s are more likely to breeze through eligibility criteria and secure their pick of the best mortgage rates than other age groups, with options such as flexible remortgages on the table. 

However, on the downside, this is the last time you’re going to enjoy this much flexibility over your mortgage, so carefully consider your options and use an over 50 mortgage calculator to explore the options available.. Here are the key decisions:

Should you extend your mortgage term?

If you only have around ten years left on your mortgage term it can be tempting to extend your term when remortgaging.

While this should reduce your monthly repayments, it will always cost you more in the long term, potentially adding many thousands to the cost of your mortgage.

If you are going to extend your mortgage term to get lower repayments, you should think about how you would spend the income you would free up and whether you could invest it.

Compare remortgaging mortgages

Compare mortgages for home owners thinking about getting a new mortgage

Make overpayments, offset your mortgage or just put your money in savings?

If your mortgage agreement allows it and you are in a position to do it, it is always a good idea to make overpayments. The more you overpay, the quicker you reduce your debt and the less you will pay overall.

The problem with overpaying is once you have paid your money towards your mortgage you cannot get it back, unlike putting your spare income into savings or other investments.

This is where an offset mortgage can be useful. With an offset mortgage you can pay into a savings account that is linked to your mortgage.

The money in this account is then counted as a temporary overpayment towards your mortgage and is ‘offset’ against your mortgage balance, reducing the amount of interest you pay.

However the rates offered by offset mortgages will be slightly higher and you won't earn interest on your savings. That could be attractive when savings rates are low, but that could change if the base rate increases.

Borrowing against equity?

Equity is the share you own of the value of your home. If, by your 50s your home has increased in value and you would like to access some of that value as cash, you could consider getting a larger mortgage when remortgaging to borrow against your equity.

However, doing this is not without its risks. To find out more, read our guide on equity and how to use it for borrowing.

Mortgages for over 60s

It can get harder to successfully apply for mortgages once you’re in your 60s because lenders are wary of giving loans to people whose income is likely to fall in the near-future.

Although in some ways you can still enjoy the flexibility of your 50s, it’s likely you will be able to apply only for shorter mortgage terms of 10-15 years. So, if you're planning to remortgage to borrow a larger amount, you need to show you can afford to pay off your mortgage in a shorter time.

Also, if you are planning to retire at the traditional age of 65-70 you will need to show that the income from your pension, annuities or other investments can adequately meet the mortgage repayments.

All our mortgage products are available for those over 60 (although some are capped at 65). Here's how to compare them:

  1. Go to the Uswitch Mortgages comparison page

  2. Enter the property value, how much you wish to borrow and the repayment term

  3. If you wish, filter further by rate type, initial period, or payment type

  4. For each mortgage product you are interested in, click ‘More information’ to get a dropdown list of eligibility criteria 

  5. Look for age restrictions on the mortgages, such as ‘65 or younger at mortgage end’

Mortgages for over 70s

Getting a mortgage in your 70s can be very difficult, if not impossible. Some lenders are more flexible and offer a more personalised service than others though, so it's worth asking about policies and if they'll take your personal circumstances into consideration.

Local credit unions and building societies are traditionally some of the most understanding lenders, so it could be worth finding your local one and seeking their advice.

It may also be possible to apply for a guarantor mortgage, if you can provide a guarantor who would be willing to meet the repayments should you be unable to.

Finding an over-70s mortgage

Our mortgage comparison tables contain a number of providers that provide mortgages for over 70s. We explain how to find them:

  1. Go to the Uswitch Mortgages comparison page

  2. Enter the property value, how much you wish to borrow and the repayment term

  3. If you wish, filter further by rate type, initial period, or payment type

  4. For each mortgage product you are interested in, click ‘More information’ to get a dropdown list of eligibility criteria 

  5. Look for mortgages with a high age restriction, or those that don't have an age restriction.

Alternatively you can search by provider. All of the following providers have mortgages suitable for those over 70. However, not all their mortgage products may be available:  

Accord - Ahli United Bank - Aldermore Mortgages - Bank Of Ireland - Bath BS - Beverley BS - BM Solutions - Cambridge BS - Chorley BS - Clydesdale Bank - Coventry BS - Darlington BS - Ecology BS - Family BS - Furness BS - Godiva Mortgages - Halifax - Harpenden BS - Hinckley & Rugby BS - Kensington Mortgages - Kent Reliance - Leeds BS - Leek United BS - Lloyds Bank - Manchester BS - Mansfield BS - Marsden BS - MBS Lending - Melton Mowbray BS - Metro Bank - Monmouthshire BS - Mortgage Trust - National Counties BS - Nationwide BS - NatWest - Newbury BS - Newcastle BS - Nottingham BS - Paragon Mortgages - Platform - Post Office - Precise Mortgages - Principality BS - Progressive BS - Royal Bank of Scotland - Saffron BS - Santander - Scottish BS - Scottish Widows Bank - Sensible Home Finance - Skipton BS - Stafford Railway BS - Teachers BS - The Hanley Economic BS - The Mortgage Works - Tipton & Coseley BS - Ulster Bank - Vernon BS - Virgin Money - West Bromwich BS - Woolwich - Yorkshire Bank

Secured loan

If you would just like to borrow money, it’s much simpler if you are a homeowner. You could still be eligible to apply for a secured loan up to around £100,000, by using your home as a deposit against the loan.

However, this should be approached with caution. If you can't meet your repayments this could lead to you losing your home.

Compare secured loans

Compare a whole range of secured or homeowner loans for borrowing between £3,000 and £80,000.

Equity release schemes

Equity release schemes enable older homeowners to release the value in their home as cash. You could consider an equity release scheme if you are a homeowner who has repaid all or almost all of your mortgage.

Typically this is done with either a lifetime mortgage or a home reversion scheme.

  • Lifetime mortgage - You borrow money against the value of your home, but pay nothing back until your home is sold – either after your death or when you go into long-term care.

  • A home reversion scheme - You sell your home (or a part share of) to an equity release company. You continue to live in your home until you die or go into long-term care, at this point the company will sell your home.

However, equity release schemes can be expensive depending on the value of your home that is agreed upon, and the property market. What's more you won't be able to leave your home to anyone when you pass away.

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