Mortgages for over 60s

Compare deals and find out everything you need to know about getting a mortgage when you’re over 60.

It is possible to get a mortgage when you’re over 60, and there are several different options available. To understand exactly where you stand, speak to one of our expert mortgage brokers about over 60s mortgages.

Can I get a mortgage at 60?

It is possible to get a mortgage when you’re over 60, but it might be more difficult than it is for younger homebuyers, and you’ll have fewer products to choose from.

The main reason for this is that lenders become concerned about your ability to repay your loan as you approach retirement.

Whether or not you can get a mortgage when you’re over 60 will also depend on your financial situation and the reason you want to borrow. 

If you want to remortgage to release equity from your existing property, equity release products are available that can help you do that. 

However, your options are limited if you want to buy a new residential property with a traditional mortgage. Most lenders set an age limit on who they’re willing to lend to, which can be as low as 65, making getting a mortgage for over 60s difficult.

What mortgages are available for over 60s?

When you’re 60 or over, you have several mortgage options, including some products designed specifically for older borrowers. Which one is right for you will depend on your situation and reason for borrowing.

Getting a standard residential mortgage product as an older borrower is possible, but meeting the lender's criteria might be more difficult. The main types of residential mortgages you could get include:

A lifetime mortgage is an option to consider if you want to release equity from your home. They’re available if you’re over 55 and allow you to borrow money against the value of your property, which you don’t need to repay during your lifetime.

You’ll be charged interest on the loan, which you can pay off monthly, or you can let it build up and be added to the amount you owe. 

A lifetime mortgage is only repaid upon the sale of your property after you have passed away or moved into long-term care. If there is any money left over after the sale, this can be passed on to your family.

Home reversion is another type of equity release where you agree to sell a percentage of your property for a lump sum or regular payments.

As part of the agreement, you can remain in your home for as long as you live or until you move out. The home reversion provider will pay less than market value for the part of your property they’re buying, which could be as low as 30%.

How much they offer will depend on your age and how long they expect you to live in the property. The longer it will take them to get their money back, the lower the amount they’re likely to offer.

A retirement interest-only mortgage for over 60s is similar to a lifetime mortgage. They allow you to borrow a tax-free lump sum against your property, which you only need to repay when you have passed away or moved into long-term care.

The difference is that you will need to make interest payments every month. You must prove to the lender that you can afford these payments before you’ll be accepted for an ROI.

Standard residential mortgages

Lifetime mortgage

Home reversion

Retirement interest-only mortgage (ROI)

Getting a standard residential mortgage product as an older borrower is possible, but meeting the lender's criteria might be more difficult. The main types of residential mortgages you could get include:

Why is it harder to get a mortgage over 60?

The main reason is that your income can become less reliable as you approach retirement age. When deciding whether or not to lend to you, mortgage providers need to be confident you can afford the monthly payments and ultimately repay their loan.

Most people will receive less from their pension than they did while in work, making covering mortgage payments difficult. While there is no legal maximum age limit for mortgages in the UK, most lenders set their own age criteria. This is typically 65-70 years old, but some will stretch this to 80.

However, if you can prove your affordability and meet all the eligibility criteria, you can still get a residential mortgage when you’re over 60. You may be offered a shorter term mortgage term or face higher interest rates.

How can I improve my chances of getting a mortgage over 60?

Your ability to get a mortgage for over 60s will depend on the product you want. If you’re looking for an equity release, the main factor will be the amount of equity you have in your property. If you want a new residential mortgage or to remortgage to a new deal, it can be more tricky. Here are some things you can do to improve your chances of getting a mortgage for over 60s:

Lenders need to be confident that you’ll have enough money coming in to cover your mortgage payments. If you’re going to retire during the term, show them pension forecasts to show what you’ll be getting.

As part of your mortgage application, the lender will perform a hard check on your credit record. Making sure your score is as good as it can be before applying will give you a better chance of being accepted.

You can boost your affordability by keeping your outgoings as low as possible. If you can, clear any loans or credit cards so you don’t have these repayments on your records.

Lenders may be more comfortable lending to you if you apply for a shorter mortgage term. This will mean your payments will be higher, but you will pay off the loan faster.

If you can contribute a large deposit, this reduces the risk for the lender as you’ll own more equity in the property.

Our expert says...

“Getting a mortgage when you’re over 60 might be more difficult, but don’t give up hope. It’s still possible to find a mortgage deal that works for you, and if you’re looking to release equity, you have several options available.

Speaking to one of our expert brokers could help if you’re over 60 and looking for a mortgage. They can guide you through your options and help you find the lenders most likely to accept your application.”

- Jon Bone \ CeMAP-qualified mortgage adviser

Mortgages for over 60s FAQs

There is no set maximum age for getting a mortgage, but each lender will have their own age limits as part of their lending criteria. These can be set by:

  • Maximum age for taking out a new mortgage (e.g. 65 or 70)

  • Maximum age at the end of the mortgage term (e.g. 80-85)

Some lenders will set limits for both, but some don’t set any age limits at all. It’s helpful to speak to a broker who can help you find lenders who are more flexible with their age limits. 

It is possible to get a mortgage when you’re retired, but you might find it harder than if you were earning a salary. This is because lenders need to know that you have enough income to cover your mortgage payments, and it’s likely you’ll have less coming in through your pension than when you were working.

You may also need to borrow the money over a short period to avoid exceeding the lender’s age limits. You will also need to meet the rest of their lending criteria, including passing a credit report check.

Equity release allows you to get a lump sum or monthly income from the money tied up in your house. The equity you hold in your home is the proportion you own outright, which is the amount you’ve paid off plus your deposit.

By using equity release, you can access this money while remaining in your home. The money is then repaid to the equity release provider when your home is sold, usually when you have passed away or moved into long-term care.

The length of mortgage you can get when you’re over 60 will depend on your lender and your age. 

Some lenders set a maximum age by which you need to have repaid the loan. For example, if a lender’s maximum age is 80 years old and you are applying for a mortgage at 62, the maximum term they could offer would be 18 years.

There are other lenders that do not set an age limit, so you could get a mortgage with them for a full term of 25 or even 30 years.

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Important info & marketing claims

You may have to pay an early repayment charge to your existing lender if you remortgage. Your savings will depend on personal circumstances.

Your home may be repossessed if you do not keep up repayments on your mortgage.

*The savings figure of £656 is based on Better.co.uk remortgage customers in April 2024. Read more on our marketing claims page.

We can't always guarantee we will be able to help you with your mortgage application depending on your credit history and circumstances.

Average mortgage decision and approval times are based on Better.co.uk's historic data for lenders we submit applications to.

Tracker rates are identified after comparing over 12,000 mortgage products from over 100 mortgage lenders.

As of January 2023, Better.co.uk has access to over 100 lenders. This number is subject to change.

For buy-to-let landlords, there's no guarantee that it will be possible to arrange continuous letting of a property, nor that rental income will be sufficient to meet the cost of the mortgage.