If you are struggling to get a mortgage as an older borrower in your 50s, 60s or 70s, Strive Mortgages can help. We have access to suitable mortgage lenders and products and can help you secure the loan you deserve in your retirement.
Welcome to Strive Mortgages, specialist mortgage brokers for older borrowers
There’s no doubt about it: for an older person, getting a mortgage can be challenging.
Mortgage lenders tend to look at older applicants less favourably, due to the perceived risk associated with health issues, limited income during retirement, and the extended repayment period relative to the borrower’s life expectancy.
At Strive Mortgages, we believe that while you may be getting on in life, your mortgage options shouldn’t have an expiration date.
Whether you’re in your 50s, 60s, or beyond, our dedicated team of mortgage brokers is here to find a mortgage provider with the right lending criteria, product, and interest rate for you. What’s more, we’ll take care of the entire application process to make it as stress-free as possible.
At Strive Mortgages, we take pride in finding mortgage solutions aligned to the unique financial circumstances and aspirations of our more mature clients. So if you feel the odds are stacked against you because of your age, don’t give up on getting a new mortgage – we’re here to help.
Contact us today to talk to a friendly adviser about your requirements.
Speak To an Expert
Whether you’ve just had an offer accepted on a property and you’re ready to go, or you’re simply wondering how much you need to save for a deposit, it’s never too soon to reach out.
Is there a maximum age for mortgage lending?
There is no upper age limit when it comes to applying for a mortgage, but most lenders do have more stringent eligibility criteria for older applicants. For example, some set maximum age limits, require a large deposit or impose higher interest rates.
Certain lenders may be willing to lend money long-term to borrowers in their 70s or even 80s, provided that the borrower passes their affordability checks and has enough retirement income to cover the mortgage payments.
Some lenders may have lower age limits, such as 70 or 75, by which age they require the mortgage to be fully paid off.
Mortgage for over 50s
People in their 50s should find it relatively easy to get a traditional mortgage, especially if they have a larger deposit and are willing to retire before the lender’s maximum age limit, which is typically between 70 and 80 years old.
If the borrower’s earned income is sufficient, they should be able to obtain a mortgage term of 20 to 25 years. However, some lenders may require proof of pension contributions if the borrower plans to retire after the state retirement age.
This proof can be provided in the form of a pension projection letter or a simple deduction on the borrower’s payslip.
Mortgages for over 60s
As you head into your 60s, obtaining a mortgage may pose some challenges, but it is still feasible. Depending on your individual circumstances and the lender’s policies, you may be eligible for a mortgage with a term of 10-15 years based on your earned income. If your retirement income is adequate, you may even qualify for a longer term.
Mortgages for over 70s
It can be very challenging to get a mortgage once you get to your 70s, but again, it’s not impossible. While some lenders may be hesitant to offer long-term mortgages for those over 70, others recognise the financial stability and reliability of borrowers in retirement. At Strive Mortgages we have lots of experience in connecting borrowers in their 70s with mortgage lenders that offer suitable mortgage products with flexible lending criteria.
Our specialist mortgage services for older borrowers
Whatever your reason for getting a mortgage later in life, we will work hard on your behalf to find lenders and products to suit your needs.
(RIO) Retirement interest-only mortgage
Retirement Interest-Only mortgages (RIO) have become an increasingly popular option for more mature borrowers. This is a type of mortgage that allows older borrowers to make interest-only payments on the loan until they die or sell their property.
The loan is paid off by selling the property, and the borrower must have a reliable income to qualify for this type of mortgage. The maximum age limit for this type of mortgage is usually up to 80 years old.
If you are interested in property investment to generate rental income for retirement, buy-to-let mortgages are possible to get in your 60s and 70s.
Strive Mortgages works with lenders who understand the unique considerations of older investors, providing tailored buy-to-let mortgage solutions that align with their financial goals.
An equity release product is another financial option for older homeowners looking to generate an income without selling their homes. For many, it’s a great way of accessing some of the value of their existing property, in return for a tax-free lump sum.
Strive Mortgages facilitates equity release solutions, guiding clients through the process and connecting them with reputable lenders who offer competitive terms.
A lifetime mortgage is usually available to those aged 55+. It allows you to borrow money using your home as collateral, but you don’t have to make repayments until you die or go into care. The property must be your main residence. The home still belongs to you, and you’re responsible for maintaining it.
Funds are made available as a lump sum or as a drawdown, which means you can take the money in smaller amounts over time. The interest on a lifetime mortgage can either be included in the repayments or ‘rolled up’ and added to the loan amount.
Your home will be sold at the point you either die or go into long-term care, and the proceeds will be used to repay the loan.
What if there’s not enough money left to pay the loan?
If there’s not enough money left from the sale to repay the mortgage, your beneficiaries might have to repay it from your estate. To mitigate this risk, most lifetime mortgages come with a no-negative-equity guarantee as per the Equity Release Council standard.
The lender guarantees that you or your beneficiaries will never have to pay back more than the value of your home, even if the debt exceeds the property value.
This allows you to sell between 25% and 100% of your property and receive either a lump sum, regular payments, or both, while still living in it. This type of product is usually available once you’re aged 65+. Plainly speaking, you become a tenant in your home, rather than the owner.
How can Strive Mortgages help you?
Strive Mortgages is dedicated to simplifying the mortgage process for older borrowers. Our experienced team of specialists understands the challenges that our mature clients face and can guide you on the right type of mortgage for you, whether that’s home conversion, equity release, a lifetime mortgage, or a retirement interest-only mortgage.
FAQs on mortgages for older borrowers
If you work with a mortgage broker that has access to the whole of the market, like Strive Mortgages, they can help find lenders that recognise the reliability of older borrowers and offer competitive interest rates.
It is possible to get a mortgage in retirement, as long as you meet the lender’s affordability criteria and prove you can make the monthly repayments. Having a larger deposit or personal retirement income can improve your chances of being approved.