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Mortgages for Over 50s

Age is just a number. Our specialist advisers can help you secure the right mortgage solution for your later life plans, whether you're looking to move, remortgage, or release equity.

Find Your Mortgage Options

Find Your Mortgage Options

Find Your Mortgage Options

Find Your Mortgage Options

Find Your Mortgage Options

Find Your Mortgage Options

Find Your Mortgage Options

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Mortgage Options for Over 50s

If you're over 50, there are 5 primary mortgage types to consider, available for either individual or joint applications:

Standard Repayment Mortgages

Numerous financial institutions now offer standard repayment mortgages extending until the age of 80+ for applicants who satisfy their requirements and pass affordability assessments.

Interest-Only Arrangements

For suitable candidates, an interest-only arrangement might be appropriate. These mortgages include a termination date when the principal amount must be settled.

Blended Mortgage Solutions

Options such as combined repayment and interest-only arrangements are also accessible for those aged over 50.

Later Life Interest-Only Products

Comparable to standard interest-only arrangements, these specialised products are designed for customers aged 55 and above seeking an interest-only mortgage without a fixed end date.

Home Equity Schemes

If you cannot meet the affordability or eligibility requirements for the above mortgage types, home equity schemes are available, including lifetime mortgages or property reversion plans.

How Can Friends Capital Help with Mortgages for Over 50s?

At Friends Capital, we understand that mortgage needs change as you approach or enter retirement. Our specialist advisers have extensive experience in later life lending and can help you navigate the unique challenges and opportunities available to over 50s borrowers. We can:

  • Find lenders with higher maximum age limits for mortgage terms
  • Explain how different lenders assess retirement income
  • Provide advice on the most suitable type of mortgage for your later life plans
  • Help you understand the pros and cons of equity release and lifetime mortgages
  • Assist with mortgage options if you're already retired
  • Guide you through the entire application process, handling all paperwork and lender communications

Our goal is to ensure you have the right mortgage solution that provides security and peace of mind in your later years, whether you're planning for retirement, already retired, or looking to help family members get on the property ladder.

Frequently asked questions

Get answers to common questions about mortgages for over 50s and later life lending options.
Is there an age limit for getting a mortgage?
There's no universal age limit, but most lenders have a maximum age at application (typically 65-80) and a maximum age at the end of the mortgage term (typically 70-85). Some specialist lenders have no upper age limit, particularly for retirement interest-only mortgages. We can help you find lenders with age criteria that suit your circumstances.
How is retirement income assessed for mortgage applications?
Lenders will look at your current income and your projected retirement income if the mortgage extends into retirement. This typically includes state pension, private/workplace pensions, investment income, rental income, and other regular sources. Some lenders are more flexible than others in how they assess retirement income, and we can guide you to those most suitable for your situation.
What's the difference between a retirement interest-only mortgage and equity release?
With a retirement interest-only (RIO) mortgage, you make monthly interest payments, and the loan is repaid when you sell your home, move into care, or pass away. With equity release, you don't make monthly payments; instead, the interest rolls up and is added to the loan, with everything repaid when you sell, move into care, or pass away. RIO mortgages typically allow you to borrow less but cost less over time, while equity release offers more flexibility but the debt grows over time.
Can I get a mortgage if I'm already retired?
Yes, many lenders offer mortgages to those already in retirement. The key factor is having sufficient, stable retirement income to meet the mortgage payments. Lenders will assess your pension income, investments, and any other regular income sources. Some specialist later life lenders have products specifically designed for retirees.
Can I use my pension lump sum as a deposit for a mortgage?
Yes, you can use a pension lump sum as a deposit. However, lenders will still need to be satisfied that you have sufficient ongoing income to meet the mortgage payments. It's important to consider the tax implications and the impact on your long-term retirement income before using pension funds for property purchase.
How can I help my children or grandchildren get on the property ladder?
There are several options, including: 1) Family offset mortgages, where your savings reduce the amount of interest they pay, 2) Joint mortgages, where you're named on the mortgage alongside them, 3) Guarantor mortgages, where you guarantee their mortgage payments, 4) Gifting a deposit from your savings or equity release funds. Each option has different implications for you and the younger family member, and we can help you understand which might be most suitable.

Ready to Explore Your Later Life Mortgage Options?

Our specialist advisers understand the unique needs of over 50s borrowers and can help you find the right mortgage solution for your circumstances and goals.