Yes, mortgages are available for customers over the age of 60. There are lots of different options but success will depend on which lenders are willing to lend to you based on your personal circumstances and their criteria. Mortgage experts from Mortgage Advice Bureau will search over 90 lenders to offer the right advice and product for you.
If you want to borrow money to repay in full then you have the option to take out a standard mortgage, with many lenders willing to lend even if you are already retired. Other options that may be open to you include lifetime mortgages which allow you to borrow and add some or all of the interest to the mortgage.
Lifetime mortgages will reduce the value of your estate and can affect your eligibility for means tested benefits.
Most lenders will have their own age limit for mortgages. A rough guide for taking out a mortgage is a maximum age of 65 – 80 and the age limit for when a mortgage would end would be between 70 and 85.
You could get up to 25 years on a mortgage for over 60s but this will depend on lenders and their specific affordability criteria as well as your credit score. Again, a mortgage adviser will be able to let you know the options that will fit your circumstances.
To improve your chances of getting approved for the mortgage that you would like, bear in mind the following points.
Have a clear plan of how you will pay the loan back including how much you can afford for your monthly payments. You could also think about whether you will be able to overpay at any time or pay off lump sums.
Know how much you can afford – compare your monthly incoming finances to your monthly outgoings. See what your previous mortgage repayments have been and decide whether you would need the new payments to be lower or you could afford to pay more each month.
Work on improving your credit score to the best it can be by making sure that you pay bills on time and demonstrate good use of credit. You can also dispute any inaccuracies on your credit report if you notice that there’s something that you don’t agree with on there.
As we have explained, there are several options for later life mortgages and the experts at Mortgage Advice Bureau could help you find the right mortgage deal for your circumstances. Request a call back by answering a few mortgage related questions or pop into your nearest building society branch. Jump to Jump to Sign up to our newsletter
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If youre aged 60+ and looking for a mortgage, Mortgage Advice Bureau will search thousands of deals so you dont have to. Complete our online enquiry form by answering a few mortgage related questions and an adviser will give you a call to discuss your options.
Getting a mortgage once you reach 60 years old can seem daunting. Many people assume that lenders will not offer mortgages to older borrowers. However, while securing a mortgage is more challenging as you get older, it is still possible for 60 year olds to get accepted. Here’s what you need to know about getting a mortgage in your 60s.
Why is it Harder to Get a Mortgage After 60?
Lenders have to carefully assess whether borrowers will be able to maintain their repayments over the full mortgage term. Once borrowers reach their 60s, there is a higher chance they will retire before the mortgage is repaid Retiring usually means living on a reduced pension income, so lenders worry older borrowers won’t afford the payments
Lenders also consider the risk that the borrower’s health could decline, impacting their ability to repay the loan With older borrowers, there’s also a higher chance they could pass away before the mortgage is fully paid off All of these risks make lenders more cautious about offering mortgages to over 60s.
To manage the additional risks, lenders often impose lower maximum ages for mortgages for older borrowers. For example, many lenders cap the maximum age for getting a new mortgage at 65-70 years old. They may also limit the term, so the mortgage must be repaid by the time the borrower reaches 70-80 years old.
What Mortgage Options Are Available at 60+?
While choice is more restricted, some mortgage options are still available if you are aged 60 or over:
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Mainstream mortgages – Most lenders will still consider 60 year olds for standard repayment mortgages. However, you’ll likely need to borrow over a shorter term like 10-20 years. Interest rates may also be higher.
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Retirement interest-only mortgages – These work like normal interest-only mortgages except the loan is repaid when you sell your home, move into care or pass away. You only pay the interest each month.
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Equity release mortgages – These allow you to borrow against the equity in your home. The loan gets repaid when your house is sold in the future. Equity release tends to be expensive.
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Lifetime mortgages – A type of equity release where you borrow against your home’s value and the loan is repaid after you pass away. No negative equity guarantees are common.
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Guarantor mortgages – If you struggle to borrow alone, a younger family member can guarantee your mortgage payments. This provides the lender with extra security.
Tips for Improving Your Chances
While borrowing after 60 is harder, there are steps you can take to boost your chances of approval:
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Have a sizeable deposit – The bigger your deposit, the less risk for the lender. Save as much as possible.
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Reduce existing debts – Pay off any outstanding loans or credit cards to improve affordability.
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Check your credit file – Ensure your credit history is accurate and mistake-free. Improve your score if needed.
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Provide pension evidence – Proof your retirement income will cover mortgage payments is vital.
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Use a mortgage broker – An expert broker will find the most suitable lender and product for you.
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Consider guarantor options – Adding a guarantor can provide the lender with extra security.
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Look at shorter terms – Accepting a shorter 10-15 year repayment term improves affordability.
While getting a mortgage after 60 requires more planning, it is achievable if you pick the right product and lender. Seeking advice from a broker is wise. With careful preparation and research, you can still find mortgage options in your 60s. The application process may take longer, but with persistence it is possible to get mortgage approval.
Mortgages for over 40s
The average age for first-time buyers is increasing but age is not a barrier to getting a mortgage. We take you through the options for over 40s here.
Mortgages for over 50s
Getting a mortgage when youre over 50 shouldnt be a problem. Here is how to find a new mortgage whether you want to move house or remortgage your current home. A 25 year mortgage at 50 may not be off the cards!
Can You Get a Mortgage at 60? | Mortgage Advice UK Age 60+
FAQ
What is the maximum mortgage term for a 60 year old?
You could get up to 25 years on a mortgage for over 60s but this will depend on lenders and their specific affordability criteria as well as your credit score. Again, a mortgage adviser will be able to let you know the options that will fit your circumstances.
Is it hard to get a mortgage in your 60s?
There’s no age limit to apply for a new mortgage loan, and lenders are prohibited from age discrimination under the Equal Credit Opportunity Act.Mar 26, 2025
What is the oldest age you can get a mortgage?
Summary: maximum age limits for mortgages
Many lenders impose an age cap at 65 – 70, but will allow the mortgage to continue into retirement if affordability is sufficient. Lender choices become more limited, but some will cap at age 75 and a handful up to 80 if eligibility criteria are met.
Can you buy a house at 60 years old?
As a matter of law, age is not a factor in mortgage approval. If you meet the requirements for credit (620 minimum) and enough income to support your payments, you should be able to get a mortgage.
What is the age limit for a mortgage?
Many lenders impose an age cap at 65 – 70, but will allow the mortgage to continue into retirement if affordability is sufficient. Lender choices become more limited, but some will cap at age 75 and a handful up to 80 if eligibility criteria are met. Term lengths may be restricted.
Can a 60 year old get a mortgage?
Plenty of lenders are happy to offer standard lending terms and competitive rates for borrowers up to age 60. Many lenders impose an age cap at 65 – 70, but will allow the mortgage to continue into retirement if affordability is sufficient.
Can I remortgage at 60?
Yes, you can remortgage at 60, whether to release equity, reduce your interest rate, repay a mortgage that is ending soon, or switch to a more suitable mortgage product. Lenders will review your current financial situation and income. What documents will I need to apply for a mortgage at 60?
Should you get a mortgage if you’re under 70?
under 70 to 95 – when the mortgage term ends. So even if you are below the maximum age when you get a mortgage, you might have to opt for a shorter term. For instance, if you get a mortgage at 65, lenders might say it can only last 15 or 20 years, meaning monthly repayments would be higher, though, on the upside, you would pay less interest.
Can a 65 year old get a mortgage?
For instance, if you get a mortgage at 65, lenders might say it can only last 15 or 20 years, meaning monthly repayments would be higher, though, on the upside, you would pay less interest. Why is it harder to get a mortgage when you are older?
Where can I get a mortgage if I’m over 60?
Leeds has a range of mortgages for people over 60. But they offer RIO mortgages for people as young as 50. Their top LTV limit is 55%, but they don’t have a minimum equity limit. They can measure affordability using current and future income. 3. Family Building Society Family Building Society can help all ages onto the property ladder.