Mortgages Over 60

Yes, it is possible to get a mortgage over 60. Some lenders offer standard mortgages to borrowers in their 60s, while others provide products specifically designed for later-life borrowing.

The options available will depend on:

• Your current age
• Your age at the end of the proposed term
• Whether you are working or retired
• Your current and future income
• Your monthly expenditure
• Your deposit or property equity
• Your credit history
• The amount you want to borrow
• The type and value of the property

Some lenders impose a maximum age at application or at the end of the mortgage term. Others assess applications individually without using a fixed maximum age.

Borrowers over 60 may have several options, including:

• Standard repayment mortgages
• Standard interest-only mortgages
• Retirement interest-only mortgages
• Remortgages
• Lifetime mortgages through equity release
• Buy-to-let mortgages in appropriate circumstances

These products work differently and carry different affordability requirements, costs and risks. The right option will depend on whether you want to make monthly payments and how you intend to repay the mortgage.

A standard repayment mortgage may be available if you can demonstrate that the monthly payments will remain affordable throughout the term.

Each payment includes interest and part of the amount originally borrowed. Provided all required payments are made, the mortgage should be fully repaid by the end of the term.

A lender may consider:

• Your employment income
• Your intended retirement age
• Your pension income after retirement
• The proposed mortgage term
• Your monthly financial commitments
• Whether a shorter term would remain affordable

Because the available mortgage term may be shorter, monthly payments can be higher than they would be over a longer period.

MortgageKey can help you understand the differences between standard mortgages and specialist later-life products.

Our advisers can:

• Assess your current and retirement income
• Compare relevant lender criteria
• Explain repayment and interest-only mortgages
• Explore RIO mortgage options
• Discuss whether equity release may be appropriate
• Review your existing interest-only repayment strategy
• Consider the effect of different mortgage terms
• Support your application through to completion

Any recommendation will be based on your circumstances, needs and long-term plans.