Mortgages Over 70

Mortgages over 70 can help older borrowers buy a property, remortgage, repay borrowing or release money from their home.

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Being over 70 does not automatically prevent you from getting a mortgage.

However, the number of suitable lenders may be more limited, and your retirement income, property value and ability to maintain any monthly payments will be particularly important.

At MortgageKey, our later-life mortgage advisers can assess your circumstances and explain the differences between standard mortgages, retirement interest-only mortgages and lifetime mortgages.

What you need to know

Can you get a mortgage over 70?

Yes, it may be possible to get a mortgage over 70. Some lenders have maximum age limits, while others assess older borrowers individually.

The available options will depend on factors such as:

  • Your age at application
  • Your age at the end of the proposed mortgage term
  • Your pension and other retirement income
  • Your normal household expenditure
  • Your existing financial commitments
  • Your deposit or property equity
  • Your credit history
  • The amount you want to borrow
  • The type and condition of the property

Some lenders offer standard mortgages to people in their 70s, while specialist later-life lenders may provide retirement interest-only or lifetime mortgage options.

What types of mortgages are available to people over 70?

Mortgage options for borrowers over 70 may include:

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

Each type of mortgage has different affordability requirements, repayment terms and risks.

Can I get a standard repayment mortgage over 70?

A standard repayment mortgage may be available if you have enough sustainable income to afford the monthly payments.

Each payment includes interest and part of the original loan. Provided you maintain all the required payments, the mortgage should be repaid by the end of the agreed term.

The lender will assess:

  • Your age
  • The proposed term
  • Your pension and other income
  • Your monthly expenditure
  • Existing credit commitments
  • Your deposit or property equity
  • Whether the repayments would remain affordable

Because many lenders restrict the maximum age at the end of the mortgage term, the available term could be relatively short. This may result in higher monthly repayments.

Why choose MortgageKey for mortgages over 70?

MortgageKey can help older borrowers compare standard and specialist later-life mortgage options.

Our advisers can:

  • Review your pension and retirement income
  • Assess the affordability of monthly payments
  • Compare relevant lender criteria
  • Explore repayment and interest-only products
  • Explain RIO mortgages
  • Discuss whether equity release may be suitable
  • Consider the effect on your estate and benefits
  • Support your application through to completion

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

Why our customers recommend us

<h3>Specialist Lender Mortgages</h3>

Specialist Lender Mortgages

<h3>Comprehensive Range</h3>

Comprehensive Range

<h3>An expert team you can trust</h3>

An expert team you can trust

<h3>No impact on credit score</h3>

No impact on credit score

Speak to a later-life mortgage adviser

If you are over 70 and considering a mortgage, remortgage or equity release, MortgageKey can help you understand the available options.

Our advisers will assess your income, property, existing borrowing and future plans before recommending a suitable solution.

There is no obligation to proceed following your initial consultation.

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How we work

  • We find the deals on a ‘no obligation’ basis – meaning there’s nothing for you to pay if you don’t like the deals we find.
  • We trawl the market researching hundreds of possible lenders and packages, to find you the very best deal.
  • We guide you through the entire process of buying your home or taking out a new mortgage or loan, from application to completion.

Frequently asked questions about mortgages over 70

Is 70 too old to get a mortgage?

No. Some lenders accept mortgage applications from borrowers aged 70 and above. The available options will depend on affordability, property equity and lender criteria.

Can an 80-year-old get a mortgage?

It may be possible through specialist standard, RIO or lifetime mortgage products. The available options will depend on income, property and whether monthly repayments are required.

What is the maximum age for a mortgage?

Maximum ages vary between lenders. Some impose an age limit at application or at the end of the term, while certain later-life products have no conventional maximum age.

Can I get a mortgage over 70 using only my State Pension?

This will depend on the amount you want to borrow, your expenditure and the lender’s affordability assessment. Some lenders accept State Pension income, but it must be sufficient to support the mortgage payments.

Can I get a 15-year mortgage at 70?

It may be possible, although a 15-year term would continue to age 85. The lender must permit that maximum age and be satisfied that the repayments remain affordable.

Do I need life insurance for a mortgage over 70?

Life insurance is not normally a legal requirement, but it could help repay the mortgage following your death. Availability and cost depend on your age, health, cover amount and policy term.Life insurance is not normally a legal requirement, but it could help repay the mortgage following your death. Availability and cost depend on your age, health, cover amount and policy term.Life insurance is not normally a legal requirement, but it could help repay the mortgage following your death. Availability and cost depend on your age, health, cover amount and policy term.Life insurance is not normally a legal requirement, but it could help repay the mortgage following your death. Availability and cost depend on your age, health, cover amount and policy term.Life insurance is not normally a legal requirement, but it could help repay the mortgage following your death. Availability and cost depend on your age, health, cover amount and policy term.Life insurance is not normally a legal requirement, but it could help repay the mortgage following your death. Availability and cost depend on your age, health, cover amount and policy term.

Important information

A mortgage is secured against your home. Your home may be repossessed if you do not keep up repayments.

Consolidating debts may reduce your monthly expenditure, but it could increase the total amount you repay. Think carefully before securing other debts against your home.

Equity release will reduce the value of your estate and may affect your entitlement to means-tested benefits and your future financial options.

To understand the features and risks of an equity release plan, ask for a personalised illustration.

MortgageKey is a trading style of OSL Financial Consultancy Limited, which is authorised and regulated by the Financial Conduct Authority. FCA registration number 747664.

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