Head of Content
Mortgage Advisor & Director
It can be more difficult to get a mortgage over the age of 65, but rest assured, it is doable. Read through this comprehensive guide to find out more…
Can you get a mortgage over the age of 65?
Yes. It is possible to get approved for a mortgage at the age of 65 or over; but you might find restrictions on the term lengths lenders are willing to offer you if it’s a standard residential mortgage, remortgage or buy-to-let agreement that you are applying for.
This is because many lenders set a maximum age limit that applicants can be at the end of the term, and 75 is often the ceiling. This means that a borrower aged 65 will be limited to a 10-year mortgage term at most lenders, but there are ways around this restriction.
Firstly, there are mortgage providers with a flexible stance to age caps, and they can consider applicants over 65-75. And secondly, there are specialist later-life mortgage products that are tailored to the exact needs of older borrowers.
What are your options?
Over 65s who are eligible for a mortgage will generally have the following options:
- Short term mortgages: You will potentially have plenty of lenders and deals to choose from if you only need a mortgage with a term length of 10 years or less.
- Flexible lenders: If you need a mortgage with a longer term length than 10 years, you will need to find a lender with a more flexible stance to age caps. A smaller number of providers will lend to borrowers who will be aged 80-90 during the term, and a handful have no age limits at all, provided you can afford your mortgage.
- Equity release: Equity release products such as lifetime mortgages let homeowners over 55 borrow tax-free against the equity in their homes. These loans don’t need to be repaid until the borrower passes away or enters long-term care.
- RIO mortgages: An alternative to equity release, RIO mortgages work similarly to lifetime mortgages, allowing borrowers to secure a tax-free loan against the equity in their home. The main difference is that monthly interest payments are made so the interest charges don’t compound, preserving more of the borrower’s estate.
Unsure which option to choose? Book a free, no-obligation consultation with one of our later-life mortgage specialists and they will go through every alternative with you
Compare mortgage rates for over 65s
Interest rates on standard residential mortgages and remortgages are no different for older borrowers compared to younger applicants. You can compare the latest deals available from more than 90 lenders for free on Teito and choose the one you want in real-time.
If you don’t want to take the DIY approach, you can have one of our later-life lending experts find the best mortgage deal for you. Choose your preferred options below:
Compare mortgage deals for over 65s for FREE
Please note that equity release and RIO mortgages have specific rates and are not included on our comparison service - speak to one of our brokers for a list of bespoke deals.
How much you can borrow
Your maximum borrowing will be calculated in the same way if you are over 65, with most lenders basing affordability on 4.5 times your annual household income.
Other lenders may go higher than this. Try our calculator below to get a rough idea of the mortgage size you could potentially qualify for based on standard income multiples:
Best mortgage lenders for over 65s
The table below shows examples of lenders who cater well for borrowers over the age of 65, due to having flexible age caps and specialist retirement mortgage products available.
|
Lender |
Products Available |
Age Limits on Product |
|
Traditional, RIO and equity release |
No upper age limit |
|
|
Traditional mortgages |
95 years if receiving pension |
|
|
Traditional and equity release |
80 years on standard interest-only, no upper age limits otherwise |
|
|
Standard and Buy-to-let |
No maximum age limit |
|
|
Lifetime mortgages, RIO mortgages |
No maximum |
|
|
RIO mortgages |
85 years old |
Things to consider
If you are applying for a mortgage over the age of 65, here are some things to think about:
- How you will pay your mortgage in retirement: Your lender will need to see proof of this. It is not uncommon for them to request a pension projection or ask for evidence of other income you may rely on after you finish working.
- Your insurance needs: Most later-life lending experts would suggest you at least consider protection insurance including life insurance, home insurance and income protection (if you are still working) to cover you in later life. It can be more difficult to secure these policies over the age of 65s, but our advisers can help.
- Professional advice is a must: It is a legal requirement to seek professional advice before you apply for equity release, but it can make all the difference even if you need a standard residential mortgage over the age of 65. Our brokers have access to the entire retirement mortgage market and can help you secure the finance you need on the best terms.
Why choose Teito for your mortgage needs?
On Teito you can compare the latest mortgage rates for over 65s for free and get expert advice from a broker who specialises in later-life lending as part of the service.
Here are just some of the reasons people choose us for their mortgage needs:
- You access the latest mortgage rates in seconds
- Our advisers can access exclusive deals for over 65s
- We are experts in equity release and later-life lending
- We are 5-star rated on leading review websites
Ready to compare the latest mortgage rates and take advantage of a free, no-obligation chat with a broker who specialises in later-life lending? Get started here.
FAQs
Yes. It is possible, although the same age restrictions for residential mortgages can apply. Some lenders will refuse to offer buy-to-let mortgages to borrowers who will be over the age of 75 during the term, but there are more lenders with flexible age limits in this market.
There are buy-to-let mortgage providers who are happy to lend to borrowers who will be 80-90 during the term, and others with no age limits at all. As long as your rental income is healthy enough to cover the mortgage payments indefinitely, you should have options.
Choosing an Adviser
Selecting a qualified and experienced mortgage adviser is of great importance. To choose a suitable adviser, evaluate their qualifications, experience, and reputation, and ensure they are regulated by the Financial Conduct Authority (FCA).
Read reviews from previous clients and make sure they provide a clear explanation of the products and services they offer, as well as the fees and charges associated with them.