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Mortgage Advisor & Director
As you enter your 70s, your mortgage prospects will decrease, but that doesn’t mean there aren’t options out there. Read on to find out what they are...
Can you get a mortgage over the age of 70?
Yes, but it can be far more difficult to get a traditional residential mortgage over the age of 70. This is because lenders have a maximum age you can be at the beginning of the application, and at the end of the term; and for many of them, that age is 70-75.
There are certain lenders who will reject your application outright if you are over 70, as this is the maximum age their customers can be from the outset. These lenders include:
- Kensington Mortgages: Won’t lend if you are over 55 at the point of application.
- Precise Mortgages: Won’t lend if you are over 65 at the point of application.
- Virgin Money: Won’t lend if you are over 69 at the point of application.
Although these lenders don't offer standard residential mortgages for over 70s, there are other providers with much more flexible age limits that can, and also specialist retirement solutions, such as equity release schemes, to consider.
What are your options?
If you need a mortgage or remortgage in your 70s, you would have the following options.
Short term mortgages
There are lenders who allow borrowers to be 75-80 years old by the end of a mortgage term, which means you could potentially get a mortgage spanning up to 10 years.
You can find out more about these arrangements in our guide to short term mortgages.
Flexible lenders
The average mortgage term in the UK is 25 years, and if you need one that long, one option would be to find a lender who is flexible with their age caps. A handful of providers have no upper age limits whatsoever, either at the point of application or at the end of the term.
As long as the lender is confident you can keep up with your mortgage payments beyond your 70s, you could qualify for a mortgage with a standard term length.
Equity release
Equity release schemes such as lifetime mortgages are a tax-efficient way for homeowners over 55s to unlock the capital that is tied up in their property. These products allow borrowers to access that capital as a loan that doesn’t need to be repaid until they die or enter long-term care - you can find out more in our complete guide to equity release.
RIO mortgages
Retirement interest-only (RIO) mortgages are a viable alternative to equity release schemes and work similarly. They are tax-free loans secured against the equity in your home that don’t need to be repaid until you pass away or enter the care system.
The main difference between RIO and lifetime mortgages is that you pay off the interest monthly, rather than as a compounded lump sum at the end, meaning more of your estate is intact at the end of the agreement - you can read more in our guide to RIO mortgages.
Compare mortgage rates for over 70s
The interest rates on traditional mortgages for over 70s are no different than they are for younger borrowers, but keep in mind that the best deals can be more difficult to come by without the help of a broker, since you will have fewer products to choose from.
You can compare the rates available on standard residential mortgages, remortgages and buy-to-let mortgages for free on Teito and choose the one you want in real time.
Equity release mortgages and RIO mortgages have their own set of rates that can be different to standard residential deals. Select the option to speak to one of our advisers below if you would like bespoke rates for specialist retirement mortgage products:
Compare mortgage rates for over 70s for FREE
How much you could borrow
With equity release or a RIO mortgage you can typically borrow 50-60% of the amount of enquiry you hold in your property (50-60% LTV). For standard residential mortgages, affordability is calculated in the same way for over 70s as it is for younger borrowers.
You can use our affordability calculator below to get a rough idea of your maximum borrowing on a traditional mortgage, based on the standard income multiples lenders use.
Best mortgage lenders for over 70s
The best mortgage lenders for over 70s are largely the ones who offer flexible age limits and specialist retirement products like equity release and retirement interest-only mortgages.
The table below provides some examples of these lenders:
|
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 |
Are there buy-to-let mortgages for over 70s?
Yes. Although the same age restrictions for residential mortgages can apply to buy-to-let mortgages too, there are actually more lenders with flexible age caps in this market.
There are a greater number of lenders willing to offer buy-to-let mortgages to over 70s as these agreements often hinge on the strength of the rental income. If the lender is satisfied it will be sustainable for the duration of the term, you may be considered for a mortgage.
Below are examples of buy-to-let mortgage lenders with flexible age caps:
- The Mortgage Works: No age limits for experienced landlords at 65% LTV or less.
- HSBC: No maximum age limits at the point of application.
- Swansea Building Society: Landlords can be up to age 84 at the point of application if they are retired.
- Fleet mortgages: Applicants can be up to age 90 at the point of application, but the mortgage must be repaid by the time of their 95th birthday.
Why choose Teito for your mortgage needs?
On Teito you can compare mortgage rates for over 70s for free and access support from an adviser who specialises in later life lending products, including equity release.
Here are just some of the reasons our customers choose our service:
- You can access the latest mortgage rates in seconds
- Our brokers can access exclusive deals for older borrowers
- We are 5-star rated on leading review services
- We can help you secure a mortgage in principle in minutes
Ready to compare rates and deals and take advantage of a free, no-obligation chat with a broker who specialises in later life lending? Get started here.
FAQs
Yes. In addition to RIO mortgages, regular interest-only mortgages are also available to older borrowers, almost as widely as capital repayment mortgages. The criteria can be somewhat more stringent and tighter age limits may apply, but provided you have an acceptable repayment vehicle that you can evidence, it is possible to get an interest-only mortgage.
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.