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If you are over the age of 75, it can be much more difficult to get approved for a mortgage, but it is possible. Find out how in our guide to mortgages for over 75s…
Can you get a mortgage over the age of 75?
Yes, but your options will be limited if you are applying for a standard residential mortgage or remortgage because of the age limits that most UK mortgage lenders have.
A fair number of mortgage providers won’t lend to applicants who are 75 or over at the point of application, while others won’t lend if you will be this age by the end of the term.
This means that your options are broadly split into two categories if you need a mortgage over the age of 75: find a lender with a flexible stance on age limits and term lengths, or choose a specialist retirement mortgage product, such as an equity release scheme.
Read on to find out more about the options that could be available to you.
Flexible mortgage lenders for older borrowers
If you will be 75 or over, either at the beginning or end of your mortgage agreement, you will need to either take out a short term mortgage, or find a lender with very flexible age limits.
The good news is that there are borrowers whose maximum age cap for the end of the term is 85 or older. It may be possible to take out a mortgage spanning at least 15 years with one of these providers, depending on how far into your late seventies you are.
Moreover, there are also lenders who have no maximum age limit at all, and would be happy to consider your application provided your income is sustainable in later life.
Retirement mortgage options
If you are a homeowner over 75, there are ways you can borrow against the equity in your property as an alternative to a regular remortgage. Specialist retirement lending products such as equity release and its alternatives allow you to do this in a tax-free way.
The main types of retirement mortgage are:
- Lifetime mortgages: The main type of equity release, lifetime mortgages allow homeowners over 55 to borrow against the equity in their property as a tax-free loan that doesn’t need to be rapid until they die or enter long-term care.
- Retirement interest-only (RIO) mortgages: RIO mortgages are the main alternative to equity release and they work in the same way, except you pay monthly interest on the loan so it doesn’t build up and compound, leaving more of your estate intact.
You can read more about these later-life lending products, including criteria, rates and more, in our standalone guides through the links above.
Mortgage rates for over 75s
Mortgage rates for over 75s are no different than for younger borrowers who are seeking a standard residential mortgage or remortgage. You can compare the latest rates from across the market for free on Teito and choose the deal you want in real-time.
Those looking for equity release and RIO mortgage rates are advised to select the ‘speak to an adviser’ option below, so one of our brokers can provide a selection of bespoke deals.
Compare mortgage rates for over 75s for FREE
How much you can borrow
Loan-to-value (LTV) caps on equity release and RIO mortgages tend to be 50-60%, meaning that you could potentially borrow up to this percentage of the capital you hold in your property. The exact amount you can secure will depend on your age and other factors.
If it’s a standard residential mortgage you are applying for, being over 75 won’t affect your affordability. You can use our calculator below to get a rough idea of what it looks like:
Best mortgage lenders for over 75s
The best mortgage providers for over 75s are those with flexible age limits and specialist retirement mortgages among their products range. You can see examples below:
|
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 |
Do high street lenders offer mortgages for over 75s?
Yes. Most high street mortgage lenders have maximum age caps for the beginning and end of the term, but a handful of them - including Barclays - have no specific limit.
Meanwhile, Halifax has an upper age limit of 80 years of age for capital repayment mortgages, meaning you could get a short term mortgage from them if you are in your 70s. If any part of the mortgage is interest-only, however, the maximum age you can be is 70.
Other lenders, like Nationwide, might not be your best option since their age cap for borrowers at the end of their mortgage term is 75 years old.
Why choose Teito for your mortgage needs?
You can compare the latest mortgage and remortgage deals for over 75s for free on Teito, and speak to one of our advisers if you need help with specialist retirement products.
Here are just some of the reasons people choose us for their mortgage needs:
- You can access rates from 90+ lenders in seconds
- Our brokers specialises in later-life lending
- We are 5-star rated on leading review websites
- You can secure your agreement in principle in minutes
Ready to compare mortgage rates and take advantage of a free, no-obligation chat with an adviser who specialises in later-life mortgages? Get started here.
FAQs
Yes, but you will have fewer options to choose from if you need a standard residential interest-only mortgage. This is because age limits can be more stringent compared to capital repayment agreements, but with a strong repayment vehicle, you could 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.