Yes, you can get a mortgage when you are over 60. Many UK lenders now offer mortgages to older borrowers, with some allowing the loan to run to age 80, 85, or beyond, provided you can show the repayments are affordable. The right option depends on your income in retirement, the loan size, and whether you want a standard repayment mortgage or a later-life product.
This guide explains the options for over 60s, how lenders assess affordability, and the alternatives to a standard mortgage if a conventional deal does not fit.
Can I get a mortgage over 60?
Being over 60 does not stop you getting a mortgage. What matters most is affordability and the maximum age a lender allows at the end of the term. Many lenders have raised their upper age limits in recent years, so a mortgage that ends at 80 or 85 is widely available, and some specialist and building society lenders go further. Lenders will want to see that your income, including any pension income, comfortably covers the repayments for the full term.
What mortgage options are available for the over 60s?
| Option | How it works | Best suited to |
|---|---|---|
| Standard residential mortgage | A normal repayment mortgage with the term set to end within the lender’s maximum age | Borrowers with provable income to the end of the term |
| Retirement interest-only (RIO) | You pay only the interest each month, and the loan is repaid when the home is sold, you move into care, or on death | Those who can afford monthly interest but not full capital repayments |
| Lifetime mortgage (equity releaseEquity release is a way for homeowners, typically aged 55 or...) | You borrow against your home with no required monthly payments, repaid from the eventual sale | Homeowners aged 55+ wanting to release cash without monthly repayments |
| Term into retirement | A standard mortgage where part of the term runs past your retirement date, assessed on retirement income | Borrowers still working but retiring during the term |
How do lenders assess affordability for older borrowers?
Lenders look at your income across the whole mortgage term, so they will consider pension income, any continuing employment or self-employment, and other reliable sources such as investment or rental income. Where the term runs past your retirement date, they will assess affordability on your expected retirement income rather than your current salary. A larger deposit or lower loan-to-value can widen your choice of lenders.
Pros and cons of an over 60s mortgage
The advantages are that you can still buy, remortgageDefinition A remortgage is when you switch your existing mor... More, or release funds later in life, often with more choice than borrowers assume. The considerations are that some mainstream lenders cap the term earlier, later-life products can reduce what you leave as an inheritance, and equityThe difference between the value of the property and the amo... More release in particular has long-term effects that need careful advice. Comparing standard, RIO, and lifetime options side by side is where independent advice adds the most value.
How much can you borrow on an over 60s mortgage?
The amount depends on your income, the term, and the type of product. On a standard or retirement interest-only mortgage, lenders apply their usual affordability assessment to your pension and other income. On a lifetime mortgage, the amount available is based largely on your age and the value of your home, with older borrowers generally able to release a larger proportion. A larger deposit or lower loan-to-value usually improves the options available to you.
Getting a mortgage over 60 on pension or self-employed income
Lenders can consider a range of income in retirement, including state pension, workplace or private pensions, annuities, and drawdown income, as well as continuing employment or self-employment. For self-employed applicants, a track record of accounts is usually needed. Providing clear evidence of sustainable income across the full term is the single biggest factor in widening your choice of lenders.
Remortgaging in your 60s
Remortgaging is still possible in your 60s, whether to secure a new rate, raise funds, or move to a product better suited to later life such as retirement interest-only. As with a purchase, the lender assesses affordability over the new term and applies its maximum age rules, so it is worth reviewing the whole market rather than assuming your current lender offers the best fit.
Frequently asked questions
What is the maximum age for a mortgage in the UK? It varies by lender. Many allow the term to end at 80 or 85, and some specialist lenders have no fixed upper age, subject to affordability.
Can I get a mortgage at 65 or 70? Yes, options are available at these ages, including standard mortgages with shorter terms, retirement interest-only, and lifetime mortgages, depending on your circumstances.
Do I need to have paid off my mortgage by retirement? Not necessarily. Lenders can assess a term that runs into retirement based on your expected retirement income.
Is equity release the only option for over 60s? No. Standard mortgages, term-into-retirement lending, and retirement interest-only mortgages are all alternatives to equity release.
To compare the options for your situation, speak to our team via the meet our team page or explore our mortgage, property and money advice hub.
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Your home may be repossessed if you do not keep up repayments on your mortgage. Needing Advice is an independent, FCA-regulated whole of market mortgage broker. This article is general information only and does not constitute financial or mortgage advice. Availability and lender criteria vary and can change, and any arrangement depends on your individual circumstances. There is no obligation, and we recommend seeking personalised advice before making any decision.
Damian Youell
Damian is the founder of NeedingAdvice.co.uk and the firm’s Senior Mortgage Broker. He specialises in helping clients across the UK with straightforward and complex mortgage cases, including self-employed applications, adverse credit, buy-to-let, remortgages and first-time buyer mortgages.
Alongside mortgage advice, Damian also supports business owners with protection planning, including Relevant Life Policies, Shareholder Protection and Keyperson Cover.
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