Is there an age limit for a mortgage?

We receive a lot of queries from people asking the question ‘Is there an age limit for a mortgage’ and with this article, we will help the readers to understand the relationship between the mortgage process and age limit. Yes, there is an age limit for getting a mortgage.

You need to be at least 18 years old to take out a loan – including a mortgage – in your name. However, for some mortgage lenders, that minimum age maybe 21 (if you want a buy-to-let mortgage, for instance) or even 25.

Beyond those early qualifying ages, typically, there is no limit for a mortgage in the UK – you can get a mortgage however old you are. But be warned that you will likely find it increasingly difficult as you get older.

Post Topics:

Is there an age limit for a mortgage?

Mortgages for later life

Why are there upper age limit mortgages?

Why are older borrowers seen as high risk?

What are retirement mortgages?

Next Steps

FAQs – is there an age limit for a mortgage.

Damian Youell

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How We Work

1: We contact you and take down your details, income outgoings, name, address etc.

2: We will research the whole market and email you a detailed quote as well as a list of documents to proceed.

3: You upload the documents and information needed via our channel our online portal.

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Mortgages for later life

Whatever your age, your wish to arrange a new mortgage or apply for a remortgage – might be for several reasons:

  • if you’re about to retire, for example, and are looking for a “forever home” to see you throughout a long and happy retirement, this might involve moving to a new home – as you downsize, let’s say – and a new mortgage;
  • on the other hand, you might be perfectly content to stay where you are and just want to adapt the home you already live in to cater for any changing needs and physical circumstances as you grow older – you might need to remortgage to raise the cash to pay for any building works, of course;
  • equity release – if you have owned your home for a number of years and are over 55 years of age – you can provide an extra source of funds which are provided via a specialist lifetime mortgage or home reversion mortgage; or
  • the need to pay off a maturing interest-only mortgage might require the top-up funding of an additional mortgage or remortgage to settle the outstanding balance.

Why are there upper age limit mortgages?

Conventionally, mortgage lenders have imposed upper age limits on their lending. Naturally, the actual limits have varied from one lender to another. Still, typical policies may be to restrict the start of any mortgage to those aged between 65 and 80 and to insist that the mortgage reaches full term by the time you are between 70 and 95.

Within these policies, therefore, you might qualify in terms of your age when the mortgage starts but might need to agree to a shorter-term mortgage to fall within the upper age limit for the mortgage term.

What this means in practice is that if you manage to secure your mortgage at, say, age 65, your lender might still insist that it is repaid within 20 or even 15 years.

Because that is a shorter-term mortgage than many others, you will be making higher monthly repayments – but comfortable knowing that you will be paying less in total interest.

Although older borrowers may have faced an uphill battle in securing a mortgage, getting one has become considerably more accessible in recent years – not least because the mortgage market has had to adjust to a steadily ageing population for whom the age of retirement has been significantly extended.

Therefore, it can be argued that you are never too old to get a mortgage in today’s mortgage market.

Why are older borrowers seen as high risk?

Although fewer barriers exist and many lenders have abandoned upper age limits, it is essential to recognise that you will be considered a higher financial risk as you get older.

After retirement, for example, there will no longer be your monthly salary coming in. And even with a comfortable pension, your income is likely to decrease.

For any lender, of course, this raises the possibility that you might not be able to afford the monthly mortgage repayments in later life – especially if your health also begins to fail and a greater proportion of your income is taken up with essential healthcare.

Beyond a certain age, therefore, any lender will be asking themselves whether you are likely to live long enough to repay a 25-year mortgage.

Instead, you may be offered a smaller loan over a shorter mortgage term.

This will be determined by the lender’s prevailing policies – which, in future, will not need to include previous levels of affordability stress testing. The Bank of England has allowed mortgage lenders to abandon such tests, according to the Mail Online on the 20th of June 2022.

Instead, you can expect any potential lender to take careful note of and interest in:

  • the date on which you plan to retire – in other words, when your monthly salary comes to an end;
  • the projected value of your pension pot; and
  • the income you are likely to derive from your pension and any other source.

What are retirement mortgages?

Therefore, retirement mortgages are understood as mortgages – advances secured against the property you own – that start shortly before you retire or soon into your retirement.

As with any mortgage, you will have monthly repayments of either capital and interest or interest alone (in an interest-only mortgage). The repayment terms will be clearly set out in your mortgage deeds. The majority of retirement mortgages are likely to be between 10 and 15 years.

So-called lifetime mortgages – typically used as vehicles for equity release – are just that. They may run for the whole of your lifetime or until you have moved into permanent care. At that point, the property securing your lifetime mortgage is usually sold, and your estate receives the proceeds.

Read about pension income mortgages on our blog.

Next steps

Finding a mortgage lender and making a successful application can be challenging whatever your age. As you grow older, that can become more so.

For help and advice in identifying those lenders with a proven track record of lending to older customers, you might want to consult experienced experts such as ourselves at

Damian Youell

Feel Free To Start WhatsApp Chat With Us...

How We Work

1: We contact you and take down your details, income outgoings, name, address etc.

2: We will research the whole market and email you a detailed quote as well as a list of documents to proceed.

3: You upload the documents and information needed via our channel our online portal.

Feel Free to Contact Us

FAQs- Is there an age limit for getting a mortgage

Can I get a mortgage after I retire?

Yes, you can also get a mortgage at your retirement age, but you may need to understand a few things.

You should check if it’s possible to do a mortgage after you retire. You can apply for a mortgage after you reach 65 years old, but you must meet some requirements.

The most essential requirement is sufficient funds to cover the mortgage payments. This means that you must be earning a minimum amount each month. You won’t qualify for a mortgage if you don’t make enough money.

If you do qualify, then you must still meet the criteria set by the lender. Some lenders may require you to provide proof of your current health insurance coverage.

Other lenders may require you to show that you have savings to pay for any emergencies that could arise during the mortgage.

In addition, you may need to prove that you have been paying off your debts for several months prior to applying for the mortgage.

Finally, you should know that many lenders will only consider applicants who are already living in their homes. So, living somewhere else, you may have trouble qualifying for a mortgage. You can always contact an expert mortgage broker.

What is the age limit for getting a mortgage?

Lenders usually set an upper limit on the age of borrowers at the start of the mortgage period. For example, if you’re aged 65 when you apply for a mortgage, lenders might allow you to borrow for a maximum of 10 years. Lenders may not offer mortgages at all if you’re older than 80 when you apply. However, there are exceptions to this rule, such as if you’re applying for a short-term loan.

If you are struggling financially because of the high cost of living, then you may benefit from an RIO mortgage. You will not have to pay any interest until you move out of the house, and once you’ve moved out, you can pay off the remaining principal at any time. If you are worried about losing state benefits, remember that other options are available. For example, you might be eligible for a Pension Credit Loan if you are currently receiving pension credit. Another option is a Lifetime Mortgage, which allows you to borrow against the value of your home to help cover costs. If you are interested in getting a mortgage deal suitable for your needs, feel free to contact a market mortgage broker.

How can I increase my chances of getting a mortgage over 50?

When you apply for a mortgage, lenders will stress test your monthly income and outgo. If you retire, they’ll calculate what your new monthly income will be and compare it with your existing debt. Lenders may also ask about other financial circumstances, like childcare costs or rent. You should always try to keep these under review, even if there isn’t anything else changing. If you’re planning to move house, you may want to consider selling your current property first. This can help reduce your monthly payments.

Make sure you have enough money to cover all your expenses. Cut down on any unnecessary spending. Check your credit score and see what needs fixing. You can get a free copy of your credit report online . Avoid taking out additional loans when applying for a mortgage. If you’re applying jointly, you’ll also need to think about how your partner will repay the loan if you died.

Why does age impact mortgage eligibility?

The main reason why lenders check your age is to make sure that you won’t default on your mortgage. They don’t want to lend to people who are likely to leave them holding the bag. The amount of money you owe is one factor, but so is your ability to manage your finances. If you’re going through a divorce or separation, you could find yourself unable to meet your obligations. If you’re unemployed, you could be missing out on job opportunities. It’s important to look after yourself and your family. Your lender wants to know that you can afford to do this.

What happens if I’m over 70 and still working?

You may be able to qualify for a mortgage if you’re over 70. But you’ll need to prove that you have sufficient savings to support yourself. In addition, you’ll need to show that you have no outstanding debts, including bank overdrafts. If you’re self-employed, you’ll also need proof of earnings. If you’re retired, you’ll need to provide evidence of your pension entitlement. If you’re looking to buy a second home, you’ll need to demonstrate that you have adequate funds to purchase a property. And if you’re buying a holiday home, you’ll need some cash reserves to cover unexpected costs.

Can I get a mortgage at 57 years old?

Yes, you can get a mortgage at 57 years old. However, you must be prepared to work hard to ensure you get approved.

Will I be charged extra fees?

If you’re aged between 55 and 65, you’ll usually only be asked to pay a fee of up to 1% of the total amount borrowed. If you’ve been paying into a pension scheme for more than five years, you may be entitled to receive a discount.

How much can I borrow?

If you’re aged over 60, you can normally borrow up to 80% of your property value. For example, if you own a £200,000 property, you can borrow up to £160,000.

Do I need a guarantor?

A guarantor is someone who guarantees your repayment of a loan. If you’d prefer not to use a guarantor, you can instead opt for an alternative form of security, such as a deposit bond.

Is my credit history relevant?

Your credit history is very important when applying for a mortgage because it shows whether you’re likely to repay the loan. If you‘ve had problems repaying previous loans, you might be turned down. However, there are ways to improve your credit rating. You can ask your current lender to give you a personal reference. This means they’ll write to your employer and explain why you’re being considered for a new loan. Alternatively, you can apply for a secured loan from a different lender. Secured loans are often cheaper than unsecured ones.

What if I’m self-employed?

If you‘re self-employed, your income will be used to calculate how much you can borrow. To help with this, you should keep records of all your expenses. These include rent; business rates; council tax; car insurance; fuel bills; repairs; maintenance; utilities; telephone; mobile phone; internet; electricity; water; heating; and food. You can read more about self-employed mortgages on our blog.

About The Author

mortgage broker damian youell

See some of Damian’s client reviews below

Damian is an experienced mortgage broker, founder of Ltd and company director. With over a decade working as a mortgage broker he has a strong understanding of hard to place mortgage cases. With hundreds of 5 star client reviews. hundreds of repeat clients his work speaks for himself.

He started as a one man band with the philosophy of putting clients needs ahead of his own. This ethos of offering excellent customer service has helped the business grow over the years. He gets satisfaction on getting cases pushed through to offer stage where other mortgage broker and companies have failed.

Throughout his time as an adviser he has carved out a niche area of advice helping clients with their business protection requirements too. Having helped hundreds of client with Relevant Life Policies, Shareholder Protection Insurance, Keyperson Policies and other important protection requirements of large to small businesses.

At home he is a family man and likes to spend his time with his four children and wife Lisa. He enjoys going on holidays spending time with friends and going for walks.