Mortgages for over 60's
Are you looking to borrow into retirement? Unlike the big banks we’ve been providing retirement mortgages to those aged 60 or over for many years.
Retired or approaching retirement? We offer mortgages for older borrowers
Getting a mortgage at 60 can often be difficult. Many people find their current lender won't extend their mortgage term simply because of their age.
This is where we can help. Borrowing in retirement and over 60's mortgages is our specialist subject.
We may be able to help if you are looking to:
- Assist family members onto the housing ladder
- Make home improvements
- Purchase a second property for a holiday home
- Find an alternative to Equity Release.
How can we help?
- We don’t turn down people's mortgage applications because of their age
We treat our older borrowers the same as our younger ones. We can lend up to the age of 95 at the end of mortgage term across our standard Owner Occupier repayment mortgage range. Our Owner Occupier Interest-Only and Buy to Let mortgages are available up to a maximum age of 89 when the loan commences.
- We offer specialist products to later life borrowers
Retirement Interest-Only and Joint Borrower Sole Proprietor (JBSP) mortgages are other options available. With JBSP mortgages this arrangement allows adult children to help their parents with affordability when applying for a mortgage. Find out more.
- We'll take income into account
We'll accept earned income to age 70, or even 75 if you are in a non-manual job role. And we'll accept non-earned income from a variety of sources such as fixed pensions, pension pots, investment and rental income.
- We don’t believe in a ‘one size fits all’ approach to mortgage lending
We actively look for ways to help when other mortgage lenders cannot.
- We offer a free Mortgage Advice Service
Why should I consider a mortgage later in life?
Unlocking the value tied up in your property can provide a significant lump sum without having to sell and move out of your home. It can help boost your retirement income, allowing you to maintain your standard of living or meet unforeseen expenses.
Making necessary home improvements or adaptations later in life (e.g. installing a stairlift, modifying bathrooms) can be funded through a later life mortgage.
How much could I borrow?
Arrange to speak to us about your later life mortgage requirements
Simply complete our short enquiry form and we'll be in touch within two working days.
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Specialist mortgages
Along with our standard range of Owner Occupier and Buy to Let mortgage products, we have the following options available to later life borrowers.
Retirement Interest-Only (RIO) mortgage
Our RIO mortgage is an Interest-Only mortgage that doesn't have a specific end date.
- A later life specialist mortgage designed for those aged 55 and over.
- For those who are looking to stay in their home and avoid downsizing until a specific event, such as moving into long-term care or passing away, triggers the repayment of the mortgage.
Joint Borrower Sole Proprietor (JBSP)
Our JBSP mortgage arrangement can also be an option for older borrowers.
- This arrangement is designed to enable family members to help support each other with affordability when applying for a mortgage, so older borrowers can be supported by their adult children's income.