| Typical borrower age | 50+ |
|---|---|
| Maximum age at end of term | Varies widely; some lenders have no upper limit |
| Income assessed | Pension, investment, rental and earned income |
| Retirement interest-only | Interest paid monthly; loan repaid on death or care |
| Equity release | Lifetime mortgages; specialist advice required |
| Regulation | FCA-regulated |
Who is this for?
- Homeowners whose mortgage term or interest-only deal is ending
- Borrowers approaching or in retirement who want to move or remortgage
- Parents and grandparents helping family with a deposit
- People who want to release money for home improvements
- Retirees with good pension income and an interest-only shortfall
Can I get a mortgage in my 60s or 70s?
Yes. Many lenders lend to older borrowers, as long as the mortgage is affordable throughout the term. Maximum age limits vary widely, often from 70 to 85 at the end of the term. Some lenders set no maximum age where affordability is proven.
If your term runs into retirement, lenders will assess your expected pension income. They may ask for pension forecasts or statements from your provider.
Some lenders also offer shorter terms or interest-only options for older borrowers who have substantial pension pots, investments or property to repay the loan.
What is a retirement interest-only (RIO) mortgage?
A RIO mortgage is a type of interest-only mortgage for older borrowers. You pay the interest each month, and the loan is usually repaid when you die, move into long-term care or sell the home. There is often no fixed end date.
Lenders must be satisfied that you can afford the monthly interest, including on a sole surviving borrower's income for joint applicants. RIO can suit borrowers with an interest-only mortgage ending and no other way to repay it. The loan balance does not reduce, which means less inheritance for your family. See our interest-only guide.
RIO mortgages are regulated like other residential mortgages, and lenders assess them on your income. Rates can be fixed or variable, and early repayment charges may apply during an initial period.
How is equity release different?
Equity release, usually a lifetime mortgage, lets homeowners typically aged 55 and over borrow against their home without monthly repayments. Interest is usually added to the loan and compounds over time. The debt can grow quickly and is repaid from the sale of the home when you die or move into long-term care.
Equity release can reduce the value of your estate and may affect entitlement to means-tested benefits. It requires advice from a specialist adviser with an equity release qualification. Products from Equity Release Council members include a no-negative-equity guarantee. If equity release may suit you, we will make sure you speak to a suitably qualified adviser, and we encourage you to involve your family.
Which later-life option is right for me?
| Option | Monthly payments | Main consideration |
|---|---|---|
| Standard mortgage into retirement | Capital and interest, or interest-only | Must be affordable on retirement income |
| Retirement interest-only | Interest only | Balance does not reduce |
| Lifetime mortgage (equity release) | Usually none, some allow optional payments | Debt grows with rolled-up interest |
Downsizing, using savings or family support may also be worth considering. We look at the full picture before recommending anything.
What should I discuss with my family?
Borrowing in later life can affect what you leave behind, and may affect where you live in future. Many clients find it helpful to involve family, though the decision is yours. Topics worth discussing include:
- Whether you may want to move, downsize or need care in future
- How a growing loan balance could affect your estate
- Whether family members live with you and how they would be affected
- Gifts, inheritance tax and your will
A solicitor and a financial planner can help with wider estate planning. We focus on making sure any mortgage fits your long-term plans.
How does OMB help older borrowers?
We take time to understand your income, plans and what matters to you, including what you want to leave to family. We are happy to include family members in conversations if you wish. We compare mainstream, building society and later-life lenders, and explain the long-term cost of each option.
Under the FCA's Consumer Duty we pay particular attention to clients who may need extra support. If you would like longer meetings, written summaries or a family member present, just ask.
How we arrange it
- Free 15-minute call, with family welcome
- Review of income, pensions and goals
- Options compared, including long-term costs
- Application and valuation managed
- Completion, with a written summary of your choices
Example cases
Illustrative examples based on the type of case we arrange. Not specific clients; every case is different.
£250,000 retirement interest-only mortgage in Esher at the end of an old deal
£120,000 lifetime mortgage in Canterbury to adapt a home and help family
£400,000 purchase mortgage in Richmond for a 66-year-old still working
From the blogMortgages in your 50s, 60s and beyond: what are your options?
Read the articleFrequently asked questions
Is there an age limit for getting a mortgage?
There is no legal age limit, but lenders set their own. Many cap the age at the end of the term at 70 to 85. Some later-life and retirement interest-only lenders have no maximum age. What matters most is showing the mortgage will remain affordable.
Can I get a mortgage on my pension income?
Yes. Many lenders accept state pension, private and workplace pensions, and annuity income. They will want evidence such as pension statements or forecasts. Some also consider investment or rental income. Drawdown income may be treated differently by each lender. We match you to lenders that accept your income type.
What happens when my interest-only mortgage ends and I cannot repay it?
Contact your lender early. Options may include extending the term, switching part to repayment, a retirement interest-only mortgage, downsizing or equity release. Your lender must treat you fairly. We can review the alternatives and compare them with your lender's offer.
Does a RIO mortgage have a fixed end date?
Usually not. The loan is typically repaid from the sale of your home when the last borrower dies or moves into long-term care. You must keep up monthly interest payments. If you do not, your home may be at risk, as with any mortgage.
Is equity release a good idea?
It can suit some people, but it is a major decision. Interest usually rolls up, so the debt grows over time and reduces what you leave behind. It may also affect means-tested benefits. You must take advice from a qualified equity release adviser, and involving family is wise.
Can I take a lump sum from my home to help my children?
Yes, through a remortgage, further advance, RIO mortgage or equity release, depending on age and affordability. Each has different costs and risks. Gifts may also have inheritance tax implications, so tax advice may help. We compare the borrowing options with you.
Can I move home and take a mortgage in retirement?
Yes. Many lenders offer purchase mortgages to older borrowers, including RIO mortgages for moving home. Affordability is based on your retirement income. Downsizing with a smaller mortgage can also help you release money while keeping payments affordable. We compare options across the market.
What happens to a joint later-life mortgage if one of us dies?
The loan continues for the surviving borrower. Lenders assess at the outset whether the survivor could still afford the payments on their own income. For lifetime mortgages, the loan is usually repaid when the last borrower dies or moves into long-term care.
Important: Your home may be repossessed if you do not keep up repayments on your mortgage. Equity release and lifetime mortgages can reduce the value of your estate and may affect means-tested benefits.