We're the experts in mortgages for over 50s
If you're aged 50 and over, a mortgage with us could enable you to repay your existing mortgage, help your family financially, or access the equity tied up in your home without the need to sell or move.
Residential mortgage
If you have a steady income that can cover the repayments, you might be eligible for a standard residential mortgage.
You can choose between two repayment options: capital repayments or interest-only repayments.
Retirement interest-only mortgages (RIO)
A retirement interest-only (RIO) mortgage is a loan secured against your home.
You have to pay the interest off monthly, but the full amount of the loan isn’t usually repaid until you pass away or move out of the home and into long-term care.
Lifetime mortgage
A lifetime mortgage is a loan secured against your home. There’s no need to make monthly payments, unless you choose to.
The amount borrowed, and the added interest, typically aren’t repaid until you pass away or move out of the home and into long-term care.
Things to consider with mortgages for over 50s
Before your take a loan against your property, be sure to weigh up your options. A lifetime mortgage can reduce the value of your estate and may affect your entitlement to means-tested benefits. Keep in mind that paying off an existing mortgage using a mortgage for over 50s can make it more expensive.
Mortgage Advice Bureau charges a fee of up to £995 for later life mortgage advice.
Want to learn more? Discover our mortgages for over 50s guide
If you're nearing retirement, or are already enjoying it, our mortgages for over 50s guide is designed to answer all your questions and provide clarity on what mortgage options are available to you in later life.
Ready for a chat? Book a callback
Fill in the form and one of our specialist advisers for mortgages for over 50s will contact you to expertly answer any questions you may have.
You can also call us directly on 01226 720 047
Frequently asked questions
Getting a mortgage in later life can be tricky. Luckily, as detailed above, we offer a range of mortgages designed for homeowners aged 50 and over. These mortgages allow you to access the equity in your home (or multiple homes) without the need to sell or downsize.
No, but you must meet the minimum age requirement for the mortgage type. Other requirements will differ between mortgages.
Yes, you can use a mortgage to release equity from your property to support your child buy a house or reduce the size of their mortgage.
Potential costs may include a broker (advice) fee, a lender arrangement fee, legal fees, and valuation fees. Some lenders offer no upfront fees, while others do.
Yes! Many homeowners use an over 50s mortgages to renovate their homes, adapt for mobility, or make necessary repairs.
A lifetime mortgage allows homeowners aged 55+ to access the equity in their property without selling it. You can release funds as a lump sum or regular payments. The loan is typically repaid upon death or moving into long-term care.
Latest articles
What's the difference between a RIO and a lifetime mortgage
Not sure which retirement mortgage is best suited for you? Let’s compare two popular options - a lifetime mortgage and a retirement interest-only mortgage.
Share610 views | 2024 years ago
Is a lifetime mortgage a good idea?
Let’s talk about whether a lifetime mortgage is a good idea for you, and what you need to know about the benefits and risks.
670 views | 2024 years ago
How to improve your chances of getting a mortgage in later life
From standard mortgages to retirement interest-only loans, here’s everything you need to know to improve your chances of getting a mortgage when you’re over the age of 50.
530 views | 2024 years ago
No posts currently available