How to get a mortgage if you’re over fifty
There are lots of mortgage options out there that can help you repay your existing mortgage, look after your family, or splash out a bit on some of the stuff you’ve always wanted to do, all without needing to sell or move.
Retirement interest-only mortgage (RIO)
A retirement interest-only mortgage is a loan secured against your home. You’ll pay the interest off monthly, but the full loan usually isn’t repaid until you pass away or move into long-term care.
Lifetime mortgage
A lifetime mortgage is a loan secured against your home, with no need to make monthly repayments unless you choose to.
The full loan, plus any interest, isn’t repaid until you pass away or move into long-term care.
Residential mortgage
If you have a steady income that can cover the repayments, you could still have a regular residential mortgage.
Something to bear in mind...
You should always think carefully before securing a loan against your property.
A lifetime mortgage will reduce the value of your estate and can affect whether you can get means-tested benefits.
Clearing an existing mortgage with a lifetime mortgage may result in higher cost of borrowing.
We charge up to £1,295 for later-life mortgage advice.
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Six big questions
We speak to people approaching retirement (or currently enjoying one) every day, these are the six questions we're asked all the time.
Mortgages for over 50s are designed for homeowners aged 50 or more. They let you spend or invest the equity in your home without needing to sell or downsize.
Costs around over-50s mortgages can include a broker fee, a lender arrangement fee, legal fees, and valuation fees. Some lenders don’t have upfront fees, while some do.
No, you don’t need to be retired to get an over-50s mortgage, but you need to meet the minimum age requirement. Other requirements vary for different mortgages.
Yes, many homeowners use over-50s mortgages to renovate, adapt their homes for mobility, or make repairs (or build a Tiki bar in the back garden)
Yes, you can use an over-50s mortgage to release the equity in your home to help your child buy a house or reduce their mortgage.
Lifetime mortgages allow homeowners aged 55 and over to access the equity in their homes without selling them.
You can get this as a lump sum or regular payments. The loan is usually repaid when you pass away or move into long-term care.