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Mortgages for Over 60s

Are you looking for a mortgage for over 60 year olds? Or are you looking for remortgaging and equity release options? Deedle Finance can help you take any of these exciting steps with the help of our dedicated experts.

Our mortgage advisers can help you get the best mortgages for over 60s. Deedle aims to make applying for a mortgage an easy, stress-free experience. So what are you waiting for?

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How To Get An Over 60s Mortgage

Step 1
Complete Deedle's Form
Enter key details on our online form including your name, contact information and requirements, i.e. that you are looking for mortgage options for over 60s
Step 2
Receive A Callback
You will receive a callback almost immediately after submitting the form where one of our trained experts will explain the process of getting a mortgage over 60.
Step 3
Check If You Qualify
Our advisors will ask for basic information such as your current annual income. They will then use this to work out your eligibility, and find the best over 60s mortgage rates.
Step 4
Receive Your Over 60s Mortgage
Once we have found a loan to suit your borrowing requirements, our advisers can submit your mortgage application and help you get your over 60s mortgage ASAP!
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Can I Get a Mortgage In My 60s?

Yes, it is perfectly possible to get a mortgage once you are over 60. It used to be considered difficult to get a mortgage later in life, since mortgage lenders expected to see a full 25-year term from their customers.

However, today attitudes have changed. Since we are living for longer, working for longer, and retiring later in life, providers now have a range of mortgage products for older applicants.

That being said, mortgages can be a little harder to get your hands on at this age. Since many people start thinking about retirement at this stage, the typical correlation to a drop in income can put off lenders. To be approved for a mortgage, you will need to show that you can keep up with repayments into retirement and have an appropriate credit score.

But with more mortgage lenders and products available in this category than ever (such as equity release and lifetime mortgages), and higher age limits for mortgage terms, there are plenty of ways to obtain a mortgage. Deedle works with a huge variety of lenders to find you the best mortgage for over 60s available.

Am I Eligible for a Over 60s Mortgage?

The key eligibility criteria for an over 60s mortgage is that you have proof to afford repayments throughout the term of the mortgage. This proof can be evidence of employment income or your pension income. Other factors that may impact your chance of acceptance are your age, credit score, and equity.

Typical mortgage age limits are:

  • Under 65-80 to take out a mortgage
  • Under 70-95 when the mortgage term ends
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Different Types of Mortgages for Over 60s

Fixed Rate Mortgages

  • A fixed rate mortgage allows borrowers to fix their mortgage rate for 2 to 15 years.

  • Repayments stay the same during that time period.

  • You can usually overpay by 10% a year to reduce the total loan amount. Any more than this could lead to early repayment charges.

Lifetime Mortgages For Over 60s

  • A lifetime mortgage for over 60s is a lump sum that is taken out on your property. The loan and subsequent interest will be paid off by selling your house when you pass away or move into full time residential care. Any remaining money from the sale of the house will go towards those in your will as instructed.

  • To qualify for a lifetime mortgage you need to own your property and be over the age of 55. Any previous mortgages on the property must be paid off in full before the completion of the plan.

  • Other factors could further affect your eligibility for a lifetime mortgage. For instance, if you own a leasehold property with less than 75 years on the leasehold, you may be rejected.

Equity Release Mortgages

  • You can release equity from your home once you are aged 55 and above.

  • An equity release mortgage allows you to borrow some of the property’s value without making monthly payments. These loans are good if you’re older and have equity in your home, providing you with some extra money for your retirement without moving to a smaller home.

  • You have the choice of taking out a lump sum or smaller monthly amounts with an equity release mortgage, and your debt will be paid off when you die or sell the property.

  • Yet these mortgages often cost more than a standard mortgage and have higher interest rates, so it is worth considering if this is the right option for you.

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Why Should I Get An Over 60s Mortgage With Deedle?

At Deedle, we understand how nerve wracking it can be to apply for a mortgage,  so we are here to assist you with unlimited support. Our dedicated team of mortgage advisors will be with you every step of the way, from initial consultation to mortgage completion. We handle all the paperwork, and ensure a smooth process, saving you time, stress and effort.

We will work to find the best mortgage options for over 60s. With many years of experience in the mortgage industry, our team of experts search through 1,000s of mortgage deals to find the right one for our customers’ circumstances and needs.

Can I Get An Over 60s Mortgage After Retirement?

Yes. As long as your mortgage lender is confident that you will be able to make the monthly mortgage payments, and you are within their age criteria, there’s good reason to seek a new mortgage.

Many retired people have built up a good amount of savings, or have already completed a mortgage on a family home. This can be really advantageous, as owning an existing property allows buyers to use the equity tied to that property against a new property, either in a lump sum payment (through a lifetime mortgage) or using it to supplement their retirement income.

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Can I Get a Buy-To Let Mortgage Over 60?

For buy-to-let properties, borrowers have often found it difficult to receive funding due to age limits. Much like with a standard mortgage application, lenders offering buy-to-let mortgages for over 60s run the risk of their borrowers not being able to afford repayments throughout their retirement.

Buy-to-let mortgages for over 60s are still an available option though. Age limits for these mortgages vary from lender to lender.

For someone aged 65 with an income or pension you should still have a lot of buy-to-let mortgage options. For older borrowers and those over 75 in particular, your buy-to-let mortgage opportunities may be more limited.

But some lenders have no age restrictions at all! It’s all about being matched with the right lender for your individual mortgage needs.

How Many Years Mortgage Can You Get Over 60?

The length of the mortgage term you are able to get will depend on the age at which you apply for your mortgage, as well as the lender that you have chosen. For example, some may agree to lend to you until you reach the age of 75, which means that if you apply for a mortgage at the age of 60, you should be able to apply for a 15-year term.

Many lenders have made improvements to the maximum age limits for the end of a mortgage term. Although some will still stop lending to you at age 75, others have extended to consider mortgages ending at 80 or 85. Some lenders may not consider age limits at all, and will judge each case on its individual merits.

Frequently Asked Questions About Mortgages For Over 60s

What is a Retirement Interest Only Mortgage?

A retirement interest only mortgage is a loan taken out against your home. A RIO starts either before or during your retirement, and lasts until you die, are moved into full time care, or sell the property.

An RIO is good if you’re looking to downsize or remortgage. However, in order to get a retirement interest only mortgage, you will need to own your own home already, and have equity in your home.

One of the benefits of an RIO is that you will only be required to pay back the interest every month, not the loan, so they are often cheaper than lifetime mortgages. However, having not paid monthly repayments, you will have more to repay at the end of the loan.

How Can I Improve My Chances of Getting an Over 60s Mortgage?

To improve your chances of getting a mortgage over 50, you will need a decent credit score. Outstanding loans, unreliable repayments, and having little credit history may affect your credit score and consequently make you less likely to receive a mortgage as you won’t be deemed as a dependable borrower.

To qualify for an equity release mortgage you will need:

  • To own your property outright – you can use equity release to pay off your mortgage
  • Enough equity in your home
  • To maintain your home in good condition

What Can I Do If My Application is Rejected?

The first thing is to do is not to panic. There are so many lenders in the current market, so it is unlikely there is not a lender who will be open to meeting your needs. It may take some time to find your ideal mortgage, but its very rarely an impossible task.

Using a mortgage broker such as Deedle gives you access to a wide range of specialist lenders and providers, therefore improving your chances of achieving the specific mortgage that you need.

Where Can I Get a Mortgage If I Am Over 60?

Building societies are usually more inclined to lend to borrowers aged over 60, compared to banks. Many building societies do not have an upper age limit for when the mortgage needs to be repaid.

Banks offering mortgages for over 60s include Barclays, Halifax, HSBC, Hodge Bank, Metro Bank, NatWest, and Santander. If you’d like to opt for an equity release mortgage, the Equity Release Council has a directory of advisers and providers which may be of help.

Deedle Finance is the trading name of Tudor Lodge Digital Ltd which trades under company number: 10437769.

Deedle Finance does not provide advice on regulated mortgage contracts or credit agreements, these are carried out by one of our independent FCA regulated associates. 

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENT ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

IF YOU ARE THINKING OF CONSOLIDATING EXISTING BORROWING YOU SHOULD BE AWARE THAT YOU MAY BE EXTENDING THE TERMS OF THE DEBT AND INCREASING THE TOTAL AMOUNT YOU REPAY.

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