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Mortgages for Over 70s

At Deedle Finance, we understand that obtaining a mortgage can be challenging, especially for those in their older age. That's why we offer tailored mortgage solutions designed specifically for individuals aged 70 and above to help you find the perfect mortgage lender.

We understand that age should not limit your homeownership dreams. Whether you're looking to purchase a new property, remortgage or release equity, our expert team is here to guide you every step of the way.

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Simple Steps To Get An Over 70s Mortgage

Step 1
Apply Online Via Deedle's Form
Simply fill out our online form with your name, contact information and specific requirements, such as your interest in mortgage options tailored for individuals over 70.
Step 2
Get A Callback Today
After submitting the form, expect a callback from our knowledgeable experts who will guide you through the mortgage process for individuals over 70.
Step 3
Check Your Eligibility
Our advisers will gather basic information, including your annual income, to assess your eligibility and identify the most suitable over 70s mortgage rates for you.
Step 4
Receive Your Over 70s Mortgage
Once we have identified a loan that matches your borrowing needs, our advisors will provide assistance throughout the process of obtaining your over 70s mortgage.
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Can I Get a Mortgage If I Am Over 70?

Yes, getting a mortgage is possible if you are over 70. Many lenders now offer specialised mortgage products designed for individuals in this age group. With the right financial circumstances and eligibility criteria met, you can secure a mortgage to purchase a new home or remortgage your existing property.

While some mainstream lenders may have age restrictions, Deedle has a network of lenders who can consider factors such as retirement income, pension and overall financial stability when assessing eligibility. Simply complete our online form and we can help you navigate the market and find suitable options for your circumstances.

What Is The Eligibility Criteria For An Over 70s Mortgage?

Eligibility criteria for over 70s mortgages may vary among lenders. Factors such as income, credit history, property value and loan-to-value ratio are taken into consideration. Lenders also assess affordability based on your pension income, investments and any other sources of income.

Some lenders may have maximum age limits for their mortgage offers, for example requiring you to have repaid your mortgage between the age of 75 and 95. In this instances, it is likely that your mortgage term will be reduced and could result in higher repayments each month.

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Different Types of Mortgages for Over 70s

Retirement Interest-Only Mortgage

  • Allows you to pay only the interest on the loan each month.

  • The loan is repaid either when the property is sold, you move into long-term care or upon your passing.

  • Designed for borrowers with stable retirement income.

Lifetime Mortgage For Over 70s

  • Allows you to release equity from your property while retaining ownership.
  • No monthly repayments are required, as the loan and interest are repaid when the property is sold or upon your passing.
  • Offers flexibility in how you receive the funds, such as a lump sum or regular payments.

Buy-to-Let Mortgage for Over 70s

  • Enables you to invest in a rental property, generating income during retirement.
  • Lenders consider the potential rental income as well as your retirement income when assessing eligibility.
  • Repayment options can include interest-only or full repayment.

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Why Should I Get An Over 70s Mortgage With Deedle?

Deedle specialises in assisting individuals in their golden years to secure mortgages. With our extensive network of lenders and expertise in the mortgage market, we can match you with lenders who offer favourable terms and competitive rates, whether you are over 60, over 70 or older.

Our dedicated team understands the unique challenges faced by older borrowers and is committed to providing personalised, reliable advice throughout the application process. Fill in our quick and easy online form to get started today!

Can I Get An Over 70s Mortgage After Retirement?

Yes, it is possible to get an over 70s mortgage even if you are retired. Many lenders offer mortgage options specifically tailored for retired individuals. These mortgages take into account your retirement income, which can include pensions, investments and other sources of funds. Lenders assess your ability to repay the mortgage based on your retirement income and financial stability.

Retired individuals often have the advantage of accumulated savings or owning their current property outright. This can be beneficial when considering mortgages for over 70s as it allows them to utilise the equity in their property. This equity can be accessed through options such as a lifetime mortgage, where a lump sum is released, or by using it to supplement their retirement income.

By leveraging their existing assets, retirees can explore suitable mortgage solutions that align with their financial goals and needs. Deedle can help you explore the options of equity release.

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What Factors Should I Consider When Getting An Over 70s Mortgage?

When applying for a mortgage in your 70s, there are several important factors to consider:

  • Affordability – Evaluate your financial situation and ensure that you can comfortably afford the mortgage repayments, taking into account your retirement income, savings, and any other financial commitments.
  • Mortgage Term – Consider the length of the mortgage term you’re comfortable with. Keep in mind that a shorter term may result in higher monthly payments but could save you money on interest in the long run.
  • Repayment Options – Explore different repayment options such as interest-only or repayment. Each option has its own implications, and it’s important to choose the one that aligns with your financial goals and circumstances.
  • Financial Stability – Lenders will assess your financial stability and ability to make mortgage payments. They may consider factors such as your pension income, investments and any other sources of income or assets.
  • Retirement Plans – Think about your retirement plans and how they may impact your ability to meet mortgage repayments. Consider if downsizing, selling a property or using equity release could be viable options to support your financial situation.

Frequently Asked Questions About Mortgages For Over 70s

What Is The Maximum Age For Getting A Mortgage?

There is no universal maximum age for getting a mortgage. Some lenders have an upper age limit, while others assess eligibility based on the borrower’s ability to repay the loan. Working with a specialist mortgage broker such as Deedle can help you find lenders who cater to individuals over 70.

Will My Pension Income Be Considered For A Mortgage Application?

Yes, your pension income will generally be considered by lenders when assessing your mortgage application. They will evaluate your overall financial situation, including any pension income, to determine your ability to make mortgage repayments.

Can I Extend The Term Of My Mortgage If I Am Over 70?

Extending the term of your mortgage when you are over 70 may be challenging. Lenders typically prefer shorter mortgage terms for older borrowers. However, there may be options available depending on your circumstances.

Consider using a mortgage broker such as Deedle to access a wide range of specialist lenders, therefore improving your chances of getting the specific mortgage that you need.

Can I Remortgage If I Am Over 70?

Yes, it is possible to remortgage if you are over 70. However, lenders will assess your financial situation, including your ability to make mortgage repayments and consider factors such as your equity, income and creditworthiness.

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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