Interest only mortgages for over 60s: age limits and options
Interest only mortgages for over 60s fall into two categories: a standard interest-only mortgage, where lenders set a maximum age by which the loan must end, and a retirement interest-only (RIO) mortgage, a separate regulated category usually without a fixed end date. The type decides how long you can borrow for and what a lender checks.
Interest only mortgages for over 60s: two different products
A standard interest-only mortgage has an agreed term, and FCA rules require the lender to check you have a credible plan to repay the capital when it ends. A RIO mortgage was brought into a distinct FCA-regulated category in 2018 and is assessed on the affordability of the monthly interest, using income likely to continue, such as pension or annuity income.
Our RIO vs standard interest-only mortgage guide compares them in full; this page focuses on lenders' maximum ages.
Over 60 interest-only mortgage: how lenders set maximum ages
Each lender sets its own maximum age for interest-only borrowing, usually expressed as an age by which the mortgage term must end. These limits are published in lenders' criteria, mainly for mortgage brokers, and they change from time to time, so any figure you see quoted elsewhere is worth checking against the lender's current criteria.
Because the limits differ between lenders, reaching one lender's limit tells you about that lender only. A mortgage broker or FCA-regulated adviser who covers later-life lending can check current criteria across the market.
Questions to ask about age limits
- What is the maximum age at the end of the term for the interest-only part of the loan?
- Is the limit different if part of the mortgage is on a repayment basis?
- Is the limit based on the oldest or the youngest applicant?
- What evidence of retirement income will be needed, and how is it assessed?
- What repayment plan for the capital will be accepted?
Later Life Finance Guide does not recommend any lender or provider. This page summarises publicly available information; products and criteria change, so check the current details with the lender or an FCA-regulated adviser. Details were checked on 26 September 2026.
If you're past a lender's maximum age
Reaching one lender's maximum age doesn't necessarily rule out borrowing altogether. A RIO mortgage has no fixed end date, and many RIO lenders set no maximum age. Our guide to mortgages for people over 70 explains more.
A lifetime mortgage, the main form of equity release, is generally available from age 55.
Each route has trade-offs. With a RIO mortgage you must keep paying the interest for life, the loan isn't reduced, and your home is at risk if payments stop. With a lifetime mortgage, interest rolls up, so the debt grows and reduces what you leave. Our guide to RIO pros and cons explains more.
Minimum ages and retirement income
Each lender sets its own minimum age for a RIO mortgage, often 50 or 55; MoneyHelper's guidance mentions both ages.
Some people call these "pensioner mortgages", but being retired isn't itself a requirement. Lenders look closely at the income you'll have in retirement, often pension income.
If your existing interest-only mortgage is ending
For a maturing interest-only mortgage, MoneyHelper sets out routes including asking the lender to extend the term into retirement, remortgaging (including to a RIO mortgage, which may need a fresh affordability assessment) or equity release from age 55, each with the trade-offs above. Our interest-only mortgage ending options guide covers each route.
Getting advice on your options
Because age and affordability rules vary by lender, an FCA-regulated adviser who covers later-life lending can explain which options may be available to you. Our later life mortgages guide covers the documents and income lenders accept. We do not provide financial advice.
Later Life Finance Guide does not recommend any lender or provider. This page summarises publicly available information; products and criteria change, so check the current details with the lender or an FCA-regulated adviser. Details were checked on 26 September 2026.
Not sure which option fits your circumstances?
Frequently asked questions
Where can I find a lender's current interest-only age limits?
Lenders publish their mortgage criteria, including maximum ages, mainly for mortgage brokers, and these criteria change from time to time. A mortgage broker or FCA-regulated adviser who covers later-life lending can check current limits across lenders for you. Treat any figures you see elsewhere, including on this page, as a guide to check rather than a promise.
Why do interest-only age limits differ between lenders?
Each lender decides its own lending criteria, including the age by which an interest-only mortgage must end and the income evidence it accepts in retirement. That is why one lender's limit tells you about that lender only. A mortgage broker or FCA-regulated adviser can check current criteria across lenders, and our providers directory lists named firms.
What should I ask a lender about interest-only lending into retirement?
Useful questions include the maximum age at the end of the interest-only term, whether that limit applies to the oldest or youngest applicant, what retirement income evidence is needed and how it is assessed, and what plan for repaying the capital the lender will accept. Criteria change, so ask for the current position before you apply.
Do I need to be retired to get an interest-only mortgage in later life?
No, being retired isn't itself a requirement, but lenders look closely at the income you'll have in retirement, often pension income, when deciding whether an interest-only loan is affordable. A RIO mortgage is assessed on income likely to continue, such as a pension or annuity, rather than on a plan to repay the capital.
Does reaching one lender's age limit mean no lender will offer interest-only?
Not necessarily, as maximum ages are set lender by lender. A RIO mortgage has no fixed end date, but you must keep paying the interest for life and your home is at risk if payments stop. A lifetime mortgage has no monthly payments, but interest rolls up and reduces what you leave.