Later life mortgages: borrowing in your 50s, 60s and 70s

Later life mortgages let homeowners in their 50s, 60s, 70s and beyond borrow against their home. Whether you can borrow, and how much, usually depends on your age at the end of the term, your retirement income and the type of mortgage. Lenders set their own age limits and income rules, so these vary widely.

This guide covers the practical side. It is general information, not financial advice. For a side-by-side comparison of product types, see retirement mortgages explained.

Maximum age limits on later life mortgages

For mortgages with a fixed term, lenders set a maximum age that you must not exceed by the end of the term. This commonly ranges from around 70 to 85 or older, depending on the lender and product. A higher limit can allow a longer term and lower payments, but more interest overall.

Two types of later life mortgage work differently:

• A retirement interest-only (RIO) mortgage usually has no fixed end date. It is repaid when the home is sold after the last borrower dies or moves into long-term care.
• A lifetime mortgage, the main form of equity release, also runs for life and is usually available from age 55.

For joint applications, the older borrower's age usually counts. Our article on whether over-70s can get a mortgage looks at borrowing at older ages.

How lenders assess retirement income

Lenders need to be confident payments are affordable now and for the whole term. They usually look at:

• Guaranteed income, such as the State Pension, defined benefit (final salary) pensions and annuities.
• Drawdown or investment income, which some lenders accept but may treat more cautiously because it can fall.
• Rental income, where it is stable and evidenced.
• Future pension income, if you are applying before you retire, based on pension projections.

The State Pension age is 66 and is rising to 67 between 2026 and 2028. Lenders also consider spending and existing debts, and for couples many check payments would stay affordable if one partner died. Our RIO affordability calculator gives an indicative idea of what might be affordable; it is not a quote.

Documents lenders typically ask for

Lenders commonly ask for:

• Proof of identity and address.
• Recent pension statements, annual pension letters or P60s.
• Bank statements, often covering the last three to six months.
• Details of your existing mortgage balance and any other borrowing secured on the home.
• Pension projections, if you have not yet retired.

When a later life mortgage may be considered

Remortgaging an interest-only balance

If an interest-only mortgage is ending with no repayment plan, a new later life mortgage may be one option alongside selling or downsizing. Lenders are often more flexible when approached well before the term ends, commonly a year or more ahead. Our guide to interest-only mortgage ending options sets out the routes.

Home improvements or adaptations

Some homeowners borrow to adapt their home so they can stay longer, such as adding a downstairs bathroom.

Helping family

Others borrow to help children or grandchildren with a deposit. It is worth considering the effect on your own income and estate.

Risks to weigh up

Later life mortgages carry risks as well as benefits:

• Your home may be at risk if you cannot keep up payments on a mortgage that requires them.
• Income can change, for example if a partner dies or drawdown income falls.
• Lifetime mortgage balances grow, as interest compounds, reducing what you leave behind.
• Early repayment charges may apply if you repay or move early.
• Means-tested benefits could be affected if you release a lump sum.

Not sure where to start?

Because age limits and income rules vary between lenders, an FCA-regulated adviser who covers later-life lending can explain which options may be available to you.

Not sure which later life mortgage option fits?

Explore Your Options