Mortgages for over 50s

Find competitive mortgages for over 50s

With people settling down and starting families later in life, over 50s mortgages are now common. Use Quotezone’s independent comparison tool to track down your ideal mortgage and start your property buying journey.

Can I get a mortgage in my 50s?

It used to be much harder to secure a mortgage in your fifties, but in 2010 an Equality Act was introduced which ensures a mortgage lender cannot discriminate based on age.

Could a 50 year old get a 25 year mortgage term?

When you’re thinking about the affordability of a mortgage, the length of your term makes a marked impact. Generally, the longer the term, the lower the monthly payments.

Lenders tend to offer up shorter terms once you’re in your fifties (making those monthly payments more expensive).  To get the likes of a 25 year term you’ll need a lender who offers mortgages which are allowed to be paid off as late as 80 years old.  

Then, to secure that mortgage you’ll need to prove that you can finance the monthly payments through your retirement.

Does my planned retirement age affect my chances of getting an over 50s mortgage?

Yes – if you plan to retire in your sixties rather than your seventies, a lender will see that earlier drop in income as a liability.  

Unless you can demonstrate financial stability when it comes to making your monthly payments, you may find it harder to secure the mortgage (and mortgage rates) you’d like.

What types of mortgages are available to the over 50s?

If you don’t plan to retire any time soon, you may be able to head to one of the leading providers and secure a standard mortgage (with options such as capital and interest, or maybe even interest only).

If you’re close to retirement, consider a Retirement Interest Only mortgage.  These are available if you own your home as it allows you to borrow against the value in that house. You only pay off the interest each month and the lender recoups when the property is sold.

Other options for you to consider are the equity release offered by later life, secured loans, and home revision plan mortgages.

For these non-standard mortgages, smaller lenders often offer better and more flexible deals to the over 50s.

Are there are any benefits to the mortgages for over 50s?

Shorter terms and difficulties securing interest only options give mortgages for the over 50s a bad reputation.  However, the are benefits to looking for a mortgage past fifty.

Being older, you may have had a chance to build up an excellent credit history and score.  Your age may also mean you’ve been able to savings account a substantial deposit. Larger deposits increase the sum you can borrow and allow you to access better mortgage rates.