Over 55 Mortgages

Being over 55 doesn’t have to limit your mortgage choices

Mortgage providers can still offer mortgages to senior customers, but finding the right deal for you can take time. Quotezone saves you time and money by sorting through mortgage providers with its independent comparison tool.

Can I get a mortgage at 55?

Yes: there are lenders with mortgages specifically designed for those above 55.  Some of these lenders will have a set limit on when you’ll need to pay off the mortgage (often by 70 or 80 years old).

The Equality Act of 2010 ensures that there isn’t an age limit on when an individual can take out a mortgage, but you must be able to demonstrate an ability to pay off anything you borrow within an agreed term.

What do I need to take out an Over 55 Mortgage?

A lender will ask you to provide extensive information about your current and future financial standing, including details of your employer and your earnings, as well as the pension you’ll receive upon retirement. An assessment of your debts and a credit score will also be carried out.

What types of Over 55 Mortgages are available?

Over 55s are eligible for the full range of mortgage options, such as fixed rate, interest only, variable and offset account mortgages.

Later life mortgages are also a helpful option for the over 55s who already own a property.

I’ve already retired. Can I get an Over 55 Mortgage?

If you can demonstrate to a lender that you have the financial means to meet your monthly repayments and pay off the mortgage within a set term, then you may still secure a mortgage post-retirement.

Your chances of a mortgage approval will be improved by:

• Good savings
• A good credit score
• Already owning a property outright (the mortgage is paid off)
• Proof of ongoing income

How much can I borrow with an Over 55 Mortgage?

If you’re still in your fifties, your income will be used to calculate how much you can borrow, with most lenders offering 4.5 times your annual salary.

If you’ve a good deposit saved, this’ll increase the sum you can borrow and improve the mortgage rates you’re offered.

After sixty, and certainly closer to retirement, a lender will have to take into consideration how much you could afford to repay within a shorter mortgage term.  This may obviously reduce the amount you can borrow compared to younger borrowers.