Mortgages For Over 60s

Competitive mortgage deals over 60

With many people working later into life, those over 60 can still access a range of mortgage options. Quotezone is here to help you find the right mortgage with our independent comparison tool. Save time and money as you find your perfect lender.

What types of Over 60s Mortgages are available?

Equality laws ensure eligibility for most mortgage options, including fixed rate, interest only, variable, and offset account mortgages.

Later life mortgages may also be viable if you’re over 60 and a homeowner, whilst retirement interest only mortgages are helpful if you’ve already reached retirement.

Increasingly popular, equity release mortgages are available to those who own a property and who are happy for a lender to buy out a share of that property at less than the market value.

What do I need to get an over 60s mortgage?

Banks and lenders will need to assess your credit history and score, you current income, and any ongoing income as you enter retirement.  They’ll want to know about your savings and your pension pot, too.

Your savings may mean that you can offer up a decent deposit on a property and this will then open up larger sums to borrow and more competitive mortgage rates.

You’ll need to commit to paying off your mortgage within a set term though, so make sure you can do so without leaving yourself financially vulnerable.

I’ve already retired. Can I get an Over 60s Mortgage?

Yes, there are lenders who are willing to offer mortgages to those who have retired. You’ll need to demonstrate an ongoing ability to keep up the mortgage repayments, with factors such as good savings, outright ownership of a property, and evidence of an ongoing income all helping your chances of securing a mortgage.

How much can you borrow with an Over 60s Mortgage?

If you’re still working and have no intention of retiring for a while, the lender may use the standard calculation of 4.5 times your annual income.  They will, however, usually offer a shorter mortgage term meaning monthly repayments could be high.

Are mortgages for over 60s only for those looking to re-mortgage?

No – re-mortgages and equity release are popular if you own your own home, but they are not the only option for those nearing or of retirement age.

Which lenders offer Over 60s Mortgages?

Your age shouldn’t prohibit you from enquiring about a mortgage from any lender, but the following banks and lenders offer competitive mortgages for those later in life, especially in terms of the maximum age they’ll accept.

If you have any more questions regarding Quotezone please refer to our FAQ page.