Is it possible to obtain a mortgage aged 65 and over?

August 12, 2016 by Brendan O'Neill

Lenders

Finding a lender who is willing to give a mortgage to a borrower aged 65 or over used to be impossible. It is still difficult to obtain a mortgage after the age of 65, but it is still possible.

In some cases, people who are in their forties may not be able to secure a loan, as they will be older than retirement age when it is fully repaid. However, it is possible to find lenders who will consider your application.

Check with mainstream lenders initially, as they will offer some of the best deals available. Some banks will consider each case individually, as there are factors other than age which could have an impact on a mortgage application.

Santander will consider lending up to age 75, as long as the borrower’s retirement age isn’t before this, and it is a repayment mortgage. The Halifax will only lend to borrowers over the age of retirement if they can provide evidence of a substantial retirement income.

Building societies generally consider anyone up to the age of 75, although evidence of retirement income is required and affordability will be based on this. However, the rates are not as competitive as the banks.

For advice before making an application, it is worth asking for assistance from a mortgage adviser, as they are CeMAP qualified and have knowledge of each lender’s criteria. Although there are other options available when you are retirement age, it is worth considering banks and building societies first, for a better deal.