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Mortgages in later life

We understand that there are any number of reasons that someone could be seeking a mortgage over the age of 55. Perhaps they want to stay in the family home, release equity to make improvements, or want to help children through university or get onto the housing ladder.

We help customers who are approaching retirement, looking to borrow into retirement, or those already in retirement who simply want to continue with their current mortgage.

morgage help house

A retirement mortgage programme for older borrowers

Over the last few years older borrowers have faced significant challenges in accessing the mortgage market. In 2014 legislation known as the Mortgage Market Review (MMR) led to many banks and building societies refusing to lend to existing mortgage holders where the term would take the borrower over the age of 65. More emphasis was placed on affordability, which meant lenders must now look closely at the income and outgoings of mortgage applicants. This leaves older borrowers in their fifties and above with a reduced choice of mortgage products in the UK.

This, plus changes to state pension and retirement laws including the abolishment of the compulsory retirement age means the choices for borrowing later in life are limited. We are pleased to confirm that all of our mortgage products are available to those in retirement with no upper age limit. Through our Retirement Mortgage Programme we’ll accept 100% of a borrower’s pension as well as a proportion of other forms of income, such as investments, when addressing affordability.

You can compare different types of later life mortgages using our handy key facts table.

Key features
of our mortgages

  • No maximum age limit
  • Up to a 40 year term available
  • Borrowing for: home improvements, second home purchase or gifting to help children onto the property ladder


What type of later life borrower are you?

Are you seeking a later life or RIO mortgage? Or maybe you know what you need the money for but you're unsure if a later life mortgage is the best option. Use our handy flowchart to find out what kind of later life borrower you are.

Later Life Flowchart Banner1


Your home may be repossessed if you do not keep up repayments on your mortgage.