Can you still get a mortgage after age 60? What about 75 or even 89?
Yes, you can. And many people are doing just that.
Later life lending is no longer a niche option. It’s a mainstream financial tool that helps individuals borrow in retirement, access equity, and support intergenerational wealth planning.
This guide explains what later life lending really means, how it works, and what flexible options are now available for both homeowners and advisers.
Can I Still Borrow at 75?
Yes, and in many cases, even later.
This short video explains how later life mortgages work for people in their 60s, 70s, and beyond, including how pension income and investments can be used for affordability.
Want to explore your own options? Contact us for personalised advice.
What Is Later Life Lending?
Later life lending refers to mortgage products designed specifically for borrowers aged 55 and over. These products allow individuals to:
- Purchase a new home
- Remortgage an existing property
- Access equity for lifestyle or family needs
- Plan intergenerational wealth transfers
Unlike equity release, later life mortgages involve regular monthly repayments and are underwritten using a wide variety of income types.
Who Is It For?
You could benefit from later life lending if you:
- Are aged 55 to 89 or older
- Want to downsize or right-size
- Need to release equity for home improvements or care
- Want to gift to children or grandchildren
- Have an interest-only mortgage expiring
- Are retired but have pensions, investments, or rental income
How Do Lenders Assess Income in Retirement?
Specialist lenders look beyond traditional employment income. Acceptable sources often include:
- Fixed pensions (state, corporate, or private)
- Pension pots (SIPP or SASS drawdown)
- Investment income
- Rental income from BTL or holiday lets
- Earned income (accepted up to age 70 or 75 for non-manual roles)
This flexible approach means affordability can still be met, even after full retirement.
Popular Later Life Lending Options
Here are the most common types of later life mortgages:
Standard Repayment Mortgage (to age 90 and beyond)
- Capital and interest
- Fixed term
- Ideal if affordability is strong
- Available up to age 95 at the end of term
Interest-Only Mortgages
- Borrow up to age 89
- Requires clear repayment strategy
- Ideal for high equity and lower income clients
- Downsizing accepted as a repayment plan
Retirement Interest-Only (RIO) Mortgages
- No fixed term and lasts until death or long-term care
- Monthly interest payments only
- Affordability is tested on lowest income in joint cases
- Regulated as a residential mortgage, not equity release
Joint Borrower Sole Proprietor (JBSP)
- A family member helps support the mortgage
- Can be used for adult children helping parents or vice versa
- Useful for intergenerational affordability planning
- No stamp duty implications for the helper
What Can You Use Later Life Lending For?
Some of the most popular reasons clients seek these mortgages include:
- Buying a retirement property
- Releasing equity to support family
- Refinancing existing interest-only mortgages
- Funding renovations or adaptations
- Inheritance tax planning or restructuring wealth
- Buying a second home in the UK or abroad
Are There Risks?
Like any mortgage, later life lending involves monthly repayments and affordability checks. It is not a quick cash option. It is a regulated financial product.
Key considerations include:
- Affordability in later retirement
- Survivorship income in joint applications
- Clear repayment plans for interest-only loans
- Impact on estate planning and inheritance
That is why professional advice is essential.
Why Use a Specialist Broker?
Many high street banks stop lending by age 70. We work with specialist lenders that:
- Approve borrowing up to age 89 for interest-only and up to age 95 for repayment
- Accept pension drawdown, investments, and rental income
- Offer flexible terms and no minimum income on some downsizing cases
- Review each case individually without relying on automated credit scoring
This allows us to secure smarter solutions that many clients and even some advisers do not know exist.
FAQs: Later Life Lending
Can I still get a mortgage after retirement?
Yes. Retirement income such as pensions, investments, and rent can be used for affordability.
How old is too old for a mortgage?
Some lenders accept applications up to age 89 for interest-only and allow terms to age 95.
What if I have an expiring interest-only mortgage?
You may be able to remortgage onto another interest-only product, a repayment mortgage, or a RIO.
Is equity release the same thing?
No. Equity release is different. Later life mortgages require monthly repayments and help preserve your equity.
Can I gift equity to my children using this?
Yes. Many clients release funds through later life lending to help children or grandchildren get on the property ladder.
Ready to Talk?
We help clients and advisers navigate later life lending with confidence.
Whether you are exploring your own retirement finance options or supporting a loved one, we are here to guide you.
Call us: +44 207 519 4950
Email us: info@millionplus.com
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