The Guide to Getting a Mortgage Over 50

Over 50 and concerned about getting a mortgage? As you get closer to retirement age, it’s possible you might find it harder to get a mortgage. However, with more people working for longer amidst an ageing population, you should be able to find a mortgage deal to suit you.

Read on to learn how to find a new mortgage over 50, whether you want to remortgage your current property or move to a new house. It’s not too late!

Can I get a mortgage if I’m over 50? 

Yes, you can! However, it depends on the lender and their individual requirements.

What is the maximum age for getting a mortgage?

The age limit for mortgage applicants is set by each individual lender. Typically, the limit ranges between 70 to 95, depending on the age when you would take out the new mortgage or your age when the mortgage term is expected to end. Regardless of your age, you need to be able to afford repayments until the end of the mortgage term.

Can I get a mortgage if I will not be able to afford the repayments? 

A lifetime mortgage is a type of equity release and, while this can impact eligibility for state benefits and the value of your estate, it can be beneficial if you are having issues with repayment plans (or age limits). Another useful feature of some lifetime mortgages is that you may not have to make any payments during the lifetime of the loan – but this can mean more is taken from your estate when you pass away. 

Retirement interest-only mortgages let you pay off only the interest, so your repayments will likely be lower than that of a regular mortgage. This type of mortgage is generally paid off  when the borrower passes away or moves into a long-term care facility. If you take this type of mortgage jointly, the loan won’t need to be repaid until the second borrower passes away or goes into care. For this reason, everyone applying must be able to afford the monthly interest payments independently.  

Is it possible to get a mortgage after retirement?

Even after you retire, it’s still possible to get a mortgage. As long as the lender is confident that you can make your repayments, you shouldn’t have a problem.

It will help if you:

  • Have a good credit score
  • Have a good amount saved for the deposit
  • Currently own a home outright (to be able to access equity tied up in the property)
  • Can show proof of ongoing income (such as income from a property, or a private pension)

If you can prove that you have been responsible with your finances in the past, you will be viewed in a good light by a potential lender. 

Can I get a 25 year mortgage at 50?

The lending criteria for getting a mortgage does become stricter over age 50, and shorter repayment periods on a mortgage are more common as you get older. Typically, mortgage terms last around 25 years, but it is likely that your repayment plan would be less than this. Fewer deals may be offered to you, such as interest-only mortgages, but it’s worth researching your options – don’t rule anything out yet! 

If you still have some time left on your current mortgage, it might be worth thinking about remortgaging instead. However, you will still need to ensure you meet the eligibility requirements of your lender.

What kind of mortgage is best for over 50s?

This depends on how much you want to borrow, but you can choose from different types of mortgages, including:

Variable – depending on the lender’s mortgage rate, the amount of interest you pay each month can fluctuate 

Fixed – monthly repayment amounts will not change during an agreed period of time, but once this fixed term ends, the interest rate will revert to the lender’s standard variable rate

Discount – a discount is offered on the lender’s standard variable rate for a set term, but monthly repayment amounts could still fluctuate 

Tracker – the interest rate of a tracker mortgage is linked to the base rate from the Bank of England, usually with a term of 2-5 years. Payments are likely to fluctuate with this type of loan. 

Are there limits on how much you can borrow when you’re over 50?

Your age does not impact you as much as your financial circumstances do. Regardless of your age, lenders will look at your monthly finances and the size of your deposit, particularly if you still have years until you retire.

If you are over 60, shorter mortgage terms of around 10-15 years may be the only option available to you. While a shorter mortgage term will likely be less expensive overall, it may result in higher monthly payments compared to a standard mortgage term. You need to provide evidence that you can afford these repayments, and having a substantial deposit would certainly help your case.

How can I increase the likelihood of getting a mortgage over 50?

Lenders expect that your income will decrease when you retire, which can make it more difficult to get a mortgage over 50. You need to show that you have a concrete plan for making repayments. 

To improve your chances of getting a mortgage before you make your application, you can:

  • Ensure your credit report is up to date
  • Pay bills on time
  • Reduce or eliminate unnecessary outgoings
  • Avoid taking out other loans close to your time of application

As the population is working and living for longer, more flexibility is needed for lending to those of us over 50. Although you would ideally pay off your mortgage by retirement, if you have a good income there’s no reason why you shouldn’t be able to cover a mortgage repayment each month. Lenders are beginning to realise that flexibility is necessary, and retirement interest-only mortgages offer a great alternative for some people. 


If you are over 50 and would like advice on your mortgage then get in touch and one of our advisers will talk you through every step of the process and answer any further questions you may have.

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Here at Key Solutions we believe taking out a mortgage should be easy. Why shouldn’t it? So when people say buying a home or getting a mortgage is one of the most stressful things ever, we say, come and speak to us.

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