When it comes to securing a mortgage, age can be more than just a number. For those over 50, getting a mortgage or remortgaging into retirement years can present a distinctive set of challenges. But with the right preparation and advice, it's entirely possible to find a solution that fits your circumstances.

Why Age Matters to Lenders

As you get older, lenders tend to take a more cautious approach. Many impose upper age limits for both applying for a mortgage and completing repayments. Typically, new applicants over the age of 65–70 may struggle to be approved, while repayment terms often have cut-off ages between 70 and 85.

Lenders base this caution on expected changes in income during retirement. Even if you plan to continue working or have investments and savings, your reduced future income may limit how much you're allowed to borrow or how long your mortgage term can be.

For example, if you're 50 and planning to retire at 60, a lender may require that your mortgage be paid off within 10–15 years, resulting in higher monthly repayments. This can be a significant consideration, especially if your post-retirement income will be lower.

What Lenders Want to See

If you're applying for a mortgage over 50, preparation is key. Lenders will want reassurance that you can comfortably afford repayments during and after your working years. Here’s what can help improve your chances:

Clear Repayment Plan: Have a strategy in place for how you'll meet your monthly repayments, both now and in the future.

Strong Credit Score: A good credit history shows that you manage debt responsibly.

Proven Income: Whether from employment, pension, investments or other means, you'll need to provide evidence of your financial stability.

Pension Contributions: If you're not yet retired, proof that you’re actively contributing to a pension can work in your favour.

Bank statements, pension forecasts, and documentation of previous pension schemes may also be required during the application process. If you're nearing retirement, lenders may ask for more detailed income projections to ensure long-term affordability.

Moving House? You May Need to Reapply

If you already have a mortgage and are planning to move house, you might be thinking of porting your mortgage to the new property. However, many lenders will require you to reapply from scratch, reassessing your financial situation based on current criteria, including age caps.

Even if your circumstances haven’t changed, stricter lending rules or updated policies could result in rejection or new terms. If your existing lender doesn’t approve the transfer, early repayment charges could also apply.

Exploring Alternative Options

Mainstream lenders can be rigid in their criteria, but there’s other options. There are specialist lenders - often smaller banks or building societies - that take a more flexible, personalised approach. These lenders may consider applications from borrowers over 75, assessing each case individually.

Another possibility is a retirement interest-only mortgage, designed for older borrowers who may struggle with the standard lending terms. With this type of mortgage, you only repay the interest each month, not the loan itself, which can significantly reduce monthly costs.

For those unable to secure a traditional mortgage, a lifetime mortgage (a form of equity release) might be an option. This allows you to release funds from your property while continuing to live in it. However, be aware that these typically come with higher interest rates.

Securing a mortgage in later life can feel daunting, but it’s far from impossible. With forward planning, clear financial evidence, and the right advice, you can access mortgage solutions tailored to your stage of life.

At Mayfords, we’re here to support you every step of the way. Whether you're looking to buy, remortgage, or explore specialist lending options, our team can guide you through the process with care and clarity.