Jason Bailey

Expertly compared by Jason Bailey

Products Updated October 12, 2021

 

Compare Mortgages For Over 50’s

If you are over the age of 50 and require a mortgage or wish to remortgage your current home then we can help. Our mortgage experts have access to a wide range of lenders. They can quickly search and compare all the mortgages to find you the perfect deal.

 

Free mortgage advice and brokerage service. Our experts can find you the perfect deal from thousands of products & exclusive deals:

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

Results:1 providers expertly compared:

Lending Expert

Why?

This provider is our Expert’s Choice in its category as it won tops marks for the following.

  • TRUST
  • VALUE
  • EXPERTISE & KNOWLEDGE
  • CUSTOMER SERVICE

Learn more about how we review and assess the providers here on Lending Expert.

LTV
60% - 100%

Initial Rate
1.19% - 4.32%

Standard Rate (SVR)
3.94% - 4.79%

APRC
3.6%

Type
Variable & 3 ,5 & 10 Fixed Rate

Rated 4.9/ 5

All credit types

The mortgage experts at First Choice Finance can quickly assess your requirements and search the market place to find you the perfect mortgage deal. Click get a quote to make an enquiry today.

Read our customer and visitor reviews for this product:

Rating: 4 / 5 with 2 votes

Simple application process

by K Wheeler

Simple application process - broker was kind and offered advice.

Quick search

by James Hilton

This is a quick mortgage search facility and shows many lenders across the market. Impressed with the level of detail on each product.

Start Your Over-50s Mortgage Application Today With Lending Expert!

Many might believe that getting a mortgage when you are over 50 is difficult! However, Lending Expert is here to show you that getting a mortgage over 50 can be easy. With advantages of first time buyers, use Lending Expert to show you the best over 50 mortgage plan for you! 

One of the reasons it can be a struggle to get a mortgage when you are older is because lenders believe your income will fall when you enter into retirement, but if you have a stable financial income and can prove that, you are at an advantage over first time buyers.

Unlike first time buyers, those who are looking for a mortgage over-50 will have a credit file that has been created over many years, this allows lenders to see how good you are at repayments. A good credit file can help secure the mortgage of your choice. 

Moreover, those who are over-50 are more likely to have money saved up for a larger deposit. A larger deposit can greatly reduce the interest rates on your mortgage and often lenders are more likely to grant a mortgage to those with a higher deposit. 

Despite this, some lenders may not want to extend your mortgage into retirement and with a shorter mortgage means higher monthly repayments. If you can afford this then getting a mortgage at over-50 can be extremely beneficial and quick. 

Typically, lenders will not allow you to be over a certain age when the terms of your mortgage are set to be complete. This can range from 80 to 95. However, if you can show that you have a good credit rating and live within your means then there are plenty of mortgage opportunities for those over-50, especially with Lending Expert! 

Before taking out an over-50 mortgage, make sure to share the objectives with your mortgage advisor so that you can ensure that the mortgage suitably meets your requirements.

Lending Expert is a mortgage broker and can compare over 1,000 over-50 mortgage deals across the UK. Whilst high street banks will typically offer self-employed mortgages too, we can help find the best option for you with rates from 1.39% per month, whether you are looking for interest only, fixed, variable, tracker or have a bad credit history.

Start by clicking on ‘Check my Eligibility’ below and enter some basic details about you and your property – and Lending Expert will be able to help you find the best over-50 mortgage according to your requirements. 

 

Key Features

  • Rates from 1.39% per month
  • Borrow up to £2 million
  • Loan Term – 1 to 25 years or upon request
  • Minimum 25% deposit
  • Interest only, fixed, tracker mortgages available
  • Free tool to compare over-50 mortgages

 

Can People Over-50 Get a Mortgage?

Yes, in fact if you are thinking about getting a mortgage in your 50s, don’t wait! Getting a mortgage in your 50s can be when lenders are at their most flexible. If you wait until you are older you may be liable to heavier monthly repayments. 

If at age 50, you are at your financial peak with equity carrying across from a previous home, you will be able to enjoy plenty of mortgage options with Lending Expert. Make sure to financially plan for the future and understand that you may still be repaying your mortgage when you have retired.

Make sure, no matter how old you are, you are always able to repay your monthly payments. 

 

Am I Eligible for an Over-50s Mortgage?

  • Aged 50 to 85 years’ old
  • Minimum income of £25,000 per year
  • Minimum deposit 25% of overall property value
  • Good credit status 
  • Strong financial record (limited defaults, arrears)
  • The property has potential value and can be rented out

 

The typical deposit required for an over-50s mortgage is 25% of the property value, with some lenders requiring around 40% to 45%. 

Larger deposits will usually result in paying lower rates overall, since you have paid off and own more of the property. Putting down a higher deposit may also be a requirement for those individuals with limited financial records or weaker credit ratings.

 

Is There an Age Limit on Over-50s Mortgages?

Most UK lenders do have an age limit on the mortgages that they give out. This typically is represented by the age that you must be under when your mortgage finishes.

The majority of lenders will make sure that you are not over 85 by the time your mortgage repayments are finished. Although this number can vary from different lenders all the way down to 70. Moreover, a lot of lenders will not give mortgages to people over the age of 70 (sometimes even 65.) 

Getting a mortgage in your 50s provides you with the best flexibility in terms of mortgage options.

 

 

Can I Get an Over-50s Mortgage if I Am Retired?

Yes it is more than possible that you will be accepted for a mortgage if you are retired. If you have good credit and financial stability, lenders will be able to trust that you will repay your mortgage on time. 

If you can show your lender proof of ongoing income, as well as if you own the current property you live in (which gives you access to equity) then you are eligible to have a mortgage if you are retired. 

A large deposit and strong credit history also aids your cause hugely. Lending Expert can help you find the best mortgage deals if you are retired here.

 

How Much Can I Borrow With an Over-50s Mortgage?

The amount you borrow, like with any mortgage, depends on your financial circumstances. With a good credit score and a history of repayments, then you will be eligible to borrow more money. 

The amount you borrow can also depend on the size of your deposit, with a larger deposit making you more likely to be able to borrow from lenders. 

Lending Expert accepts people with all credit and finds the best over-50s mortgage for your personal circumstances.

 

What Type of Mortgage Should Over-50s Get?

There are many options for mortgages when you are over 50. Lending Expert has great pages on all of these types of mortgages. 

For those suitable for people over-50, look at:

  • Fixed Rate Mortgages
  • Variable Rate Mortgages
  • Discounted Mortgages
  • Tracker Mortgages

 

How Can I Increase My Chances of Getting a Mortgage Over-50?

As outlined in the introduction, one of the reasons it can be difficult for over-50s to get a mortgage is because lenders expect your income to reduce dramatically during retirement. 

If you can prove to your lender that you will be able to keep up repayments throughout retirement, you are more likely to be accepted. 

You can do this by increasing your credit score and show that you live well within your means.

Some ways to help do this is by:

  • Making sure any outstanding loans and bills have been paid.
  • Continuing to pay your ongoing bills on-time.
  • Avoid taking out too many other loans close to your mortgage application.
  • Cut down on unnecessary outgoings. 
  • Use Lending Expert to help you find the best over-50s mortgage that is right for you! 

 

How Do I Compare Over-50s Mortgage Rates?

Working with a mortgage broker such as Lending Expert will help you find the best mortgage to suit your circumstances without impacting your credit rating.

Contact us today to speak to an expert and start comparing fixed rate mortgages to find the best option for you.

 

What Areas of the UK Does Lending Expert Cover as a Self-Employed Mortgage Broker?

We proudly offer over-50s mortgages across the entire UK, Scotland and Wales including Birmingham, Brighton, Bristol, Cardiff, Edinburgh, Glasgow, Leeds, Liverpool, London, Manchester, Nottingham, Newcastle, Sheffield and more.

 

Why Use Lending Expert As Your Self-Employed Mortgage Broker?

Working with a number of high street banks and specialist mortgage lenders, Lending Expert has access to over 1,000 mortgage deals available and is in the perfect position to help you get approved and get the best rates.

Our eligibility checker is completely free to use and can provide an indicative quote, with no obligation. 

Founded in 2013, we have years of experience working in the secured loan and mortgage market and have helped thousands of customers to date. Our values have always been to find the right product for the right individual at the competitive rate – and we are pleased to offer our services for you today!

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