Jason Bailey

Experly compared by Jason Bailey

Products Updated May 8, 2018

Mortgages For Over 60’s

If you are 60 or over and require a new mortgage to buy a property or you wish to remortgage your current home to a new deal then our experts can help. They have access to a wide range of mortgages and lenders in the market place and can offer the advice and help you need.

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.

Learn More
All credit types
Rated 5.0/ 5

Life's Great Why?
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

Life's Great provides a fee free mortgage advice and comparison service. They use technology to simplify the mortgage process and to provide quotes faster without complicated questions. Their broker service is completely free to use. Click Get A Quote for a personal illustration.

Are there any mortgages for over 60s?

Mortgages for older borrowers over 60

Mortgages for older borrowers over 60

Unfortunately answering this question isn’t as easy as it should be as although many mortgage lenders state a maximum age to apply for a specific mortgage product you will actually find that your income is also likely to play a significant part of whether you are likely to get accepted for your mortgage application. With the mandatory retirement age being abolished and the state pension age rising to 68 many people are now working longer and so if you are still working when you apply for your mortgage you are likely to be more successful than if you are relying on an income from a pension and other savings schemes.

Moving from an interest only to a repayment mortgage

If you are over 60 and currently have an interest only mortgage and are worried about finding the lump sum at the end of it you may be able to move onto a shorter term, 15 to 20 years, repayment mortgage in order to guarantee having it paid off at the end of the term. If you have planned ahead and have built up a lump sum in preparation for paying off your mortgage at the end of the term you could use this as a deposit. If it is a reasonably large proportion of the value of your property, particularly if it is over 40% of the value of your home, you will find it much easier to find a mortgage lender that will provide you with a mortgage.

Other mortgage types for the over 60s

Do you need an equity release mortgage?

Do you need an equity release mortgage?

If you currently own your home outright and you wish to release some equity from it you may be considering taking out a mortgage on it. Due to the age restrictions on new lending for residential mortgages you are likely to find that you will not be able to take out a standard residential mortgage, especially with the stricter requirements for proving the affordability of the repayments. Therefore you are likely to find that your options are restricted to equity release mortgages. There are a number of equity release options, none of which give you a great option as all of the deals available ensure that you end up paying the lender far more than they release to you. This is either through you taking out a lump sum and then paying interest on this until your death, or your home is sold, or your lender effectively buys a percentage of your property, usually around 70%, providing you with between 20% and 25% of the equity in return. Again, when you die the sale of the property provides the money to pay the lender their 70%, with 30% being retained. The third main option is a home income plan that provides you with an income from the sale of a share of your home.

Mortgage calculator – what are the repayments?

Use this mortgage calculator to find out an idea of the monthly repayments and discover how much you could potentially borrow.

Get advice from a no-fees mortgage broker

With all of these mortgages having complex requirements and conditions it is always advisable to speak to a specialist mortgage broker so that you understand exactly what you are taking on. The have the knowledge of the lenders and market place to give you advice and help on what options are available to you.

We are independently reviewed by our verified customers and web users:
Rating: 4.6 / 5 with 25 votes

Lending Expert is a credit broker and comparison website, we're not a lender.

We bring together the very best financial providers and products from across the market place.

Warning: Late repayment can cause you serious money problems.
For help, go to moneyadviceservice.org.uk