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We’re mortgage experts. This means we know our stuff when it comes to all types of mortgages. We know where the best rates are and have access to exclusive deals just for Lending Expert customers.
We’re not tied to one lender which means we can search the wider market to find you the cheapest mortgages from across the UK.
Lending Expert is an FCA regulated credit broker which means you can be assured you are dealing with a legitimate and reputable finance company.
If you have bad credit or have previously been refused a mortgage we can consider your application. Whatever your circumstances please get in touch and we'll do our best to help find you the perfect mortgage deal.
For the majority of lenders, there is no maximum age when applying for a mortgage. This means that pensioners over 60 can take out home loans in order to purchase a property. As with all borrowers, the key for securing a mortgage is proving that you are able to meet the repayments. For pensioners and those who are retired, this may have different implications.
Lending Expert is a pensioner mortgage broker and can compare over 1,000 mortgage deals across the UK. Whilst high street banks will typically offer mortgages for pensioners 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. Lending Expert can help you find the best joint mortgage according to your requirements.
There is no set rule when it comes to setting age limits on mortgages. This means that while some lenders have no limits, others can set a maximum cap, sometimes as low as 55. For high-street lenders, there may be an age limit up to 75 or 85 years old. In general, however, the smaller lenders, such as private banks and local building societies, can often offer the most flexible lending criteria.
Because there is more risk associated with older borrowers and their ability to repay their mortgage, interest rates may be higher over a certain age.
Yes, if you’re retired over the age of 65 you can still take out a mortgage. However, as with all home loans, you will have to demonstrate that you have enough money to pay back the loan.
The majority of lenders will consider Social Security, investment income and pension as your regular income. Some lenders may also consider survivor or spousal benefits, annuity and retirement account income as long as you can guarantee that it will continue for at least 3 years.
Assets and equity can also help you secure a loan.
Generally speaking, it can be difficult for pensioners to take out a mortgage. This is because beyond the age of 65, it becomes more difficult to prove that you have sufficient funds or a steady enough income to meet all your repayments.
Thus, before taking out a mortgage, you will have to be able to prove that your pension pot, or any other equity and investments, can sufficiently pay for the repayments of your home loan.
There are certain types of mortgages that are specifically tailored for older borrowers, including:
In order to make the process a little easier, we have prepared our top tips on how to apply for a mortgage as a pensioner or retired person:
We proudly offer pensioner mortgages across the entire UK, including Birmingham, Brighton, Bristol, Cardiff, Edinburgh, Glasgow, Leeds, Liverpool, London, Manchester, Nottingham, Newcastle, Sheffield and more.
Speak to an expert today in order to find out how much you can borrow from a pensioner mortgage.
For pensioner mortgages, your repayment plan will need to allow for not just your mortgage payments, but also enough to cover any of your pensioner payments.
Many different factors could impact your eligibility to secure a pensioner mortgage. These include, but are not limited to, the following:
With a pensioner mortgage, there can be specific limits set such as:
You could also improve your chances of securing a mortgage as an older borrower if:
There are many reasons why you might apply for a mortgage as a pensioner. For those having doubts about whether this is the right type of mortgage, you can make an enquiry with our team of expert advisors.
Here are some of the situations in which applying for a mortgage as a pensioner could be a good option:
Many lenders on the market offer competitive rates for pensioner mortgages but maximum age limit and other eligibility criteria may vary greatly between lenders.
Some major high-street banks, including Natwest, RBS, and Barclays lend up to 70 years old whereas Santander goes up to 85 years old.
At Lending Expert, we compare the pensioner mortgage market in order to find the best provider to suit your needs.
Rather than approaching the lenders directly and dealing with their in-house advisors, working with a mortgage broker will offer impartial advice to get you the best deal on the market.
Between lenders, there will be specific lending and eligibility criteria. Additionally, different lenders may carry out different checks. For example, some lenders will consider your earned income up to the age of 70 alongside certain documents. Other lenders may consider your anticipated retirement date and anticipated retirement income.
Prospective buyers should always consider the following factors before deciding to take out a pensioner mortgage:
Your pensioner mortgage is secured against the property meaning that any late repayments will lead to a damaged credit score, late penalties and maybe even risk of property repossession from the bank or lender. For that reason, it is imperative to assess the affordability of a pensioner mortgage before choosing this option.
Working with a number of high street banks and specialist mortgage lenders, Lending Expert has access to over 1,000 mortgage deals, 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 a competitive rate. Check your eligibility with Lending Expert today!
If you're a pension you can still get a mortgage. Let our experts help.
Over 50 and need a mortgage we can help.
Over 55 and need a mortgage we can help.
There are still a range of mortgage products for older borrowers.
There are still a range of mortgage products for older borrowers.
Over 70 and need a mortgage? We can offer advice and market comparison.
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