Jason Bailey

Expertly compared by Jason Bailey

Products Updated October 13, 2021


Mortgages for Pensioners

If you have retired and or are a pensioner and require a mortgage then our mortgage experts can help. They have access to a wide range of the mortgages on the market today. They can quickly search all the providers to provide you with the mortgage deal 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.

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Lending Expert


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


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60% - 100%

Initial Rate
1.19% - 4.32%

Standard Rate (SVR)
3.94% - 4.79%


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.

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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.

See How Lending Expert Can Help With Mortgages for Pensioners!

For the majority of lenders, there is no maximum age when applying for a mortgage. This means that pensioners 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.


Is There a Maximum Age Limit To Take Out a Mortgage?

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 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.


Can You Get a Mortgage if You Are Retired?

Yes, if you’re retired 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.


How Easy Is It for Pensioners To Take Out a Mortgage?

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.


What Type of Mortgage Can a Pensioner Get?

There are certain types of mortgages that are specifically tailored for older borrowers, including:

  • Lifetime Mortgage – this is a form of equity release which lets borrowers take out lump sums against their home and is repaid upon moving into long-term care, selling the house, or death. Interest is paid on the amount borrowed.
  • Retirement Interest-Only Mortgages – these work like standard interest-only mortgages in that interest is paid each month. The outstanding balance is paid upon moving into long-term care, selling the house, or death. Interest is paid on the amount borrowed.
  • Older People’s Shared Ownership – this is a scheme backed by the government to help pensioners buy a home. It does not function like a traditional mortgage but instead lets borrowers buy a proportion of a property (up to 75%) and pay rent on the remainder.


Top Tips for Securing a Mortgage as a Pensioner

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: 

  • Prepare information about your finances – this could include a pension statement in order to prove long-term income, as well as your credit score.
  • Research – explore the different mortgage options available for pensioners including interest rates, term lengths, age limits, fees and eligibility criteria for different loan providers. Working with a broker will simplify this step.
  • Choose carefully – apply for the mortgage that best suits you rather than applying for multiple products. Each application you do will have the potential to harm your credit score. Working alongside a mortgage broker can help you in your success.


What Areas of the UK Does Lending Expert Cover as a Pensioner Mortgage Broker?

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.


How Much Can I Borrow From a Pensioner Mortgage?

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.



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 pensioner mortgages


Am I Eligible for a Pensioner Mortgage?

Many different factors could impact your eligibility to secure a pensioner mortgage. These include, but are not limited to, the following:

  • Credit history
  • Age
  • Deposit / Loan to Value ratio (LTV)
  • Property type


With a pensioner mortgage, there can be specific limits set such as:

  • How old you are when you apply for the mortgage
  • How old you are when you finish paying it back


You could also improve your chances of securing a mortgage as an older borrower if: 

  • You are able to provide a large deposit
  • You have a lot of equity
  • Your income from your job or pension means that repayments are affordable


Is a Pensioner Mortgage the Best Option for You?

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:

  • The perfect home – as you get older, your needs may change and you may need a specific home to reflect that (such as downsizing or opting for a stairless house).
  • Home improvements – like the above option, you may want to make certain adjustments or additions to adapt to your specific requirements (such as railings or additional lighting).
  • Extra retirement income – some mortgages are designed to help you release equity from your property in order to supplement your income and afford you a nicer lifestyle.
  • Pay off an interest-only mortgage – if you have come to the end of your interest-only mortgage term, remortgaging can help to pay off any outstanding balance you may have.


Which Providers Offer Mortgage Options for Pensioners?

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.


How Do I Compare Pensioner Mortgage Rates?

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. 


What To Consider Before Getting a Pensioner Mortgage

Prospective buyers should always consider the following factors before deciding to take out a pensioner mortgage: 

  • Monthly income
  • Outgoing payments
  • Equity
  • Any large future outgoing payments
  • Interest rate


What Happens if I Do Not Keep Up With Repayments?

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.


Why Use Lending Expert As Your Pensioner Mortgage Broker?

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! 


As you get older and into retirement age then there are some limitations on the mortgages available to you. The older you get then shorter loan terms are and all lenders will have a cap on when the mortgage must be paid for which is around the age of 80 - 85 depending on the lender. This means that if you are 60 for example, then the maximum loan term available may be around 15 - 20 years.

Yes. The lender will consider your pension and any benefits entitlements towards proof of income. A broker will be best to advise you on when is required and the type of documentation you will need to show.

Yes. Secured loan or second charge loans are available. The amount you can borrow will depend on the equity that is available in your home and affordability of the loan. You may also have restrictions on the loan term which will be shorter than the average loan term based upon you being an older borrower.

For example, if you are 65 then the lender may only allow a maximum loan term of 10 years, until the age of 75.

No. Being self employed should not cause any problems if you can show adequate proof of income. Sole traders, company directors and contractors can get a mortgage by showing business accounts or SA302 documents from HMRC.

Mortgage lenders will have their own restrictions on how long you need to have been in business. While some lenders will accept 1 years of accounts, some may require 2 years proof of accounts or income. A broker will be best to advise the requirements of the lender, and will help to choose a suitable lender that matches what you can demonstrate.

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