If you’re over 50 and thinking about getting a mortgage, you might be wondering if it’s still possible. The answer is yes. More people are taking out mortgages later in life than ever before.
Whether you’re looking to move, remortgage, help your family, or simply access funds for the future, there are options available. With the right advice and lender, getting a mortgage in your 50s, 60s or even later can be entirely achievable.
Later-life mortgages are more common than you think
In the past, getting a mortgage after 50 could be difficult. But today, lenders are more flexible. They understand that people are living and working longer, and that financial needs change as life moves on.
There are now mortgage products designed specifically for older borrowers, including those who are retired or approaching retirement.
What do lenders look at?
Lenders are mainly interested in whether you can afford the repayments over the life of the loan. They’ll look at things like:
- Your income, whether from employment, pensions, or other sources
- Your age now and at the end of the mortgage term
- Your credit history and financial commitments
- The size of your deposit or equity
Each lender has its own age limits. Some may require the mortgage to be repaid by age 70 or 75, while others may go up to 85 or even 95, depending on your circumstances.
Can I get a mortgage if I’ve already retired?
Yes, you can. If you’re retired and have a steady income from pensions, investments, or other assets, you could still qualify for a mortgage.
Lenders will ask for details of your retirement income, including:
- State and private pensions
- Income from savings or investments
- Rental income, if applicable
- Any part-time or self-employed work you may be doing
If you own your home outright, you may also be able to remortgage to release equity and give yourself more financial flexibility.
Why take out a mortgage after 50?
Everyone’s circumstances are different, but here are a few common reasons why people consider borrowing later in life:
- Moving home, perhaps downsizing or relocating to be near family
- Starting again following divorce or bereavement
- Home improvements, making your home more comfortable, accessible or energy-efficient
- Helping loved ones, such as supporting children with a house deposit
- Buying a second property, like a holiday home or rental investment
- Consolidating debts into one manageable monthly payment
Whatever your reason, it’s important to choose a mortgage that fits both your current lifestyle and your long-term plans.
What if I’ve had credit issues?
Life doesn’t always go to plan, and lenders understand that. While a clean credit history is helpful, it’s not the only factor.
At Lendese, we work with a wide panel of lenders, including those who are open to helping people with less-than-perfect credit, especially if you have a solid income or a strong deposit.
How Lendese can support you
At Lendese, we know that getting a mortgage later in life can feel like a big step, particularly if your circumstances have changed. That’s why our advisers take the time to understand your needs and explain everything in plain English.
We can help you:
- Understand what you’re eligible for
- Compare mortgage options from across the market
- Apply with confidence, knowing someone is in your corner
Ready to explore your options? Get in touch with us for friendly, expert advice with no pressure.
Final thoughts
You’re never too old to plan for the future. Whether you’re 52 or 72, there are mortgage options available, and plenty of reasons to explore them.
With the right support and a mortgage that fits your life, you can take the next step with confidence.
Ready to explore your options?
Getting the right mortgage later in life starts with the right advice. See how Lendese can help with later-life mortgages.
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