If you have wandered into a bank looking for a mortgage for over 65 year olds and left empty handed, you may be wondering why.

Chances are that you're not alone, as mortgages for the over 65s have become rather tricky to get in recent times.

In fact, rather than increasing the lending age limits many major banks and building societies have actually brought them down.

The same goes for the amount of time they'll give you to repay the loan, which eventually all boils down into higher monthly mortgage repayments for older borrowers.

This is despite society getting older as a whole, people living for longer and, in many cases, still having a nice amount of disposable savings tucked under their mattress.

So if you have been shown the door before now and are wondering Can I get a mortgage at 65?, the answer is yes - as long as you know what you're after and are willing to shop around and compare different mortgages.

Comparing over 65 mortgages

When you start speaking to different banks bear in mind that, although they might have their own set age limits for lending to people and repayment terms, these could well change depending on your financial circumstances.

Proving you have a regular income from a job or pension, or a good amount of savings that can support you, may give you a bargaining chip you can use to negotiate a better deal.

Even if you can't get a mortgage direct from the lender you may be able to use a broker instead to source your deal.

Borrowers looking for interest only mortgages for over 65 will have a harder time though, as banks view these as high risk and so have largely phased them out.

If you are looking for a new mortgage for over 65 or thinking about remortgaging and are currently only paying interest, you may have to choose a repayment deal paying either fixed or variable interest.

Fixed rate and variable interest

Fixed rate interest will stay consistent during the initial interest rate period, which can be handy if you need to budget and plan financially as you know how much each payment will be and how many you'll have to make.

Variable rates have the potential to be cheaper, but can become more expensive as they are not fixed and can rise or fall based on the Bank of England's base rate.

Our comparison table for mortgages for over 65 includes both mortgage and remortgage offers.

How to pick one

The key things you need to consider when making your decision essentially come down to:

  • Your eligibility for the mortgage (do you meet the lender's criteria?)

  • Interest rates (how much each payment will be and whether you want them to be fixed or variable)

  • Whether you want a short or long term introductory interest period

  • Fees you might be asked to pay (arrangement fees, early payment fees and penalties)

Get professional advice about mortgages over 65

Experts such as qualified independent financial advisers can go through your financial situation and talk you through options that are open to you.

Likewise a professional FCA-authorised broker might be able to find broker-only mortgages for people over 65 that you didn't even realise were out there.

Our guide How to interview your mortgage broker before they start you search will give you a better idea of how to get started.

Impact on younger people looking for mortgages

This clamp down on banks' upper age limits and their willingness to lend to older people may also affect you if you are in your forties or fifties and thinking about mortgages.

If you wanted a 25 year mortgage and are 45 years of age, you'd be making payments until you're 70.

As some banks might not allow you to make repayments after you retire - because there's a danger you won't have enough regular income to do so - this may mean you have to accept a shorter repayment term or pay a fee to leave your current deal and find another elsewhere.

So, even if retirement seems like a lifetime away, if you think you might want to remortgage in future or change your current deal, it's worth speaking to your provider now so you don't get a nasty surprise later.

About our mortgage comparison

Q

Who do we include in this comparison?

A

We include every mortgage in the UK you can apply for directly from the lender. They are all from lenders regulated by the Financial Conduct Authority. Here is more information about how our website works.

Q

How do we make money from our comparison?

A

We have commercial agreements with some of the companies in this comparison and get paid commission if we help you take out one of their products or services. Find out more here.
You do not pay any extra and the deal you get is not affected.