What to consider

When you retire, your finances are likely to change, and the following could affect your application for a loan:

  • Your age: Lenders set a maximum age for loan applications, and some may restrict a loan's term to meet a set age, e.g. your 75th birthday. Look out for age restrictions when you compare loans.

  • Your income: Check what your income will be when you retire, then work out how much you'll need to cover your monthly outgoings. If your income is lower, it could affect how much you'll be able to borrow.

  • Your assets: If you choose a secured loan, you need to link it to an asset you own, like your property if you're a homeowner. If you cannot repay the loan, the lender could repossess your property.

If you want to get a loan before you retire, but expect to retire during the loan's term, make sure you can cover your repayments on your retirement income.

Alternatively, you could try to repay the loan before you retire.

Loans to choose from

You can apply for any type of loan if you meet the lender's loan requirements. Learn about the different types of loan available here.

If you own your property outright or still have a mortgage, you may be eligible to borrow the money you need using an equity release mortgage.

This type of borrowing will be secured against your home, so if you cannot repay the money your property could get repossessed.