Updated Date: 2nd November 2020

As we approach retirement, it can become more difficult to apply for a mortgage. Mortgage providers know that income tends to drop in retirement and so prefer to lend to younger people, which means they offer fewer mortgages for the over 60s.

However, the UK has an ageing population. According to the Office of National Statistics, 18% of the population is aged 65 and over, and 2.4% aged 85 and over. Indeed, it predicts that by 2050, one in four people in the UK will be aged 65 and over.

What's more, with many choosing to settle down and have children later in life, searching for mortgages for over 60s, or even mortgages for over 65s is becoming a very common occurrence.

You may require a mortgage for over 60s as you are buying a property, or because you wish to:

Some lenders have higher age limits than others, so you could find a mortgage that may accept you even if there is less choice.

How to find a mortgage for over 60s

Fortunately, lenders are taking notice and the number of relatively cheap mortgages for over 60s and mortgages for over 65 is increasing.

This comparison table includes every deal that may accept borrowers aged over 60. You can use it to check the maximum age you can be when you apply for each mortgage.

You could also use a broker to provide mortgage advice for the over 60s.

How long can a mortgage for over 60s last?

This depends on:

  • The maximum age you can be when you apply

  • How old you can be when you pay off the mortgage

For example, if you are 60, you would be eligible for a mortgage with a maximum application age of 65. However, if it has to be paid off before you turn 75, you could only take it out for a term of fifteen years or less.

Types of mortgage for over 60s

You can get most types of mortgage if you are an OAP. You need to decide which kind of interest rate you should get from the following:

  • Fixed rate

  • Variable rate

  • Tracker rate

  • Discount rate

  • Stepped rate

  • Capped rate

Mortgages for over 60s FAQs


Why is it harder to get a mortgage now I am 60?


Lenders sometimes see you as riskier to lend to if you are retired or near retirement because your income could fall when you stop working.


How can I improve my chances?


By showing lenders your income is enough to afford the monthly payments. Your salary, investments and pension all count towards your total income.


What is equity release?


Equity release allows you to get a lump sum or monthly income in return for a share in the ownership of your house. Here is how equity release works.


Can you get a buy to let mortgage over 60?


Yes, some lenders offer buy to let mortgages to borrowers aged over 60. You can compare buy to let mortgages here.


Who sets the age limit on mortgages?


Lenders choose the maximum age you can take out their mortgages. Regulators like the FCA and CMA do not impose age limits.

About our mortgage comparison


Who do we include in this comparison?


We include mortgages from every lender in the UK. They are all from lenders regulated by the Financial Conduct Authority. Here is more information about how our website works.


How do we make money from our comparison?


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.