An increasing number of banks and building societies offer standard residential mortgages to those aged 70 or over. These are suitable if you’re looking to buy a new home or remortgage to a better deal.
Bear in mind, however, that because you’re older, you may not qualify for a standard 25-year term – you may have to accept a loan over 10 to 15 years instead. This means that your monthly repayments will be higher so you need to show your lender that you can comfortably afford these.
The majority of mortgages are offered on a repayment basis, where you repay a portion of the capital (the amount borrowed) as well as interest each month. Providing you keep up with your monthly repayments, your mortgage will be paid off by the end of the mortgage term.
Some lenders might also offer interest-only mortgages, where you only repay the interest each month and repay the capital at the end of the mortgage term.