Mortgage for over 70s

When you’re in your late 60s and beyond, it can be a challenge to find a mortgage for over 70s to buy your next home. Lenders have typically imposed cut-off dates around retirement age, as it’s often impossible to make debt repayments from a reduced income after the age of 65.

However, as the life expectancy has continued to increase and many people are continuing to work past traditional retirement ages, lenders have become more open to lending to older borrowers again. Many are now offering lifetime mortgages for those aged over 70 and the process is usually the same as a standard mortgage.

The key requirement for a lifetime mortgage is that the borrower has enough regular income to make the monthly repayments based on their age and lifestyle. It is essential that this can be proven and that you have a high credit score to prove your affordability.

Securing Your Dream Home in Your Golden Years: Exploring Mortgage Options for Seniors Over 70

Other options include a retirement interest only mortgage which doesn’t require repayments and instead the debt is repaid when you move into long-term care or pass away. These tend to be more popular with those over 70 and can also be offered by high street banks. Alternatively, an equity release plan is another option which involves selling a portion of your property to the lender and is commonly known as a home reversion plan. These can be offered from a variety of providers and are a great way to free up cash to help your family or for a holiday.