Pensioner Mortgages For 60, 65, 70, Or 80-Year-Olds
1st UK specialises in pensioner mortgages and has the widest choice of plans. We can often help where others fail. We have rates starting from just 4.2%, and you can borrow up to 60% of the value of your home( LTV).
GREAT LOW MARKET RATES FOR OVER 55’S
NOW IS THE TIME TO EXPLORE YOUR MORTGAGE OPTIONS
GREAT CHOICE, STRAIGHTFORWARD APPLICATIONS
A growing number of over 55’s are looking for a mortgage because:
- They have an existing mortgage they wish to pay off and/or
- They want to raise funds to enjoy a more comfortable retirement
Over 55’s have a choice of 3 types of mortgages to meet their needs:
- A lifetime mortgage allows you to make no repayments, partial interest payments or full interest payments. This is the most popular mortgage for over 55s because it is fully flexible and you do not have to pass any Lender affordability tests.
- A fixed-term Retirement Mortgage, which is similar to a conventional mortgage, where you pay back the interest and capital in fixed monthly payments
- A Retirement Interest Only Mortgage ( RIO) is where you make contractual monthly payments for the interest on the loan.
Please Complete The Form Below For Your Decision In Principle:
A growing number of pensioners are looking for a mortgage over 60 because they have an existing mortgage that they have been unable to pay during their working life.
1st UK Money specialises in helping homeowners secure their homes for retirement with affordable monthly payments, easily serviceable from pension income.
These mortgages are called RIO or retirement interest only mortgages.
1st UK Money has two lenders that are not on the comparison websites. They specialise in mortgages for older borrowers, with interest rates and terms similar to those offered to younger borrowers.
Lender 1: Up to 55% loan to value
- Free no obligation home valuation
- 4.89% Fixed for life
- Interest only payments
- Up to two penalty free payment holidays a year
- No lender, broker, or advisor fees
- All applicants must be over 55 years old at the time of application
- Full open market value applied to flats and other leasehold properties
- No upper age limit
- No fixed mortgage term
- No lender’s maximum age
Lender 2: Up to 65% loan to value
- 5.12% Fixed for life
- Free no obligation home valuation
- Interest only payments
- Up to two penalty free payment holidays a year
- No lender, broker, or advisor fees with this lender
- All applicants must be over 55 years old at the time of application
- No upper age limit restrictions
- No fixed mortgage term
- High score in the mortgage market review
- The lender’s eligibility criteria is tailored to older borrower regular income
- Get a new mortgage for a new home as you approach retirement age
Access rates similar to those offered by prime banks to younger people. Discover Lenders That Understand The Needs Of Senior Borrowers
Mortgages For Over 60’s, 70’s and 80’s With The Following Benefits:
- Interest rates similar to conventional prime mortgage lenders
- Flexible approach to loan-to-value
- A small valuation fee
- Use your own solicitor
- Lenders not available on price comparison websites
- Make capital repayments or just pay interest
- Fixed mortgage repayments
- No maximum age limit
- Interest rate similar to younger borrowers
- Get a tax free lump sum
- Flexible eligibility criteria for older borrower circumstances
Pensioner Mortgages. Compare Today’s Deals With No-Obligation – Quick Quote Form
Pensioner Mortgages FAQ’s
Can pensioners get a mortgage?
Yes, they can, and the good news is that in 2025, the rates and terms can be as reasonable as for younger people. The reality is that pensioner income is unlikely to change significantly. Pensioners get good deals because they are the lowest risk.
Mortgages for pensioners are strictly regulated, so you are protected from taking on an unsuitable product. The income of all owners is considered when you look at mortgages for pensioners, so even if one person dies, you can be sure that the remaining person will be OK.
A mortgage for pensioners, a good deal?
Very likely, yes, as the rates are very low and can be fixed for the life of the mortgage. Some of the best deals are from the big lenders – products called Nationwide mortgages for over 70s, Halifax mortgage for over 70s, Nationwide mortgages for over 60s and Saga mortgages for over 60s.
Mortgages for retirees are likely interest-only, with some options with no monthly payments at all.
Loans for the over 75’s?
A couple of lenders from 1st UK Mortgages see the over 75s as a great sweet spot for risk, where the borrower can get a great deal, and the lender is subject to minimal downside.
Mortgages In Retirement
Most mortgages for pensioners over 70 will be restricted to repayment only, so interest-only mortgages for over 65’s will be complicated to find.
What pensioner mortgages lenders will assess is your ability to repay over the terms you are asking for. The vast majority will refuse if you’re over 60 years of age and asking for a 25-year fixed-term mortgage.
Most lenders have an upper age limit for applications that they’ll consider. Some lenders are currently increasing the upper age limits to which they accept borrowers at the age of maturity (when the mortgage is fully paid).
Nationwide was among the first high-street lenders to raise its upper age limit to 85 at the time of mortgage maturity.
Halifax pensioner mortgages will be available only to people over 80, and Barclays retirement mortgages will be available only to people over 70.
About Interest Only Retirement Mortgages For Pensioners Over 70
The interest-only pensioner mortgages available years ago were linked to endowment policies. Many of those policies didn’t perform as expected, leaving older borrowers unable to repay the capital on the home loan. If you find yourself in this situation, see Dealing with an Endowment Shortfall.
This year has seen a couple of banks go head to head in a criteria war, with Santander leading the way to let older borrowers borrow through an interest-only mortgage for over 65’s by raising their upper age cap for this type of mortgage to 70 years old, the main reason being that many people are still working to the age of 70.
Barclays will now accept interest-only mortgages for over 65s, up to the age of 70 at maturity. Some mortgages for people over 50 are also available.
Nationwide Mortgages For Over 60 & 70s
Nationwide Mortgages now offers residential mortgages to older people aged 85 and over. So at the age of 60, you could still take out a residential mortgage over a 25-year term.
Naturally, that’s subject to you meeting all other lending criteria, such as affordability. Other key differences exist between the nationwide offer and what you may need from different lenders.
However, Nationwide also has a buy-to-let specialist lender branch – The Mortgage Works. Nationwide’s The Mortgage Works will accept Buy to Let applicants aged up to 70 years, with repayment terms ranging from 5 to 35 years.
Therefore, if you’re looking for mortgages for pensioners, they pay off at 105. The only current option is not in the residential mortgage sector but in the commercial mortgage market through the Mortgage Works.
If you are a landlord with equity in other properties, that could be an option to consider should you need to raise capital for any reason. The maximum LTV for this product type is 75%. The more equity you have, the more favourably your application is likely to be viewed, given its lower risk.
Many people are pleased to see that nationwide mortgages for over 60s are now available. The 1st UK Money team is happy to include Nationwide older person mortgage products in any research we do on your behalf.
That being said, a report by the Telegraph listed six specialist lenders that don’t apply upper-age limits to residential mortgage applicants.
Those include:
- National Counties Building Society over 65 mortgages
- Harpenden Building Society interest only mortgages for the over 70s
- Bath BS mortgage for over 60 without a lender’s standard variable rate
- Metro Bank mortgages over 65
- Dudley Building Society mortgages for pensioners over 60
- The Cambridge Building Society with a mortgage maximum age 85
- Halifax mortgage for over 70s
- Nationwide equity release mortgages
- A cash lump sum guarantor mortgage
- HSBC later life mortgage over 60
- Lloyds Bank older borrower mortgage
- Co-op Bank later life mortgage
- Barclays later life borrowers standard mortgage
If you are looking for a residential mortgage, such as nationwide mortgages for over 70s, and you don’t intend to enter the commercial market, those lenders may be worth considering.
To get mortgage advice on which lender is best for which type of mortgage product, it would be best to work with a mortgage broker, as they’ll be aware of each lender’s criteria and help you find the best deal.
Some people get in trouble with credit cards, and after five years of struggling, a retirement interest-only mortgage can be a great option to pay them off. Additionally, you pay the interest each month, so it does not accumulate.
Interest Only Mortgages For All Ages Require A Thorough Repayment Strategy
To be approved for interest only mortgages for over 60s, every lender will ask you to provide a repayment plan. Speculation doesn’t count for this.
You can’t approach a mortgage lender for pensioners asking for an interest-only mortgage, based on your reasoning that affordability is due to your intention to downsize when your kids leave home.
That would mean speculating on future house prices, which, as you’ll know, can flatline. Lenders will need to see evidence that you have a future-proof repayment plan or are as close as possible to ensuring that your investment plans will materialise with enough capital to repay the mortgage at the end of the term.
What you need are repayment vehicles such as:
- Stocks and Shares
- Unit Trusts
- Investment Bonds
- Pension pots
- Savings, including regular savings plans
- Other properties and assets you hold
- Rental income
- Regular salary
You won’t need all of those listed, but enough to demonstrate to lenders that you have a sound investment plan that will generate sufficient returns to repay the loan. Different lenders accept different repayment vehicles.
For example, this document from Scottish Widows shows what they’d consider acceptable for a repayment plan and the evidence you’d need to present to prove your ability to repay the loan’s capital. Find out more about mortgages for 65 and over here.
It’s important to note that when you have an interest-only mortgage, lenders can ask you at any time to review and provide evidence that your repayment plan is still on track. If they feel it’s not going to be sufficient to cover the loan amount, they can ask you to change your mortgage from interest-only to another type of mortgage product that will repay the capital plus interest.
Are you a pensioner on a low income who needs mortgage lending?
If you are like many asset-rich, cash-poor pensioners, equity release could be a good option for you.
With rates in many cases very close to conventional repayment mortgages, you can release equity tied up in your home as a lump sum or an agreed flexible drawdown. Put simply, you can use your home to provide additional monthly income.
The team at 1st UK Money is here to answer any questions or concerns you may have regarding pensioner mortgages, so please don’t hesitate to contact us today.
Interest only mortgages for over 65 year olds
Because mortgage interest rates for pensioners are so low, it is even possible for someone over 65 to sell their existing home and buy a new home.
Some interest-only mortgages for over 65 year olds have monthly payments lower than that property’s council tax bill.
The mortgages are interest only, and the principal is never paid down, so the payments are very low. If you are smart enough to pick a property in a good area with house price growth, your house price appreciation could easily swamp the small monthly payment.
And it’s not just people over 65. A mortgage over 70 UK is quite possible as retirement income is very stable, and lenders have a high degree of confidence in the UK residential property market.
Halifax mortgages for over 70s and mortgages for over 80s
The Halifax Building Society has some very low-cost interest only mortgages for pensioners options. Interest rates are close to those offered to much younger people. In 2025, mortgages for over 80s are proving very popular.
Nationwide mortgage for over 70s
You don’t need to be a Nationwide account holder to get a Nationwide mortgage for over 70s, and coupled with the trust that people have in the Nationwide brand, these mortgages, or indeed remortgages from Nationwide, can be ideal for pensioners with a stable personal income.
Nationwide mortgages for over 60s
There is an even better offering from the nationwide for people over 60.
Interest only mortgages for over 65s
A retirement interest only mortgage is straightforward for the over 65s to qualify for, as long as they have ample funds for the monthly interest payments.
A comprehensive affordability assessment and independent advice will be required to evaluate your workplace pension, pension statement, and state benefits. Your pension income is key for Rio mortgages.
An interest only retirement mortgage can help you pay your outstanding mortgage accounts that have a maximum age.
Even if you still have a substantial balance on your current interest only mortgage a Rio mortgage without maximum age limits at a low-interest rate can be much better than other equity release options before you die or move into long term care.
What If I Don’t Want To Make A Monthly Payment – Mortgages For Older People Options?
If you want to free up money in your home, there are excellent deals available. In 2025, mortgages for older people will be very popular.
Mortgages For Pensioners And The No Negative Equity Guarantee FAQs
Can you get a mortgage if you are a pensioner?
Yes, many mainstream lenders offer pensioner mortgages, and the best mortgages for over 60s have rates very similar to those offered to younger people. Mortgages for the over 70s can be great for estate planning.
Can you get a mortgage at 70 years of age?
Yes, the Halifax mortgage for over 70s is a retirement interest-only fixed-rate product with a free valuation and no lender fees.
What is a retirement mortgage?
It is a mortgage for retirees with terms very similar to those of mortgages for younger people. You still have to prove income, and the rates will be higher if you have poor credit.
Can I get a 100% mortgage at 60?
Yes, if you have another property or additional security to pledge as collateral. Also, some mortgages are a mix of a mortgage and an unsecured personal loan.
What mortgages can a pensioner get?
They can get mortgages at low rates, very similar to younger people, and in a very similar way, pensioners have to prove personal income for the rest of their lives.
Is it easy for a pensioner to get a mortgage?
Yes, as long as the retired person has sufficient income to support the monthly interest payments. You can refinance your existing home or get a new pensioner mortgage to buy a new home.
Who offers the best mortgages for over 75s?
Lloyds Bank has some of the lowest rate mortgages for over 75s, with no lender fees and a free home valuation new for 2025. A mortgage for older people is going to be a big conversation topic in 2025.
Do banks in the UK give mortgages to pensioners?
Many banks in the UK are now offering mortgages for pensioners, including over 70 mortgages. Depending on their loan type, pensioners can take advantage of competitive rates and flexible repayment options.
Potential borrowers must consider their circumstances to ensure they get the right mortgage.
What is the maximum age for a Santander mortgage in the UK?
The maximum age for a Santander mortgage in the UK is 85 at the end of the term. This means that if you are already over 75, you may still be able to apply as long as you can prove that you will be able to keep up with your mortgage payments until you reach 85.
Can a pensioner get a mortgage?
Yes, pensioners with income can get a mortgage. Interest-only mortgages for over-70s were prevalent even in 2025, as were mortgages up to age 85.
Many people have contacted us asking can a pensioner get a mortgage? Many lenders have upper age limits. For those over 65, getting a mortgage is likely to mean taking it out over a shorter term such as 15-years or a 10-year deal.
A Mortgage For Older Persons or loans for the over 80s?
You might want to pay your existing mortgage early if your mortgage term is about to expire. Existing customers can still have their mortgage options cut off – getting the right advice about the term ending at a certain age is wise.
New Nationwide Mortgages For Over 70s for 2025
The new nationwide mortgages for over-70s, predicted for 2025, have much lower rates, including for the purchase of affordable houses for sale in Kent and Cambridgeshire. Another popular product is likely to be Halifax mortgages for over 60s.
Can I Get a Mortgage at 60 with Bad Credit and No Credit Check?
Yes, as long as you have sufficient income, you can get a mortgage at 60 years old.
