Later-life mortgages

Later-life mortgages, also called retirement mortgages, are home loans for borrowers in their 60s, 70s and older. They include standard repayment and interest-only mortgages from lenders with higher age limits, and retirement interest-only mortgages, which have no fixed end date. Lifetime mortgages, a form of equity release, are a separate product with different rules.

Later life lending is regulated in the same way as other home loans (FCA Handbook MCOB, accessed 20 Oct 2026), so lenders check affordability and the borrower's plans for the future. Borrowers use these mortgages to buy a home, remortgage, release money for family or repay an interest-only loan that is ending.

Yes, many lenders will consider a mortgage at 60 or 70. Each lender sets a maximum age at the end of the term, which can range from the mid-60s to the mid-80s, and some building societies have no upper limit at all. The age limit decides the longest term available, which in turn affects the monthly payment.

A shorter term means higher repayments on the same loan, so borrowers in their 60s often borrow less or choose part interest-only. Lenders also check what happens if one partner dies, especially when the income would fall.

How fixed rate deals work for borrowers of any age, and what happens when a fix ends, is set out on the fixed rate mortgages page.

Lenders assess later-life borrowers on the income they will have for the whole term. Before retirement, that is usually salary, with the lender asking when the borrower plans to retire. After it, lenders look at the State Pension, private and workplace pensions, annuities, rental income and some investment income, and they check that it is likely to continue.

Pension projections are used for the years after a planned retirement date. Evidence such as pension statements and annual statements helps lenders confirm the figures, and some lenders accept a wider range of retirement income than others.

A retirement interest-only mortgage, or RIO, is a loan where the borrower pays only the interest each month and the loan is repaid when the home is sold, usually on death or a move into long-term care. There is no fixed end date. Lenders check that the interest is affordable from retirement income, now and for a surviving partner.

RIOs are regulated as standard mortgages rather than equity release. They are offered mainly by building societies, often with minimum ages and minimum equity, and the interest can be fixed or variable.

Borrowers whose standard interest-only mortgage is ending may move to a RIO if they qualify. How interest-only lending works more widely is explained on the interest-only mortgages page.

Downsizing in later life often means a smaller loan or none at all, but some buyers still need a mortgage, for example to buy before selling or to keep savings invested. Lenders assess these loans on retirement income and the term available, in the same way as other later-life mortgages, and some offer short-term bridging for chains.

Comparing standard mortgages, RIOs and the cost of moving on the same figures shows which route leaves the most money available in retirement.