Mortgages for over 55s
If you are aged 55 or over, there are now mortgage products specifically aimed at your needs.
Do you qualify? Only takes a few minutes, NO CREDIT CHECKS!
5 minutes
Updated: August 12th, 2025
If you are already a homeowner, then an Equity Release Lifetime Mortgage can give you access to the wealth tied up in your house tax-free without having to make any payments. A 55+ mortgage works in a similar way, but you just pay the interest. Here, we answer the most-asked questions about mortgages for over-55s.
Can you get mortgages for over 55s?
Indeed you can. Previously lenders would only consider granting a mortgage where the loan was designed to finish at retirement age.
But now, house prices have risen, mortgage durations have lengthened, and people are coming onto the property ladder later in life.
Therefore, there are now mortgage products designed for an older age-group. Some products even set the upper age limit at 95!
How do mortgages for over 55s work?
Mortgages for over 55s are basically a halfway-house between a standard mortgage, or remortgage, and a lifetime mortgage.
It is an interest-only mortgage where you pay the interest on the loan each month and retain ownership of your property. At the end of the mortgage period, the loan must be repaid, usually from the proceeds of the sale of the house.
Usually, the minimum loan is £20,000, and the most you can borrow 60% of your property’s value.
How much can you borrow on mortgages for over 55s?
Like with any type of mortgage, the amount you can borrow will depend on a wide range of things. Some factors that will have a big influence include:
- Income and outgoings
- Deposit
- Credit history
- The mortgage term you want
All of these things and more will all play into the final amount you can borrow.
From our experience a typical person over the age of 55 can look to borrow about 3.5 – 4x their income. Although you need to remember that just because someone borrowed a certain amount, doesn’t mean you can too.
Plan your future
See how much tax-free cash you could release from your home to fund your retirement, home improvements, or support family. Get your instant estimate today, with no credit checks.
Considerations for mortgages for over 55s
There are a few things to consider before applying for a 55+ mortgage, they include:
- Your credit score. Most of the time, mature borrowers have a decent track-record of credit, so this is not as problem. But it’s worth checking just in case.
- Your income source. Salary, bonuses, and pension will all be looked at by a lender to ensure that you are able to keep up with the payments each month.
- How the loan will be repaid. Although this may be a long enough time away for you not to want to think about now, you really should consider what will happen when the loan term comes to an end. Will the repayment fall to you, your surviving partner, or your family? And will the market value of the house be enough to cover the loan, if worst comes to worst?
Lenders for mortgages for over 55s
Many high street banks and building societies now offer mortgages for over 55s. Although, knowing which lender offers the best deal can be difficult.
Typically, the older you get the more limited your options are. However, there are specialist products offered by specialist lenders that are tailored for people that are older.
If you’re unsure about which lender is best for you, get in touch with us today. Our expert advisors will be able to discuss all your options and find you the best mortgages for over 55s.
How we help with mortgages for over 55s
Navigating the mortgage market can be challenging at the best of times. That’s why using a broker can make your life much easier, especially if you are not applying for a traditional mortgage deal.
If you are looking to obtain an over 55s mortgage, reach out today. We can organise a free initial, no obligation, consultation to discuss your options,
Unlock your equity potential
Discover your home’s tax-free equity potential in minutes. Our easy-to-use calculator provides an instant estimate of how much you could release, with no credit checks.
FAQs: Mortgages for over 55s
This is really another name for an Equity Release mortgage, where you release some of the money tied into your home to fund ways to improve your life as you get older.
The term is more commonly used in Canada and the USA.
In 2015, the law changed regarding protection for pension funds, and customers aged 55 or over became able to access their pension cash to use it in other ways.
Many wanted to invest in a property portfolio, and new mortgage products for Buy-to-Let properties for people in this age group were created. But be careful – many Buy-to-Let mortgages are not regulated.
Be sure to get independent financial advice before cashing in your pension pot and using it to invest in property. Obviously, becoming a landlord entails other responsibilities and costs outside of a deposit, insurance, fees, and interest.
Yes, it is still possible to obtain a mortgage even if you have retired. Like any mortgage type, a lender will need to be confident that you will be able to make the repayments.
Your deposit level, credit history, whether or not your currently own a home, and any income will all be considered.
If you are looking to obtain a mortgage and you are retired, reach out today.
The short answer is yes, you can get an over 55s mortgage! It can be a little more challenging, however, as long as you can prove you meet payments then there should be no reason why you can’t get a self-employed mortgage.
About the author
Phil Scott: Director
Phil has worked in the financial services industry since 1992, having started with a large insurance company. He went self employed in 1996 as an Independent Financial Adviser before setting up his first company, Needham Market Home Financial in 1999.
After four years, he decided to concentrate solely on mortgages and related insurances, and The Mortgage Centres was born. Since then, Phil has been influential in the opening of several new offices as the business continues to grow.
Qualifications:
- Financial Planning Certificate: 1, 2 & 3 | Year Attained: 1992
- Certificate in Mortgage Advice and Practice (CEMAP) | Year Attained: 2001
Let's talk
Our team will aim to get back to you within 24 hours.
0330 0945876 local rate.
[email protected]
"*" indicates required fields