Many people over 50 think getting a mortgage is difficult, but with the right planning it’s more achievable than you might expect
12:00, 30 Mar 2026
Older borrowers can find it harder to get a mortgage(Image: Getty Images/iStockphoto)
People over 50 may face more challenges when applying for a mortgage compared to younger borrowers. Lenders are often concerned about a reduced income after retirement, which may affect repayment ability.
As a result, they may ask for bigger deposits and offer shorter repayment periods. Many lenders also set upper age limits, commonly preferring applicants to be below 65–70.
Despite this, experts speaking to the Daily Express say that obtaining a mortgage later in life is more achievable than many assume. Those in the know have shared some crucial advice on how to secure a suitable and affordable deal after hitting the half-century.
Les Pick, Sales & Operations Director and Later Life Lending Expert at MB Associates, said: “What surprises many people is just how flexible lenders who specialise in later life lending can be these days. It’s not unusual to see mortgages running into your 70s, 80s or even 90s.
“In some cases, the terms can be much longer than expected – a 70-year-old might still secure a 20-year mortgage, depending on their circumstances. Lenders don’t base their decisions purely on your age. What matters is affordability.”
He highlighted that many borrowers are unaware of how accommodating later life lenders can be, with mortgage options often extending far beyond traditional age expectations. Read on for some more tips from Les and others in the industry.
Get your retirement plans in order
Experts advise starting retirement planning well in advance. Taking on a mortgage later in life means carefully considering how you’ll manage repayments once you stop working, as borrowing in retirement can reduce disposable income and potentially affect long-term financial stability.
If you don’t expect to work until 75, the age up to which many lenders now offer mortgages, you may find it harder to secure a longer-term deal.
Peter Stimson, Director of Mortgages at MPowered Mortgages, explained: “Most mainstream lenders will now offer repayment mortgages up to the age of 75, so unless your career isn’t going to continue until this age (for example, a Police Officer), securing a longer mortgage term is far more achievable.
“This allows borrowers to spread repayments over a longer period, rather than compressing them into a shorter term ending at 65 or 70, where you could face much higher monthly repayments or risk the mortgage being declined as unaffordable.”
Plan ahead early
Older borrowers are encouraged to prepare ahead of time, as lending criteria often becomes stricter with age. Early planning can help secure better rates and make the transition to a retirement income smoother.
Lenders typically assess affordability based on pension income rather than salary, so without proper preparation, borrowers may end up limited to shorter-term, more expensive deals.
Les Pick said: “A bit of forward planning goes a long way. Start by getting really clear on your finances. That means understanding your income now, what it will look like in retirement, and how stable it is. Lenders will want to see that your mortgage remains affordable throughout the term of the mortgage.”
Get your finances in order
Older borrowers are advised to organise their finances before applying for a mortgage to ensure they can comfortably manage repayments into retirement. Those who fail to do so may struggle to pass standard affordability checks.
Your financial position will also influence the type of mortgage product available to you. In addition, it’s important to check your credit score in advance and gather all necessary documentation before submitting an application.
Aaron Strutt, Product and Communications Director at Trinity Financial, said: “Just like anyone applying for a mortgage, the lenders will want to see a clear plan for how the mortgage will remain affordable. They will want to know how much you earn, your credit history and your ongoing credit commitments.
“Depending on the lender and the mortgage term taken, questions about retirement plans and pensions may come up. Having strong PAYE, self-employed or expected pension income, low debts, and a decent deposit can make a big difference.”
Get specialist advice
It may seem obvious but seeking expert guidance is essential when applying for a mortgage, particularly for older borrows, where the market can be more complex.
Getting the right advice can make a significant difference in finding a suitable deal. Specialist advisors can compare a wide range of mortgage rates and identify lenders with more flexible criteria tailored to your circumstances.
Les Pick explained: “Speak to an experienced adviser who specialises in later life lending and has access to over 50s mortgage products.
“This is a more complex area than standard mortgages and having someone who understands the full range of options for older borrowers can make all the difference. Essentially, later life lending is a specialist area of expertise.”
Additionally, Peter Stimson stated: “Given the range of options available and the importance of securing the most suitable product and rate, it is strongly recommended to seek independent advice from a qualified mortgage advisor.”
Talk to your family
Older borrowers are encouraged to discuss their mortgage plans with family members, as it may impact their future inheritance. Being open about the arrangement helps ensure loved ones understand how any debt would be handled after death.
Les Pick said: “While it might feel like a tricky conversation, talking things through with your loved ones can help avoid complications later on. If a borrower passes away without life cover, lenders will usually give the family time to repay the loan typically by selling the property.”
Interest-only mortgages
Older borrowers may consider interest-only mortgages as a way to manage a lower or fixed income in retirement. As only the interest is paid each month, repayments are typically much lower than with standard mortgage types.
This can help free up additional disposable income and ease financial pressure during retirement. However, the original loan amount is not repaid over the term.
Peter Stimson explained: “For borrowers with a lower loan-to-value ratio, properties of a certain value, and suitable financial circumstances, an interest-only mortgage may be an option. With this type of mortgage, the capital is not repaid during the term, and the full loan amount must typically be repaid by age 70 with most lenders.”
Retirement Interest Only (RIO)
Experts suggest that a Retirement Interest Only (RIO) mortgage could be a suitable option for those nearing or already in retirement. These products typically involve lower monthly payments, as borrowers only pay the interest, making them well-suited to people living on a fixed income, such as a pension.
Peter Stimson explained: “For those approaching or already in retirement, a Retirement Interest-Only (RIO) mortgage may also be worth considering. Unlike traditional mortgages, affordability is assessed based on pension income rather than employment income.
“RIO mortgages do not have a fixed repayment date, but instead, borrowers are required to make monthly interest payments, with the loan usually repaid when the property is sold, when someone either dies or goes into long-term care.”
As Les Pick added: “Then there’s the Retirement Interest Only (RIO) mortgage, which works slightly differently. You still only pay the interest each month, but there’s no fixed end date. Instead, the loan is repaid when you pass away or move into long-term care.”
Lifetime mortgage
Lifetime mortgages are a popular choice among retirees who want to boost their income. They enable homeowners to unlock some of the equity in their property, which can also be used to manage existing debts.
This option is particularly appealing for those who wish to stay in their home, helping to avoid the need to downsize and reducing financial pressure.
Les Pick said: “And then there’s the lifetime mortgage – a form of equity release. With this option, you don’t have to make monthly repayments unless you choose to do so.
“The loan (plus interest) is repaid when the plan ends, typically when the property is sold. Importantly, you still own your home, and you need to be at least 55 to apply.”