55+ Retirement Mortgage FAQs
We’ve covered some frequently asked questions about our 55+ retirement mortgages, but should you need any further information, please get in touch.
How can I find out more about borrowing in retirement?
If you would like more information about borrowing in retirement and how our 55+ retirement mortgage products may suit your needs we have an expert mortgage team who are on hand to answer any questions you may have.
Our mortgage team are fully qualified to give advice on your eligibility and suitability for a mortgage in later life and would be happy to speak to you or a member of your family if you have any questions.
Call our team now on 01282 440537*.
How much money can I borrow in a mortgage in retirement?
We have a maximum loan size £750,000 with Loan to Values (LTV) up to 60% dependent on affordability.
What age can I get a mortgage up to?
Our range will allow you to apply for a mortgage from the age of 55 and we have terms running up to the age of 90 dependent on your date of birth. Our advisors will be happy to discuss your personal circumstances and advise how we can help you.
We only need one applicant to be over the age of 55 in order to be eligible for our 55+ retirement mortgage products.
What can I borrow the money for?
You can borrow for a range of reasons, such as moving home or to carry out home improvements, downsizing, assisting with family expenses like going to University or getting a deposit^. We will also look at debt consolidation but it is dependent on your situation. Or it may be that you are simply looking for a new lender to help with your current mortgage whether it be extending your existing borrowing into retirement or finding a lender willing to help with your interest only mortgage.
^Depending on the amount of the loan advance, documented evidence may be required to support the loan purpose.
What information is available about borrowing in retirement?
The Building Societies Association has published a guide called ‘Can I get a mortgage at my age? (PDF)’ which you may find useful as it provides information about borrowing in retirement.
There are also a number of charities who offer support around finances for older and retired customers too:
- Age UK (External)
- Elderly Accommodation Council (External)
- Pensions and Retirement – Money Helper (External)
- Age UK Permanent Residential Care (External)
- Age UK Pension Credits (External)
- Pension Credits (External)
- Inheritance Tax – GOV (External)
- Planning for Future Care – NHS (External)
- Citizens Advice (External)
What information will I need to provide?
We will need to see evidence of your income and any investment income as well. Our team will provide you with a list of our requirements when we provide you with more information.
Who can apply for a mortgage in retirement?
Our 55+ retirement mortgages products are available to both new and existing customers who are looking for a mortgage in retirement, to move home, take out additional borrowing or extend their mortgage term.
Who can I speak to about getting a mortgage in retirement?
If you’re thinking about borrowing in retirement it’s worth discussing any plans with trusted family and friends. It’s important you consider all options available to you as borrowing money against your home can have an effect on your inheritance planning.
You could also speak to the Department for Work and Pensions to ensure you gain a full understanding of any potential impacts to your state benefit entitlement and/or any tax implications the mortgage may have.
Why borrow in later life?
There’s lots of reasons customers may be looking for a mortgage over the age of 55. Here’s some of our more frequent scenarios;
- Customers over the age of 55 who are approaching retirement and are looking for a mortgage solution to help them borrow in retirement.
- Customers already in retirement who would like to continue with their mortgage.
- Customers who are approaching mortgage maturity with an existing lender who won’t extend the term due to their age.
- Parents who want to release equity from their property to help children onto the housing ladder or with University fees.
- Those looking to continue or remortgage an existing interest-only mortgage.
- Customers looking to make home improvements.
Depending on the amount of the loan advance, documented evidence may be required to support the loan purpose.
If you are interested in more information, get in touch with our mortgage team on 01282 440537.
What other options do I have for borrowing in retirement?
Along with our 55+ retirement mortgage range, we also offer Retirement Interest Only (RIO) mortgages. You can find out more about RIO mortgages on our dedicated ‘RIO mortgage‘ page.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE