Maximum Age For A Mortgage

When it comes to borrowing later in life, it would be easy to assume lenders’ doors are closed once you reach middle age. However, that’s not the case any more, with most mortgage providers willing to accept applications from retirees and pensioners.

Find out here about mortgage age limits, how to qualify for one once you reach a certain point in your life, and how to get help that puts you and your prospects in a strong position.

What is the maximum age for a mortgage?

The minimum age for a residential mortgage is 18 (21 for buy-to-let). While there’s no fixed maximum age, lenders establish their criteria, typically capping between 65 and 80. Individual factors such as income, employment status, and credit history influence eligibility.

Some lenders might also stipulate an age limit at the point of application, such as Kensington Mortgages, which states that borrowers can’t be over 55 years old at the application stage, and for professional mortgages, this age reduces to 40.

Most lenders have upper age limits between 70 and 90, however, and those without limits often require a higher loan-to-value ratio (LTV), as we’ve already detailed.

Each lender has its own benchmark for lending age limits, so giving a single definitive maximum is impossible. However, it’s worth noting that there is greater flexibility in this area of eligibility than there used to be, with most providers offering some leniency when considering lending past retirement age.

Of course, securing a mortgage is not just about how old you’ll be at the end of the term. Many other stringent conditions come into play with eligibility, such as affordability and your credit history.

Simply because a lender sets its maximum age for mortgage lending at 90, for example, does not automatically mean you’ll be granted a 30-year mortgage at the age of 55. Getting a good mortgage broker on board with experience in older-age borrowing will increase your chances of success here, as they’ll have a more in-depth view of the market and how your circumstances might fit with which appropriate lender.

Can you get a mortgage at 80 years of age?

Yes, it’s possible. Many niche lenders go up to the age of 75 and it’s not uncommon for them to offer mortgages for over 80s and beyond. Mainstream lenders tend to be slightly more conservative in their age limits, with some generally setting a limit of about 70 or a typical retirement age. However, there are exceptions to these too.

Some lenders don’t stipulate a limit at all; instead, they make each decision on a case-by-case basis for those who can prove they can afford to borrow.

Can your age affect how much you borrow?

Yes, while many lenders set high maximum mortgage age restrictions, each has its own regulations regarding borrowing limits.

For example, Vernon Building Society will consider lending as follows:

Whereas, The Loughborough Building Society could potentially offer:

The last example here means someone aged 80 could potentially have a mortgage until they are 115 years old.

Interest-only mortgage age limits

These loans are also available for certain homeowners, but the terms differ from repayment mortgages. Usually, the age limits are lower, albeit relatively generous (for example, 95 years old at Suffolk Building Society and 75 years old at HSBC if you have a fully funded repayment strategy). Speak to your broker if you want to go down the interest-only route because there may be a specific product that might work better for you.

How a broker can help you secure a mortgage as an older borrower

Firstly, a knowledgeable mortgage broker with expertise in later-life mortgages can talk you through your circumstances and intentions and will offer guidance on what will work best for you. It will also bring clarity, support, and practical help.

For example, how can your pension income help you with affordability? Would you be better suited to a lifetime mortgage or go down the equity release route rather than a standard mortgage? Perhaps you want to know what happens when you remortgage later in life? Once you know how you’d like to proceed, a broker will search the market for the best deals and help you develop a strong application.

Get matched to one of the brokers in our network by calling us free on 0330 818 7026 or make an online enquiry.

How does age affect your eligibility for a mortgage?

A lender wants to know the level of risk involved in lending to you and getting a full return on their investment.

There are two main reasons why age directly affects eligibility:

Despite all this, lenders acknowledge that times are changing. People are living and working far longer than they ever have, and they may also be prosperous, having built up a nest egg in equity throughout many years of homeownership.

This is why putting down a large deposit sum and proving you can comfortably make your repayments for the whole loan duration will bring you favourable terms and a greater chance of securing a mortgage.

Which lenders have age limits?

All lenders have them set against their mortgage criteria, apart from a handful who choose not to put any maximum limit (but do still come with strict terms, so always check the small print). The most flexible tend to be the niche, smaller lenders rather than the high street names, but that’s not to say they don’t have some loans that might be favourable.

For example, Barclays will be amenable to joint mortgage age limits if one applicant is younger than the stipulated limit of 70 or when retired.

What other factors could impact your ability to get a mortgage when you’re older?

Other circumstances that could interfere with securing a mortgage include a bad credit history, attempting to borrow to finance a non-standard property, market fluctuations in the economy and housing market, and the cost of the home you’re attempting to buy (some lenders have a cap on value if you’re older).

Speak to a broker experienced in later-life mortgages

Before you begin to approach lenders and put together your application, finding the right broker who specialises in later-life mortgages is a fundamental first step.

There’s no doubt that borrowing when you’re older incites more hurdles to overcome and that products are harder to come by, but with the help of one of the specialist five-star brokers in our network, you will have a greater chance of success.

Call us today at 0330 818 7026 for free so we can start matching you to the right professional, or make an online enquiry.