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Mortgage Lenders for Pensioners

See how expert advice from a specialist broker could still secure your mortgage approval at an older age

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Pete Mugleston

Author: Pete Mugleston - Mortgage Advisor, MD

Updated: June 21, 2022

If you’re a pensioner looking to take out a mortgage, the good news is there are lots of options available. In recent years, many lenders have increased the maximum age for mortgage terms, opening up more choice for those seeking a retirement mortgage.

There are two main types of mortgages available to people in retirement;

  1. Ordinary mortgages with a capped mortgage term age limit where you borrow and repay a sum of money
  2. Lifetime specific mortgages where you release equity from your property and guarantee you can remain living in your home until you die or go move to a residential care home

Whichever type of retirement mortgage you’re looking for, we get lots of enquiries from customers looking for the best lenders for retirement mortgages.

The advisors we work with are experts at finding mortgages for pensioners and can give you the right advice to ensure you make the most of your later years with the best possible financial management.

If you’d like to speak to one of the experienced advisors we work with, call 0808 189 2301 or make an enquiry for an initial conversation with no obligation or fee.

Our advisers are regulated by The Financial Conduct Authority and so you will be dealing with a highly trained person that adheres to strict rules of conduct.

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Mortgage lenders for retirement: what you need to know

Mortgages in retirement work in much the same way as they do for those in work, but there are a few caveats specific to your situation that you should know about, including:

  • Lenders will want to see proof that you’ll be able to afford your monthly repayments, through your pension, savings, or investments
  • There’s likely to be a limit to how much you can borrow, which will vary according to the mortgage provider.
  • Often you will need to put down a substantial deposit
  • You will likely encounter an age limit for borrowing, at which point your mortgage term will have to end

Income can drop once people leave work and tap into their pensions, so lenders assess age and income to ensure people taking out a mortgage in retirement are easily able to repay the sums they borrow.

In practice this means that you may qualify for fewer products overall. The knock-on effect of these borrowing age limits means potentially shorter mortgage terms and higher repayments.

The limitations on borrowing in retirement can make it a bit trickier to get a mortgage as a pensioner. However, with the help of an experienced advisor, these don’t have to get in the way of a mortgage, and you can soon be on your way to achieving your financial goals.

How to find the best lenders for retirement mortgages

The best way to make sure you get a good deal is to work with a whole-of-market broker. If you approach a lender directly, you will only have access to their products and could miss out on the best deal as a result.

It’s important to get the right advice on which lenders to approach to avoid wasting your time or paying more than you need to.

Approaching the wrong retirement mortgage lender could also mean having to go elsewhere and ending up with too many hard searches on your credit file as a result. This could affect your credit rating and therefore your ability to get a competitive mortgage in the future.

The brokers we work with can pair customers with the right lender the first time, saving time and money and ensuring access to any hidden deals that can’t be found with a simple website visit.

Retirement mortgage providers also often review or extend their mortgage terms and conditions, so it’s best to speak to an expert mortgage broker who is fully up to date on how the market is changing and who can give you a quick whole of market comparison.

Call 0808 189 2301 or make a quick enquiry and we’ll match you with a mortgage broker experienced in arranging mortgages for pensioners.

The retirement mortgage provider landscape

We’ve compiled a summary of some of the leading retirement mortgage providers and their terms here, but bear that in mind that is not a comprehensive list. The only way to get an entire overview of the mortgages available to pensioners is through a whole-of-market mortgage broker, like the ones we work with.

Some of the advisors we work with will also have access to broker-exclusive deals with certain lenders, which you would only get if you apply through them.

Make an enquiry to talk to an expert who can help you pinpoint your best offer.

Santander retirement mortgages

Santander offers both retirement mortgages and lifetime mortgages. The age limit for repaying mortgages is 75 or when you retire, whichever comes first!

Speak to a specialist retirement advisor to learn more about the Santander mortgage age limit and see how they compare to the whole market.


The mortgage age limit at Nationwide has been increased from aged 75 to 85, as the lender aims to offer more flexibility to mortgages for pensioners.

Use the Nationwide online mortgage affordability calculator to see how much you might be able to borrow, subject to the lender’s maximum age and other criteria.


Halifax raised its mortgage age borrowing limit to 80 in 2016, making it possible for a 55 year old to take out a Halifax pensioner mortgage on a 25 year loan.

This also makes older age mortgage accounts with Halifax more flexible than some other mainstream lenders who still have lower age limits.

An expert with specialist knowledge of the retirement mortgage market will be able to help you see how Halifax compares to other mortgage lenders which match your requirements.


Barclays say that the maximum age for the mortgage term-end should be 70, or your retirement age, whichever comes first. However, they do consider mortgage applications for those who are retired or past their typical age limit.

They will require sufficient proof that you can continue to repay your mortgage into retirement.


HSBC has no set age limit for repayment of mortgage loans. Preferring instead to review any loans for potential customers over the of 75 on a personal basis, making the HSBC mortgage age limit flexible.

Remember, you’ll still have to tick all the boxes to qualify for a loan, so speak to an expert advisor first to see if you’re an HSBC match instead of risking being turned down and getting a mark against your credit score.


The Natwest mortgage age limit says that mortgages must be repaid by the age of 70. Speak to one of the expert brokers we work with to find out more about how their rates would compare to other providers on the market.

Legal and General

Legal and General offer a lifetime mortgage, which is a form of equity release.

You can secure a loan against your home and then release the money as a regular income for a fixed term, or as a cash lump sum.

An expert retirement mortgage broker can give you a full overview of Legal and General mortgages and show you how these compare to other providers.

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Yorkshire Bank

Yorkshire Bank’s maximum age limit for repaying interest-only loans is 70, but this extends to 75 for repayment mortgages.

However, the bank will take individual cases into consideration for those with mortgage needs beyond these ages.

Yorkshire Building Society

The Yorkshire Building Society retirement mortgage has to be fully repaid by a maximum age of 75, but for those who wish to extend the loan beyond 75, there’s an individual affordability assessment.

Speak to an expert to find out if it’s worth applying and where you can get the best deal for your retirement mortgage needs.


Hodge offers a retirement mortgage that’s a hybrid lifetime mortgage for borrowers from the age of 55 to 85. Its retirement mortgage can be used for purchase or as a remortgage.

Clydesdale Bank

Clydesdale bank offers interest-only loans that have to be repaid by age 70, but the age limit for repayment mortgages is 75. However, the lender will consider individual cases for retirement mortgages.

Leeds Building Society

Leeds Building Society has an age limit of 75 for repayment all retirement mortgages.

Tesco Bank retirement mortgage

Tesco Bank has a 75 year age limit for their repayment of mortgages.

Metro Bank

Metro Bank retirement mortgages are very flexible, with no maximum age as long as you meet their affordability requirements.

Speak to one of the expert advisors we work with to see if you match their requirements and how their rates compare to other options.

In addition to the retirement mortgage lenders listed above, the advisors we work with have also successfully arranged retirement mortgages with the following lenders…

  • Lloyd’s
  • Post Office
  • Woolwich
  • Bank of Scotland
  • Chelsea Building Society
  • Scottish Widows
  • Skipton
  • Newcastle Building Society
  • RBS
  • Vernon Building Society
  • Woolwich
  • Virgin Bank

If you’re interested in learning more about any of the mortgages mentioned here or have a different mortgage-related question, call 0808 189 2301 or make a quick enquiry. We’ll match you with a broker experienced in arranging mortgages for pensioners.

All the brokers we work with are whole-of-market with access to all the mortgage providers across the UK. The service we offer is free and there’s no obligation.

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We know everyone's circumstances are different, that's why we work with mortgage brokers who are experts in all different mortgage subjects.

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Which are the best mortgage lenders for retirement?

As the above examples of providers demonstrate; terms, conditions, and age limits for retirement mortgages differ from one lender to the next.

This means the answer will vary depending on your circumstances, so the best way to ensure you are properly informed is to speak to a specialist advisor who understands your situation and knows which providers would give you the best rates.

However, there are a few things that are important to keep in mind as you search for the best lender:

  • Your income, including pension, salary, bonuses, or investments
  • How your credit score matches up to lenders’ requirements
  • How your partner or beneficiaries would repay the loan if something happens to you

Although a difficult topic to bring up, if anything happens to you, your partner or beneficiaries will be left to repay the loan. It’s worth taking this point into consideration to ensure your family are safeguarded financially should the worst happen.

While these are just the basics, there are many more points that would help determine which mortgage provider is best for you, including benefits and taxes.

One of the expert mortgage brokers we worth with will help you with these considerations and make sure you’ve checked all the boxes in your search for the best retirement mortgage loan.

Speak to an expert retirement mortgage broker

The specialist advisors we work with offer bespoke guidance for every step of your retirement mortgage or lifetime mortgage journey. They also have deep working relationships with many lenders and can introduce you to the right one the first time.

Most of the advisors we work with also have access to broker-exclusive deals with certain lenders, which you would only get if you apply through them.

If you’d like some free expert retirement mortgage advice with no obligation, give us a call on 0808 189 2301 or send us a message, and we’ll match you with the most suitable broker for you.

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About the author

Pete, an expert in all things mortgages, cut his teeth right in the middle of the credit crunch. With plenty of people needing help and few mortgage providers lending, Pete found great success in going the extra mile to find mortgages for people whom many others considered lost causes. The experience he gained, coupled with his love of helping people reach their goals, led him to establish Online Mortgage Advisor, with one clear vision – to help as many customers as possible get the right advice, regardless of need or background.

Pete’s presence in the industry as the ‘go-to’ for specialist finance continues to grow, and he is regularly cited in and writes for both local and national press, as well as trade publications, with a regular column in Mortgage Introducer and being the exclusive mortgage expert for LOVEMoney. Pete also writes for OMA of course!

Read more about Pete

Pete Mugleston

Mortgage Advisor, MD

FCA disclaimer

*Based on our research, the content contained in this article is accurate as of the most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us are fully qualified to provide mortgage advice and work only for firms who are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs.

Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.

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