Can I Get a Mortgage into Retirement? 5 Encouraging Facts.
As people live longer, stay active well into later life and plan for new goals beyond work, many ask the important question, can I get a mortgage into retirement? Whether you want to move home, help family members or release funds for lifestyle reasons, the idea that your mortgage options end with your career is no longer the case.
In this blog, we explore five key points that help answer the question can I get a mortgage into retirement, and how the right approach can open up more options than you might expect
1. Yes, It Is Possible to Get a Mortgage in Retirement
The short answer to can I get a mortgage into retirement is yes. There are a growing number of lenders who offer mortgage products specifically designed for people in or approaching retirement. These are often called retirement interest only mortgages, lifetime mortgages or standard term mortgages with higher age limits.
Some lenders now have no upper age limit at all, while others will lend well into your seventies or eighties depending on your income and circumstances. The key is proving you can afford the repayments both now and in the future.
Whether you are already retired or planning to stop working in the coming years, there are mortgage options available that can support your needs.
2. Your Income Sources Are Important
Lenders will always look at your income to decide whether you can afford a mortgage. When asking can I get a mortgage into retirement, you need to think about what income you will be receiving.
Pensions, investment income, rental income and even part time earnings can all count. Some lenders are happy to use both private and state pension income when assessing affordability. If you are still working but plan to retire during the mortgage term, lenders will want to see how you will continue to meet payments after retirement.
With the right preparation, your income sources can support a strong mortgage application even after your working years.
3. The Type of Mortgage Makes a Difference
Another important factor when exploring can I get a mortgage into retirement is the type of mortgage you apply for. You might choose a repayment mortgage that continues into retirement or a retirement interest only mortgage where you only pay the interest and repay the capital when the property is sold.
For older borrowers, a lifetime mortgage or equity release plan might also be worth considering, depending on your goals and circumstances. However, these are very different from traditional mortgages and should be discussed carefully with an adviser.
At Complete Mortgage Advice, we can explain all of your options clearly so you understand what is best for your situation.
4. You May Be Asked for a Larger Deposit
While mortgages are available to retirees, you may need to put down a higher deposit than younger buyers. This helps reduce risk for the lender and increases your chances of approval.
Typically, having a deposit of twenty five percent or more can open up a wider range of lenders and more competitive interest rates. The bigger your deposit, the more borrowing options you will have in later life.
Planning ahead and saving where possible can give you greater flexibility when you are ready to apply.
5. Specialist Advice Can Make All the Difference
Getting a mortgage at any stage in life is a big decision, and even more so when you are planning your retirement. That is why expert advice is so valuable when asking can I get a mortgage into retirement.
At Complete Mortgage Advice, we specialise in helping clients of all ages find the right mortgage. We understand how different lenders approach retirement lending and which products may suit your goals.
We will help you understand the pros and cons of each option, review your income sources and guide you through the application process from start to finish. With honest, clear and experienced support, you can move forward with confidence.
Final Thoughts
So, can I get a mortgage into retirement? The answer is a positive yes, with the right planning and advice. Whether you are looking to move closer to family, unlock value from your current home or simply plan for your future, mortgage options are available even in later life.
If you are retired or approaching retirement and would like to explore your mortgage options, speak to Complete Mortgage Advice today. We are here to help you understand what is possible, what to expect and how to make the right decision for your future.
Tom Boulden
Mortgage Advisor
📞 01752 905011
📧 info@completemortgageadvice.co.uk
🌐 www.completemortgageadvice.co.uk
Your Home (or property) may be repossessed if you do not keep up repayments on your mortgage. There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances.
