Question 1

What is the maximum age for a mortgage?

Accepted Answer

Maximum age at end of term ranges from 70 to 95+, depending on the lender. Some have no maximum age limit at all. The key is matching your projected retirement income to their affordability criteria for older borrowers.

Question 2

Can I get a mortgage if I'm retired?

Accepted Answer

Yes, many lenders accept pension income including State Pension, occupational pensions, and private pensions. Some will consider projected pension income for those near retirement. Retirement interest-only products are also available.

Question 3

How do lenders assess pension income?

Accepted Answer

Most lenders accept 100% of guaranteed pension income. Pension drawdown or SIPP income may be assessed differently - some use actual drawings, others use a sustainable withdrawal rate calculation.

Question 4

What is retirement interest-only (RIO)?

Accepted Answer

RIO mortgages allow you to pay only interest with no fixed end date. The capital is repaid when you sell the property, move into care, or pass away. These are specifically designed for older borrowers who want lower monthly payments.

Question 5

Can I extend my mortgage term past retirement age?

Accepted Answer

Yes, if you can demonstrate sufficient retirement income. Lenders will assess your projected pension income to ensure continued affordability. Some lenders specifically cater to this scenario with flexible age policies.

Age-Related Mortgage Criteria

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