Retirement mortgages are typically available to homeowners looking to continue borrowing on a residential mortgage basis into their retirement. We have specifically selected lenders offering mortgage terms beyond the age of 75, where most lenders would normally cease offering mortgages into retirement. Some of these lenders selected will allow you borrow upto the age of 90.
Lenders offer a range of fixed and discounted mortgages with varying terms, where your income and credit rating will be assessed to determine your eligibility. Retirement mortgages are offered over a fixed term of years and must have a repayment strategy, which must be disclosed and accepted by the lender.
Retirement mortgages are typically offered by small, regional building societies who take a more flexible and individual approach to accessing your circumstances. It’s important to remember that these are residential mortgages: so if you are not able to continue to make monthly repayments, your home may be repossessed, and ‘no negative equity guarantees’ that come with all lifetime mortgages are also not available.
To find out more about any of the specialist Retirement Mortgage providers, simply click on their logo to open the individual lender’s page. This list is not exhaustive, but includes many of the main retirement mortgage lenders available in the UK today.
While retirement interest-only (RIO) mortgages are one option to consider when looking to borrow in later life, you may also want to look at the alternatives. These include lifetime mortgages (the most popular type of equity release plans), retirement mortgages and home reversion plans.