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Mortgages for Pensioners

Best Mortgage Rates

I Want to Buy I Want to Remortgage

Mortgages for Pensioners

    • 4.07% Initial
    • 5 year fixed
    • 6.6% APRC
    • Cashback Max £250
      Free Legals
      Free Valuation
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    • 4.10% Initial
    • 5 year fixed
    • 6% APRC
    • Cashback £0
      Free Legals
      Free Valuation
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    • 4.14% Initial
    • 5 year fixed
    • 6.3% APRC
    • Cashback £0
      Free Legals
      Free Valuation
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    • 4.17% Initial
    • 5 year fixed
    • 6.4% APRC
    • Cashback £0
      Free Legals
      Free Valuation
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    • 4.17% Initial
    • 2 year fixed
    • 6.7% APRC
    • Cashback £0
      Free Legals
      Free Valuation
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    • 4.18% Initial
    • 5 year fixed
    • 6.7% APRC
    • Cashback Max £250
      Free Legals
      Free Valuation
    • Get quotes
    • 4.18% Initial
    • 5 year fixed
    • 6.7% APRC
    • Cashback Max £250
      Free Legals
      Free Valuation
    • Get quotes
    • 4.19% Initial
    • 5 year fixed
    • 6% APRC
    • Cashback Max £1,250
      Free Legals
      Free Valuation
    • Get quotes
    • 4.19% Initial
    • 2 year fixed
    • 8% APRC
    • Cashback £0
      Free Legals
      Free Valuation
    • Get quotes
    • 4.20% Initial
    • 5 year fixed
    • 6% APRC
    • Cashback £0
      Free Legals
      Free Valuation
    • Get quotes

Representative example based on a fixed rate mortgage

A mortgage of £375,000 payable over 20 years initially on a fixed rate for 5 years at 4.38% and then at the standard variable rate of 7.65% for the remaining 15 years would require 60 monthly payments of £2,351.88 and then 180 monthly payments of £2,899.55.

The total amount payable would be £663,156.80 which includes interest and product fees of £1,124.

The overall cost for comparison is 6.5% APRC representative.

Early repayment charges may apply.

Mortgages for Pensioners

In order to qualify for a mortgage, you might have to prove you can afford the mortgage repayments if you are retired. It can be difficult for mortgage providers to lend to retirees without a guarantee of a steady income from employment.

Most mortgage providers set an upper age limit of 65 to 70 for taking out a mortgage. The mortgage will also usually specify an age by which it must be repaid. Many common mortgages automatically exclude pensioners.

Some lenders, however, have much higher age limits, or none at all, so no matter your age you may still be able to get a mortgage if you meet the other criteria of the lender. It does not matter what your age is, we can help you find the best mortgage options for you

 

How to prove your pension income

To qualify for a mortgage loan, you must demonstrate that you have adequate financial means to repay it. You will likely receive this from pensions, investments, and savings if you are a pensioner.

Some lenders will not consider income other than that from employment, but there are a number of specialist and private lenders with more flexible criteria. Professional intermediaries, such as mortgage brokers, are typically the only way to access these types of lenders.

 

Pensioners' equity release schemes

A mortgage may not be your only option if you are a pensioner who wants to raise cash without leaving your home. You may be able to unlock the value of your property by using equity release mortgages. For pensioners who want an additional income stream, releasing equity from their home may be an option.

There are two types of equity release mortgages:

Usually repaid when you pass away or move into residential care, lifetime mortgages are repaid from the sale of your home. Depending on your age (and your partner's age, if applicable), you can borrow a certain amount.

 

Reversion schemes involve selling your property to a reversion company. This means you don't own your house anymore, but instead rent it out to others.  If you pass away or move into residential care, the reversion company will sell your home.

To investigate your finance options call our broker team or fill in our call back form -  speak to our independent mortgage broker team who will be able to offer impartial advice or you can call us on 0117 403 3464

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