Last reviewed: June 2026
TL;DR- Borrowers in their sixties can access standard repayment mortgages from many lenders with maximum age at end of term up to 75-85.
- Retirement interest only (RIO) mortgages are available from age 55 and may suit borrowers who have retired or are approaching retirement.
- Equity release (lifetime mortgage) is available from age 55 for those who want to access equity without monthly payments.
- The key variable is income - pension, investment or employment income determines which products are affordable and accessible.
Standard Mortgage Options for Over 60s
Many mainstream lenders accept mortgage applications from borrowers in their sixties, provided the mortgage will be repaid before or at the lender's maximum age at end of term - typically 75 or 80, though some lenders extend to 85. A 62-year-old taking a 15-year mortgage would be 77 at the end of the term, which falls within most lenders' criteria. A 65-year-old taking a 25-year term would be 90 at the end - well beyond most standard lenders' maximum.
The affordability assessment for over 60s who are already retired uses pension income, investment income and other regular retirement receipts rather than employment income. Lenders assess whether the income is stable and expected to continue for the mortgage term. For those still working in their sixties, employment income is assessed in the same way as for younger applicants.
Income Sources Accepted by Lenders
For over 60 applicants, income sources typically assessed include: state pension; defined benefit (final salary) pension income; defined contribution pension drawdown or annuity; rental income from investment properties; dividend income; investment income (considered with caution by some lenders); and part-time employment income where sustainable. Each lender has specific criteria for which income types are accepted and what documentation is required.
Shorter Mortgage Terms
Where the maximum age at end of term restricts the mortgage term, higher monthly payments result. A 65-year-old borrowing £150,000 on a 10-year term faces significantly higher monthly payments than on a 25-year term. Affordability must be assessed against the shorter term's higher payment, which means income needs to support a larger monthly outgoing. RIO mortgages or equity release may be more affordable for borrowers who cannot meet the repayment costs of a short-term standard mortgage.
Remortgaging in Your Sixties
Over 60s who are coming to the end of an existing mortgage deal have the same remortgage options as younger borrowers, subject to age and income criteria. Product transfers with the existing lender typically involve less rigorous income assessment and may be accessible even where a new lender would not consider the application due to age or retirement income. Where the existing mortgage is an interest only product approaching its term end, a RIO mortgage may be an appropriate refinancing option.
Frequently Asked Questions
Can I get a 25-year mortgage at age 65?
A 25-year mortgage at age 65 would run to age 90 - beyond most lenders' maximum age at end of term. Some specialist later life lenders and those offering RIO or lifetime mortgages do not have a defined maximum age at term end. For standard repayment mortgages, most lenders cap the term so that the mortgage ends before their maximum age limit (commonly 75-80). A 65-year-old would typically be limited to a 10-15-year standard repayment term with most mainstream lenders.
Does taking a pension affect my mortgage income assessment?
Once pension income is being drawn (either as a defined benefit pension, an annuity or drawdown), it is assessed as regular income in the mortgage affordability calculation. Defined benefit pension income is treated as the most reliable form of retirement income. Drawdown income is assessed more cautiously by some lenders, as the level can change. The state pension is included at its current rate.
Are there specific mortgage products for over 60s?
Some specialist lenders market products specifically to older borrowers. These may include age-flexible criteria, the ability to use pension income in the assessment, and terms extending beyond mainstream lender age caps. RIO mortgages and lifetime mortgages are also specifically designed for this age group. A later life specialist broker can identify which products and lenders are most appropriate for specific circumstances.
Can I use equity release alongside a standard mortgage?
In most cases, a property can only have one first-charge mortgage at a time. A lifetime mortgage (equity release) replaces any existing first charge - the existing mortgage must be redeemed as part of the equity release process. If the existing mortgage balance is lower than the equity release facility, the existing mortgage is repaid from the equity release proceeds and the remainder is available to the homeowner. Simultaneously holding an equity release product and a standard first charge mortgage is not typically possible.
