Last reviewed: June 2026
TL;DR- Standard repayment mortgages are available to over 70s from lenders with maximum age at end of term of 80-85 or above, on shorter terms.
- Retirement interest only mortgages are widely available to over 70s from specialist and some mainstream lenders, with no defined end date.
- Equity release lifetime mortgages are available to over 70s at higher LTV ratios than younger equity release customers, reflecting shorter expected life expectancy.
- Some specialist lenders have no maximum age at all, assessing eligibility purely on income, equity and property criteria.
Mortgage Options for Over 70s
The mortgage market has evolved considerably for older borrowers. A 72-year-old homeowner is not limited to equity release - depending on their income and equity position, they may have access to standard mortgages, RIO mortgages or equity release, with the best option depending on their specific circumstances and financial objectives.
The key factors determining option availability for over 70s are: available pension or investment income (to service monthly payments); equity in the property (which supports both standard and equity release products); and the lender's maximum age at end of term or their policy on age at application.
Standard Repayment Mortgages
Standard repayment mortgages are available to over 70s from specialist lenders with extended maximum age criteria. A 72-year-old could take a 10-year repayment mortgage ending at 82 with a lender whose maximum end-of-term age is 85. The shorter term means higher monthly payments, which require higher income to meet. Specialist later life mortgage lenders assess pension income, investment income and other retirement receipts as qualifying income for affordability purposes.
Retirement Interest Only Mortgages
RIO mortgages are particularly well-suited to over 70 borrowers because they require only interest payments with no defined end date - the loan runs until death or move to care. An income sufficient to cover the monthly interest is the primary eligibility requirement. Equity is the secondary requirement - the property must have sufficient value to provide adequate security for the loan. RIO mortgages from specialist later life lenders typically have no upper age limit at application.
Equity Release at 70+
Lifetime mortgages are available to over 70s at higher LTV ratios than to younger equity release customers. A 75-year-old might access 40-50% LTV, compared with 20-25% at age 55. The higher LTV reflects the shorter expected accumulation period for rolled-up interest - the provider's risk exposure is managed through the higher LTV cap and the no-negative-equity guarantee. Over 70s considering equity release should model the impact of interest compounding on the estate over a realistic remaining lifespan.
No-Maximum-Age Lenders
Some specialist later life and equity release lenders impose no maximum age limit at all, assessing applications purely on income, equity, property condition and type. These lenders serve the oldest segment of the market and offer products tailored to the specific circumstances of very old borrowers, including those in their 80s and 90s who wish to raise funds against their property.
Frequently Asked Questions
Can I get a mortgage to move house at age 75?
Yes. Purchasing a new property at age 75 is possible through specialist later life mortgage products, RIO mortgages or lifetime mortgages, provided the borrower has sufficient income or equity. A lifetime mortgage can be used to purchase a property - this is called a lifetime mortgage for house purchase or "later life purchase." The borrower contributes a portion of the purchase price and the lifetime mortgage funds the remainder, with no monthly repayments required if the standard rolled-up interest structure is chosen.
What is the minimum loan size for a later life mortgage?
Minimum loan sizes vary by product and lender. Standard mortgages typically have minimum loan sizes of £25,000-£50,000. Lifetime mortgages commonly have minimums of £10,000-£25,000. RIO mortgages vary by lender. Very small loans may have difficulty finding suitable lenders due to the fixed costs of mortgage underwriting relative to the loan size.
Can I add my partner to a lifetime mortgage after it has started?
Adding a second borrower to an existing lifetime mortgage is not typically straightforward - it usually requires refinancing to a new joint lifetime mortgage rather than amending the existing arrangement. This triggers new underwriting and may involve early repayment charges on the existing product. The terms of the existing lifetime mortgage should be reviewed carefully, and the cost of adding a joint borrower should be modelled against the benefit of doing so (primarily, the mortgage continuing after the first borrower's death without requiring repayment).
How do care fees affect mortgage planning for over 70s?
If a borrower moves into long-term residential care, most mortgage products (including lifetime mortgages and RIO mortgages) become repayable. The proceeds of the property sale fund the repayment. Where both members of a couple are involved, the repayment trigger typically requires both to have moved permanently into care. The potential interaction between care fees, property sale proceeds and the mortgage balance is an important planning consideration that a later life mortgage adviser will address as part of the advice process.
