Yes, you can get a mortgage after 55. Age limits vary by lender, and each one looks closely at how you will repay once your working income falls or stops.
You have three main routes.
A standard mortgage, on a repayment or interest-only basis, suits you if you still earn or have a steady pension. A retirement interest-only (RIO) mortgage lets you pay only the interest each month, with the loan repaid when your home is sold. A lifetime mortgage is a type of equity release. You borrow against your home, and the interest usually adds to the loan instead of being paid each month.
The right choice depends on your income, your home’s value, how long you plan to stay and what you want to leave behind.
This guide is general information, not personal advice, and an independent mortgage broker can work from your own figures.
Mortgages for older people: key figures at a glance
These figures come from official and industry sources, and each one shows the period it covers.
| Figure | Value | Period | Source |
|---|---|---|---|
| State Pension age for people born 6 March 1961 to 5 April 1977 | 67 | Under current legislation | GOV.UK |
| Inheritance Tax nil-rate band | £325,000 | 6 April 2009 to 5 April 2031 | GOV.UK |
| Residence nil-rate band | £175,000 | 6 April 2020 to 5 April 2030 | GOV.UK |
| New lifetime mortgages to main borrowers over 55 | 5,730 | Q2 2026 | UK Finance |
| New RIO mortgages to main borrowers over 55 | 323 | Q2 2026 | UK Finance |
| Average lump sum on a new lifetime mortgage | £113,779 | Q2 2026 | Equity Release Council |
Lifetime mortgages far outnumber RIO mortgages, which remain a small part of the market.
Are there mortgages for over 55s and over 60s?
Yes, mortgages for over 55s and mortgages for over 60s are available. Each lender sets its own age limits, and the main ones apply to your age when the mortgage ends. A 58-year-old asking for a 25-year term is judged as someone who will be 83 at the end.
What age limits do lenders publish?
The published limits show how far apart lenders can be.
At the time of writing, Nationwide takes new borrowers up to age 75. The mortgage must end before the oldest applicant turns 75. Family Building Society lends up to age 95 at the end of the term on its standard repayment mortgages. Mansfield Building Society needs repayment mortgages cleared before 95 and interest-only ones before 85.
If you searched for Nationwide later life mortgages, note that the lender no longer offers new retirement mortgages. Its retirement mortgage page is for existing members only. These limits change, so check them again before you rely on them.
How does State Pension age fit in?
Your State Pension age is a useful marker because it is when a guaranteed income begins.
For people born between 6 March 1961 and 5 April 1977, the GOV.UK State Pension age timetable gives 67 under current legislation. Anyone planning to borrow beyond their 70s may also want to read our guide to mortgages for over 70s.
What are your main mortgage options after 55?
Your options are a standard mortgage, a RIO mortgage, a lifetime mortgage or a home reversion plan. The table shows how each one handles monthly payments and repayment.
| Option | Monthly payments | How the loan is repaid | Often suits |
|---|---|---|---|
| Standard repayment mortgage | Interest plus part of the loan | Gradually, by the end of the term | Borrowers with enough income to the end of the term |
| Standard interest-only mortgage | Interest only | From a repayment plan, such as savings or selling the property | Borrowers with a clear plan for the loan |
| RIO mortgage | Interest only | When the home is sold, usually after death or a move into long-term care | Retired borrowers with income to cover the interest |
| Lifetime mortgage | Usually none, as interest adds to the loan | When the home is sold, usually after death or a move into long-term care | Owners who want cash without monthly payments |
What is a home reversion plan?
A home reversion plan lets you sell all or part of your home to a provider and keep the right to live there. Our equity release hub explains how these plans compare.
How do standard mortgages work for older borrowers?
A standard mortgage works the same way at 62 as at 32, but the lender fits the term and income checks to your age.
On a repayment mortgage, you pay interest plus part of the loan each month, so the debt clears by the end of the term. On an interest-only mortgage, you pay only the interest, and you still owe the original loan at the end.
What if your interest-only mortgage is ending?
An interest-only mortgage therefore needs a repayment plan the lender accepts, such as savings, investments or selling the property. If yours is close to ending and you have no plan, read what happens when an interest-only mortgage ends.
If your repayment plan has fallen short, equity release can pay off an interest-only mortgage, and our guide to interest-only options explains the basics.
How does loan to value change with age?
Loan to value (LTV) is the loan as a percentage of your home’s value. Lenders can lower the maximum LTV as your age at the end of the term rises.
At the time of writing, Suffolk Building Society offers up to 80% LTV into retirement and up to 70% once you have retired. Mansfield Building Society allows up to 75% LTV where the mortgage will be repaid between ages 70 and 85.
How do lenders check your income and affordability?
Lenders work out whether you can afford the payments now and after you retire, using evidence of every income source you will have. That can include earnings, workplace and personal pensions, the State Pension, rental income and investments.
The detail varies. Nationwide uses the lower of your current and expected retirement income if you are under 10 years from retirement. It counts 75% of the quoted pension income if the statement assumes no tax-free cash. Mansfield Building Society uses 100% of gross pension income where the mortgage is repaid in retirement. Family Building Society accepts earned income to age 70, or 75 in a non-manual job.
Your credit file matters at any age.
Check your report before applying, because errors and old addresses can slow an application. Our guides explain how to check your credit report, what a credit reference agency holds and how to fix mistakes on your credit report.
What is a retirement interest-only (RIO) mortgage?
A retirement interest-only mortgage is a loan where you pay only the interest each month. The capital is repaid when the home is sold, usually after the last borrower dies or moves into long-term care. Our guide to the RIO mortgage goes into more detail.
What does a RIO mortgage look like in practice?
For example, say your home is worth £800,000 and you borrow £400,000 on a RIO mortgage. That is an LTV of 50% (£400,000 divided by £800,000). You would pay the interest each month, the loan would stay at £400,000, and the sale of the home would repay it. A lender that allowed up to 75% LTV would cap this loan at £600,000.
Who offers RIO mortgages, and what is changing?
At the time of writing, Family Building Society offers a RIO mortgage for borrowers aged 55 and over. Mansfield Building Society says its RIO mortgages have no maximum age at the end of the term. It requires independent legal advice so that a legal arrangement is in place for someone you trust to manage your affairs if you cannot.
The FCA wants it to be easier for older homeowners to unlock wealth built up in their property. Its mortgage rules consultation closed on 28 July 2026, and the FCA press release says the plans include “updating affordability guidance for retirement interest-only mortgages”. Final rules may follow, so product choice could change.
How does a lifetime mortgage work?
A lifetime mortgage lets you borrow against your home without monthly payments, because the interest normally rolls up and is added to the loan. The whole amount is repaid when the home is sold. Our guide to the lifetime mortgage covers the types in full.
How much do people borrow, and how fast does it grow?
In the second quarter of 2026, the average new lifetime mortgage lump sum was £113,779, according to the Equity Release Council’s market report. Rolled-up interest grows fast over time. At an illustrative 6% a year, which is not a current rate, a balance roughly doubles in about 12 years.
What protections do lifetime mortgages carry?
The Equity Release Council’s product standards give you protections, and members can only say a product meets them if it meets all of them:
- The rate is fixed, or capped for the life of the loan.
- You can stay in your home for life, or until you need long-term care.
- You can move to another property the provider accepts as security.
- There is a no negative equity guarantee, so you or your estate never owe more than the sale proceeds.
- New plans allow penalty-free payments, subject to lending criteria.
Our guides on tax and equity release and on whether you need a solicitor for equity release cover the next steps.
How do the options compare on cost?
A repayment mortgage usually costs the least over its life, because the debt falls each month and so does the interest charged.
A RIO mortgage costs you interest every month, but the loan itself stays the same size.
A lifetime mortgage needs no monthly payments unless you choose to make them, yet the balance can grow for years.
No option wins on every measure.
A repayment mortgage costs least over time but needs the highest monthly income, and retirement tends to reduce income. A RIO mortgage asks for proof that you can afford the interest, and UK Finance recorded only 323 in Q2 2026 against 5,730 lifetime mortgages. A lifetime mortgage removes the monthly pressure but leaves less for your family. If you cannot tell which trade-off matters most, that is the question to take to a broker.
How can you check the real cost?
Ask any adviser or lender for a personal illustration of what you would owe after 5, 10 and 20 years. Ask about early repayment charges too, which are fees for repaying a deal early.
If you can pay part of the interest on a lifetime mortgage, penalty-free payments can slow the growth. The Council standards above say new plans must allow them, subject to lending criteria.
What happens to your partner and your family?
Put both partners on the mortgage if you can, because the loan is usually repaid when the last borrower dies or moves into care. If only one name is on a loan, the other partner could face a sale after a death. Check how any plan treats a surviving partner.
Our guide explains how equity release works when you die.
Borrowing against your home reduces what you leave behind. The Inheritance Tax nil-rate band is £325,000 until 5 April 2031, according to the GOV.UK thresholds page. A further residence nil-rate band of £175,000 can apply when you leave your home to children or grandchildren. The standard rate above the thresholds is 40%, as GOV.UK explains.
You may want to use the money to help family, for instance to give children a deposit. Releasing cash can also affect means-tested benefits, so ask about this before you borrow.
Should you move or downsize instead?
Moving to a cheaper home can free cash with no new debt. For example, say you sell a home for £750,000 and buy another for £500,000 outright. That releases £250,000 before moving costs such as legal fees, stamp duty and removals.
Downsizing means a new home, a new area and a one-off set of costs, so weigh those against the cash it frees. If you want to move later with a lifetime mortgage in place, read our guide to buying a house with a lifetime mortgage. Our overview of later life mortgages covers how these loans fit together.
What stops older borrowers being approved?
An application can fail for any of these reasons:
- Too little provable income to cover the payments.
- A term that runs past the lender’s age limit.
- A weak credit file.
- A property the lender will not accept.
- No clear plan to repay an interest-only loan.
Three of these have a fix. A shorter term can bring you inside an age limit. A joint application with a family member may help affordability, as Family Building Society’s joint borrower sole proprietor arrangement does. Correcting errors on your credit report can lift a weak file. A property that falls outside a lender’s rules may mean choosing a different lender.
How can you improve your chances?
Preparation helps because lenders want to see how you will repay after you retire. These steps keep an application moving:
- Check your credit reports at all three agencies and fix errors.
- Gather recent pension statements, bank statements and any pension projections.
- Get a realistic valuation, because the LTV depends on it.
- Decide what you want the money for, and how much you need.
- Talk to your family, and ask a solicitor about a legal arrangement that lets someone you trust act for you.
- Speak to an independent broker before you apply, because a full application leaves a mark on your credit file.
Speak to an independent broker
Age limits run from 75 to 95 at the end of the term across the lenders covered here, so start by working out how old you will be when your mortgage ends. After that, the choice between a RIO and a lifetime mortgage turns on monthly affordability and what you want to leave.
Respect Mortgages is not a broker and does not give advice. If you would like to talk through your options, contact us. We will introduce you to a qualified independent mortgage broker who can look at your circumstances. Our guide to mortgage brokers explains what they do.
Frequently Asked Questions
Possibly, because the mortgage would end at age 90. A lender with a limit of 75 would decline it, as the term must end before the oldest applicant turns that age. Family Building Society lends up to 95 at the end of the term on standard repayment mortgages. A lower LTV may also apply.
Possibly, because it would end at age 80. At the time of writing, Mansfield Building Society says it can lend to people over 70. The limit is 75% LTV where the mortgage is repaid between 70 and 85 (from 75 for non-manual workers). A limit of 75 would rule it out.
No single product is best, because it depends on your income, your home’s value and your plans. A repayment mortgage costs least overall if you can afford it. A RIO mortgage suits retired people with steady income, and a lifetime mortgage suits those who want no monthly payments. Ask for an illustration of what you would owe under each after 5, 10 and 20 years. Ask a broker how a lender would treat your pension income.
Yes, if the income covers the payments and living costs. Lenders count pension income, and Suffolk Building Society also considers pension pots you have not yet drawn. Mansfield Building Society uses 100% of gross pension income where the mortgage is repaid in retirement.
The lender is repaid from the sale of your home, usually after the last borrower dies or moves into long-term care. A lifetime mortgage that meets Equity Release Council standards has a no negative equity guarantee. Your estate never owes more than the sale proceeds.
