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Q&A; Mortgages with older and elderly or retired applicants over the age of 70

Author: Andy Bedford » Publish Date: 24 October 2012

Can someone over the age of 75 go on a mortgage?

Occasionally we are asked if we can arrange mortgages for elderly, or retired people of age 70, 75, 80 or even 90.

That will depend on the circumstances: whether the mortgage is for a buy-to-let or Residential property, if it is a joint application and if the income of the older applicant is necessary for affordability.

Most lenders for buy-to-let mortgages will have a maximum age of up to 80, but some have no maximum.

For Residential mortgages, where the income of the older applicant is required in the application, most lenders will not go beyond the age of 75-80. Many may be even more restrictive.

If it is a joint application with a younger applicant who can afford the mortgage in their own right, then some lenders will ignore the age of the other applicant entirely.

Other products available to seniors, such as ‘Lifetime Mortgages’ and ‘Home Reversion Plans’, may be more suitable, which work in very different ways to traditional mortgages and require specialist advice.

It is important to remember that all applicants on a mortgage would be responsible for the payments regardless of whether their income is used in assessing the case.

Therefore, as part of the advice process, we would consider arranging protection in case of death, illness or injury to either party.

To get expert advice, call 0345 4594490 or fill in our short enquiry form.

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