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

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

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

This 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 being used in the affordability assessment.

For BTL mortgages, most lenders do have a maximum age up to 80 but there are a few who have no maximum age.

For Residential mortgages, where the income of the elderly applicant is being used in the affordability assessment, most lenders will not go beyond the age of 75-80.

If it is a joint application with a younger applicant who can afford the mortgage without the elderly applicant’s income being used in the affordability calculation, then there are lenders who will ignore the age of the elder applicant entirely.

There are of course other mortgage products available to more senior applicants, such as Lifetime mortgages and Home Reversion Plans which work in very different ways to a normal mortgage and require specialist advice.

It is important to remember that all applicants of a joint mortgage would be responsible for the payments regardless as to whether their income was 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.

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THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT. YOU DO NOT HAVE TO PAY A FEE FOR OUR SERVICES AS WE RECEIVE COMMISSION FROM LENDERS. IF YOU PREFER YOU CAN PAY 1% FEE ON COMPLETION AND WE WILL PAY ANY COMMISSION WE RECEIVE TO YOU. SOME BUY TO LET AND COMMERCIAL LOANS ARE NOT REGULATED BY THE FINANCIAL CONDUCT AUTHORITY
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