The short answer is yes, but it may be harder than when you were younger.
It's more difficult as lenders become more hesitant to lend to borrowers who are approaching their retirement as their income can become less reliable.
However, there are mortgage options available for older borrowers. Although there may be certain conditions, for example a shorter mortgage term so you've paid it off by a specific age.
There are also mortgage products designed specifically for older borrowers such as retirement interest-only mortgages. There are also equity release mortgage options, such as lifetime mortgages and home reversion plans.
A fixed rate mortgage means your interest rate stays the same for a specific period of time. This is useful for those working to a budget as you know exactly what your monthly repayments will be for that period of time.
Two-year fixed-rate mortgages and five-year fixed-rate mortgages are typically the most common, but an increasing number of lenders offer deals for ten years or more.
A variable-rate mortgage is different to a fixed deal in that the interest rate is subject to change during the initial deal period. This means your monthly repayments could change making it harder to budget for them.
Variable deals often have lower interest rates than fixed deals initially. However, the rate could be increased so you need to make sure you budget for that.
The most common variable rate deals are tracker mortgages and discount mortgages.
Tracker rate - a tracker mortgage rate is pegged at a certain level above the Bank of England base rate, and rises and falls with it.
Discount rate - a discount mortgage rate is set at a certain amount below the lender's standard variable rate (SVR) and rises and falls with it.
Your lender's SVR is the rate you'll come onto once your introductory deal period is over. It's normally higher than both fixed-rate deals and other variable-rate deals on the market so it's normally worth remortgaging to save paying more each month.
A fixed rate mortgage means your interest rate stays the same for a specific period of time. This is useful for those working to a budget as you know exactly what your monthly repayments will be for that period of time.
Two-year fixed-rate mortgages and five-year fixed-rate mortgages are typically the most common, but an increasing number of lenders offer deals for ten years or more.
A variable-rate mortgage is different to a fixed deal in that the interest rate is subject to change during the initial deal period. This means your monthly repayments could change making it harder to budget for them.
Variable deals often have lower interest rates than fixed deals initially. However, the rate could be increased so you need to make sure you budget for that.
The most common variable rate deals are tracker mortgages and discount mortgages.
Tracker rate - a tracker mortgage rate is pegged at a certain level above the Bank of England base rate, and rises and falls with it.
Discount rate - a discount mortgage rate is set at a certain amount below the lender's standard variable rate (SVR) and rises and falls with it.
Your lender's SVR is the rate you'll come onto once your introductory deal period is over. It's normally higher than both fixed-rate deals and other variable-rate deals on the market so it's normally worth remortgaging to save paying more each month.
Yes, you may be able to get a mortgage after you retire. Your options will likely be more limited as lenders become more wary about lending to people after they retire due to their income being less reliable.
However, there are an increasing number of lenders who will consider lending to you after retirement. You'll need to be able to evidence your income during retirement, whether that's through your pension or other means. You also may need to take a shorter term mortgage, as the lender may want you to repay the loan by a specific age.
There are also specific mortgages and equity release products for people after retirement, including retirement interest-only mortgages, lifetime mortgages and home reversion plans.
The length of mortgage deal you can get will depend on the lender. Some lenders have maximum age restrictions by which you must have paid the loan back.
This may mean they can only offer you a 15-year term instead of a 25-year one, for example. A shorter term means higher monthly payments, but it does mean you'll pay less interest over the course of the mortgage.
There are some lenders with no age restrictions, so you may find you can get a deal for 25 years.
It's worth consulting a mortgage broker who will know what the different lenders can offer, and advise you on the best deal for your circumstances.
It's more difficult to get a mortgage as you get older as lenders tend to become more wary of lending to borrowers as they approach retirement.
This is generally because income becomes less reliable after retirement and they may be concerned about you being able to repay the loan.
However, there are lenders who cater to the over 60s, but you will need to be prepared to show evidence of your income in retirement, such as a pension forecast.
Lenders sometimes see you as riskier to lend to if you are retired or near retirement because your income could fall when you stop working.
By showing lenders your income is enough to afford the monthly payments. Your salary, investments and pension all count towards your total income.
If you're not in retirement yet, but you will be during the mortgage term, be prepared to show evidence of your predicted income during retirement, such as a pension forecast.
Equity release allows you to get a lump sum or monthly income in return for a share in the ownership of your house. The main options for equity release are lifetime mortgages and home reversion plans.
A lifetime mortgage is a form of equity release but instead of paying the mortgage off monthly you pay it off when the house is sold on.
Yes, some lenders offer buy to let mortgages to borrowers over 60. It can be worth speaking to a broker as they can advise you which lenders would be most likely to consider you.
There is no universal age limit to get a mortgage. However, many lenders do impose age restrictions on their deals.
They may either have an age limit by which you must have taken a mortgage out, or a restriction as to what age you must have paid the loan back by.
Some lenders offer retirement interest only mortgages (RIO). You only pay the interest each month, and the full loan amount is repaid when you pass away or move into long-term care.
For that reason, some people may use this to clear their existing mortgage.
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