Mortgages for the over-50s

It is possible to take out a mortgage if you are aged over 50, however you will need to prove your ability to make the repayments.

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It has traditionally been more difficult for people aged over 50 to be approved for a mortgage. Thankfully, that’s changing.

Think carefully before securing debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.

Is there a maximum mortgage age limit?

No. There is technically no maximum age limit for when a UK resident can apply for a mortgage. In fact, The Equality Act of 2010 ensures that lenders don’t discriminate against borrowers because of their age.

Based on that law alone, you could theoretically get a mortgage regardless of whether you’re 18 or 80. Of course, things are a little different in reality. Lenders also have a responsibility to ensure that they only approve mortgages to applicants who can afford the repayments without experiencing financial hardship, so older applicants will find it much more difficult to obtain mortgage approvals than their younger counterparts.

For example, if you’re 50 years old and you apply for a mortgage with a 25-year loan term, the lender might be sceptical about your ability to repay the loan for the next 25 years.

In light of the 2008 financial crisis, more-judicious lending by banks and mortgage providers since then has led to some age restrictions on specific mortgage products. With this in mind, it’s worth checking with your mortgage broker to find out which lenders offer mortgages suitable for your needs.

What do I need to do to take out a mortgage if I’m over 50?

If you’re over 50 and applying for a mortgage, you’ll need to provide a greater amount of information regarding your current and future financial position than younger borrowers. If you’re already retired, or about to retire, the less likely you are to be able to fully repay the money you borrow.

To minimise the level of risk and also satisfy responsible lending obligations, a lender will ask you to supply detailed information about your employment and the income you earn from all sources, including any pensions you receive. The usual information about credit history and any other outstanding debts and your ongoing expenses is required as well.

What types of mortgage might be available to the over-50s?

If you’re over 50, you’re eligible for all types of mortgages available on the market, such as fixed rate, variable, interest-only or offset account mortgages, provided you can provide sufficient evidence that you’ll be able to repay the mortgage. Some lenders even have specialist mortgages for older borrowers that can make it easier to get a mortgage.

How should I start my search?

The best way to start searching for an over 50s mortgage is to find out which banks and building societies are most likely to offer a mortgage to older borrowers. These are likely to be smaller banks or building societies, some of which may offer products specifically targeted at an older age range. You can do this by either speaking to a mortgage broker or browsing online. Once you’ve worked out what mortgages are available to you, you should compare them to ensure you get the best deal.

How to compare mortgages

  • Interest rates. Interest rates are one of the most important elements to compare as interest is the biggest expense for mortgages. For pensioners, it’s important to look for the lowest interest rate because this is what will help you save money.
  • Mortgage flexibility. It’s important for your mortgage to provide you with flexibility. This may be flexibility in repayment schedules or in making additional repayments. Compare each loan and see what flexibility it can offer you.
  • Eligibility requirements. Some mortgages will require you to meet certain eligibilities in order to take out that mortgage. This may include a regular source of income, a good credit history and more. Pensioners, in particular, should compare the eligibility requirements of mortgages because some may be more appropriate to apply for than others.
  • Fees and charges. Most mortgages have mandatory fees and charges that you may have to pay. Compare any potential fees and charges each loan has (these may be either upfront fees or ongoing fees) and select an option with lower fees to help save money.
  • Loan term. Each mortgage provided by lenders will have different loan lengths. Compare and select the mortgage that provides you with the loan length to meet your needs.

How can I increase my chances of being approved for an over-50s mortgage?

It’s reasonable to be anxious about your chances of being approved as an older borrower. One of the best ways to make sure these anxieties aren’t fulfilled is to have a clear repayment plan, including your budget and monthly outgoings. Checking your credit score and taking steps to improve it prior to your application will also help your chances.

What do I do if I can’t get a mortgage?

If you’ve been refused by a lender, don’t worry! This doesn’t mean you’ll be turned down by a different lender. To improve your chances, consider applying to specialist and over-55 lenders, or maybe consider a lifetime mortgage. This is a long-term mortgage that is secured against your house, though bear in mind that it’s not the cheapest option due to high-interest rates.

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Am I eligible for a mortgage if I’m on a disability benefit?

Generally, disability benefits are considered a valid form of income by most lenders. Therefore a mortgage application for someone on disability benefits is not treated any differently from an application where someone services their loan with other forms of income.

Like any applicant for a mortgage, the lender will review whether the amount of income support you receive is sufficient for you to comfortably repay the loan.

Most lenders will review your application on a case-by-case basis. Your eligibility for a mortgage will depend on the amount of income you receive and how much of this can be used to service a loan.

Other factors including your age, assets and debts will be assessed by a lender on an individual basis.

Each lender will have different eligibility criteria, so it’s best to speak directly with your mortgage broker or lender to determine whether a mortgage is suitable for you.

Pros and cons of mortgages for the over-50s


  • Gives you funds when you need them. These mortgages allow pensioners to enter the property market and give you the funds you need, when you need them.
  • Extra benefits. Some mortgages available to pensioners come with extra benefits such as low or no interest rates, flexible payment plans and advance payments.


  • Higher interest rate. Equity release mortgages tend to have higher interest rates compared to other mortgages.
  • Eligibilities. Some mortgages have specific eligibility requirements you must meet that may be quite stringent.

Frequently asked questions about mortgages available to the over-50s

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.
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Matthew Boyle is a banking and mortgages publisher at Finder. He has a 7-year history of publishing helpful guides to assist consumers in making better decisions. In his spare time, you will find him walking in the Norfolk countryside admiring the local wildlife. See full bio

Matthew's expertise
Matthew has written 244 Finder guides across topics including:
  • Helping first-time buyers apply for a mortgage
  • Comparing bank accounts and highlighting useful features
  • Publishing easy-to-understand guides

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