Is it possible to get a mortgage if you’re retired?

Becoming a homeowner later in life is not uncommon these days, but getting a mortgage becomes more challenging after the age of 55, largely because it is harder to prove retirement income than it is a salary. Mortgage providers will also want to be sure you’re able to pay off the loan during your lifetime.

Providing you can prove your income some lenders are willing to offer mortgage finance to retirees. Income sources include savings and a private or workplace pension (or a mixture). Together with an outline of your expenditure, this will help prove you will have enough to live on and to pay your mortgage for the duration of the term.

You may be offered a shorter mortgage term or a higher interest rate, depending on your age and the lender, because most lenders have a maximum age by which they will want the mortgage to be paid off – this can be as high as 85 or as low as 70.

Challenging doesn’t mean impossible, so get in touch for advice to secure mortgage finance that suits your circumstances.

It is important to take professional advice before making any decision relating to your personal finances. Information within this article is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed. It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK.