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Pensioner on the golf course, happy with their mortgage : Retirement Mortgages past 65

Mortgages for Pensioners

Can you get a mortgage as a pensioner?

Absolutely yes! We successfully source retirement mortgages for those aged 60 to 89

When you mention ‘Pensioner’, what do you think of? Is it an old lady in a shawl, knitting away? Or an elderly gent, stooped & worn, reaching for the tin of butterscotch?

Well, we know differently. Even though many mortgage lenders traditionally refuse to lend to the over 60s, we know that age is but a number & many retirees are still extremely active past the age of 65.

Busy Pensioners

You told us that you’re busy in retirement. You’re running businesses, spending time on building projects, spending cash on travelling, hobbies, sports & home improvements. So there’s no reason why your finances shouldn’t work just as hard for you.

Even if a little stiff & sore at times, there’s no reason at all why the older generation shouldn’t have access to mortgage deals to bring their plans to fruition. And that’s just where we come in with decades of experience in finding mortgages past normal retirement age.

You asked “Can I get a mortgage with my pension?”. We said “Why shouldn’t you? Let’s see what deals we can find…”

Perhaps you want to release equity that’s tied up in your bricks & mortar. Or make life easier with a move to a bungalow. Then again, why shouldn’t you keep on running your buy-to-let portfolio and bringing ongoing income to supplement your pension?

Whatever your mortgage needs, we think age shouldn’t be a bar. So long as you can comfortably meet the repayments and have protection, then why shouldn’t you?

Mortgages in retirement

So we’ve fostered long relationships with lenders that are happy to lend into retirement. In fact, they’ll do a repayment mortgage upto a maximum age of 95 at the end of the term. For Interest Only, RIO or Buy To Let mortgages, they’ll lend so long as you’re under 89 when signing on the dotted line. For Interest Only mortgages, they do expect there to be an alternative means of repayment already in place. That could be a Cash ISA, equity in another property or other investments. Each situation is unique and every case is judged on its merits with future sale of the property often being an acceptable payment vehicle.

Of course, as with any mortgage, repayments have to be affordable. But our panel of lenders takes all forms of income into account whether from pension, investments, BTL rental income or employment (upto age 70).

After all, many of us are now working well past compulsory retirement age, outliving previous generations & with considerable financial savvy so why shouldn’t mortgages for over 65’s move with the times?

As ever, we regard each application as unique so just fill in our simple factfind form and we’ll be delighted to help find the right mortgage for you.

Our skill, backed by decades of experience, is in understanding the mortgage market place and looking for the most appropriate mortgage for your own unique, personal circumstances.

Lending into Retirement – the 2024 Update

Over the next 10 years, there’s over £200 Billion worth of Interest Only Mortgages coming to maturity. Many borrowers don’t have a repayment strategy in mind and will be looking to remortgage if they want to stay in their present home.

But what about those who are now in their retirement years and faced with coming to the end of an Interest Only deal? As people get older, their earnings often drop as they semi-retire or finish work completely, leaving it harder for them to access mainstream finance due to the affordability checks & age restrictions of many mortgage lenders.

All our clients are unique and so our approach is equally unique in each case but we’re delighted to be working with borrowers who have listened to what we think borrowers are looking for.

Age : No maximum age at end of term Interest Only? Yes, with property as repayment vehicle
RIO Mortgage : Runs until death or move to long term care Affordability : Bespoke consideration dependant on joint incomes
Income : We specialise in complex income Debt Consolidation : Allowable upto 100%
Loan Size : Larger loans available for HNW Individuals
Self Employed : Acceptable

  • Retained Profits
  • 1 Year’s accounts / 1 Year’s Trading
  • Latest years accounts where trading more than 1 year
  • Director’s loans considered
  • Dividends can be taken into account for affordability after retirement age
  • Buy To Let income – based on gross rental & mortgage payment rather than SA302
Adverse Credit : We specialise in complex income

What about Equity Release?

You might have heard about Equity Release schemes, often heavily targetted at those in their retirement years.

These are completely different to Retirement Mortgages or RIO Mortgages and we are committed to only offering financial products that are appropriate for your needs & in your best interests.

We’ll happily discuss the pros & cons of the various forms of retirement borrowing.

Find your ideal mortgage

Start your Application for a Mortgage into Retirement

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Mortgage Advice Line

Whatever your circumstances, we can help you secure the right mortgage.

Call us: 01704 808286

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