Mortgages for Over 60s
Getting a mortgage at 60 is more achievable than most people believe.
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What happens next
- Fill in the form (2 minutes).
- We'll match you with the right specialist for your situation.
- A specialist independent broker will contact you to discuss your options.
About Mortgages for Over 60s
Specialist later life lenders assess pension income, State Pension, drawdown, and investment income rather than relying on employment salary. Terms extending to age 75, 80, and beyond are available. And for those who prefer no capital repayment pressure, Retirement Interest Only (RIO) mortgages are purpose-built for the over-60s.
The options available
Standard Mortgage at 60
A standard capital and interest mortgage at 60. Terms of 15-25 years are achievable with specialist lenders ending at age 75-85. Pension income, drawdown, and State Pension all accepted for affordability.
RIO at 60
Retirement Interest Only - pay interest monthly with no fixed term end. The capital is repaid when you sell, move into care, or pass away. Purpose-built for the over-60s. Lenders: LiveMore, Hodge, Legal & General, Nationwide.
Equity Release at 60
At 60, lifetime mortgages offer LTV of approximately 25-30% of property value. Drawdown plans are particularly cost-effective at this age - take only what you need now and hold a reserve.
Interest-Only at 60
Standard interest-only mortgages at 60 with a defined repayment vehicle - property sale, investment portfolio, or pension lump sum. Specialist lenders accept a wider range of repayment strategies than mainstream banks.
Remortgage at 60
Remortgaging at 60 - moving to a better rate, extending a term, or releasing equity. Specialist lenders can replace mainstream lenders who are unwilling to extend past 65 at application.
Purchase at 60
Buying a property at 60 - a retirement property, a downsized home, or a move closer to family. Specialist lenders finance purchase mortgages at 60 on the same terms as remortgage.
How It Works
Income assessment at 60
At 60, income may include a mix of employment (if still working), pension in payment, drawdown, State Pension, rental, and investment income. A specialist can identify the lenders whose assessment methodology is most favourable for your specific income mix.
Product comparison
At 60, the right product depends on your income, term preference, inheritance priorities, and whether monthly capital repayments are manageable. The specialist we introduce you to can compare the options side by side.
Specialist lender sourcing
LiveMore Capital, Hodge Bank, Family Building Society, and other specialist lenders have specific experience with 60s borrowers. The specialist approaches those most likely to offer the best terms.
Completion
The specialist manages the application through to completion, including pension income evidence, property valuation, and any RIO or equity release-specific requirements.
Speak to our later life lending specialists
Call 0204 6211776 · Introductions to later life lending specialists
Frequently asked questions
Will banks give mortgages to over-60s?
High-street banks have maximum age limits that often exclude 60s applicants from longer-term products. Halifax and Nationwide extend to age 80 at end of term - workable for a 15-20 year mortgage at 60. For terms ending beyond 80, or for complex pension income structures, specialist lenders including LiveMore, Hodge, and Family Building Society are the primary route.
Can I get a mortgage on State Pension only at 60?
State Pension alone (£11,975/year for the full new State Pension) is typically insufficient for a mainstream mortgage. However, combined with a private pension, drawdown, rental income, or savings, State Pension can form part of the affordability assessment for specialist later life lenders.
What is the maximum term I can get for a mortgage at 60?
With specialist lenders: LiveMore has no maximum age at end of term, allowing a 30+ year term at 60 if affordable. Hodge lends to age 88 at application, meaning a mortgage taken at 60 could run for 28 years. Family Building Society lends to age 90 at application. The limiting factor is typically affordability, not age.
Is a RIO or standard mortgage better at 60?
If you have reliable income that can service monthly interest payments, a RIO is typically more cost-effective than equity release at 60. Whether a standard capital-and-interest mortgage or a RIO is better depends on whether you can afford capital repayments - both are assessed monthly payment options. A specialist can model all three structures.
Can I use my pension lump sum as a deposit for a mortgage at 60?
Yes - a pension tax-free lump sum (25% of the pension pot) is an acceptable mortgage deposit source. Lenders require evidence of the pension fund and the planned lump sum withdrawal. This is a common funding structure for retirement property purchases.