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Mortgage Brokers for Older Borrowers

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Mortgage360 are here to help you make the right choice.

Here at Mortgage360 we pride ourselves on offering tailored advice, coupled with great service. We are mortgage experts, so you can rest assured that you are in safe hands when searching for your new mortgage, whatever your situation may be.

Key Benefits

We are committed to guiding you through one of life's most significant financial decisions.

When it comes to securing the right mortgage, our expert team is here to ensure that you make informed choices tailored to your unique needs.

Whether you need to generate additional retirement income, improve your home or even gift a deposit to your children, at Mortgage360 we can make it work.
If you need to extend a mortgage with no repayment vehicle, we’ll investigate the potential with you.
If you’re moving home or considering buying a holiday home, we’ll provide expert advice.

There are lots of reasons why you may be looking to secure a mortgage as an older borrower, or even into retirement.

Your existing mortgage may be coming to the end of its term with no repayment vehicle, and equity release may not be the right choice for you. You might want to move home or consolidate debts so you may want to secure funds beyond your retirement date.

You may even want to use funds tied up in your home to buy a holiday home, help your children get on the property ladder by gifting a deposit, to generate additional retirement income or even for significant home improvements.

Whatever the reason, pensioner mortgages or lifetime mortgages could be the right solution for your life plans, providing you with a tax-free lump sum.

What age is considered ‘older’ when applying for a mortgage?

You can expect upper age limits stipulated by mortgage lenders to be anything from 70 to 95.

If you’re in your 50s, it’s generally easy to find an appropriate mortgage deal, provided your finances are in order and other aspects of your application are favourable.

By the time you reach 60, the checks may be more intensive, with many lenders wanting to see evidence that your savings and pensions will be adequate to cover the proposed monthly repayments once you reach retirement age. Mortgage terms offered may be shorter and rates less competitive which can impact your affordability.

At 70, expect the choice to be even more restricted, with fewer lenders and even shorter terms – five to fifteen years – and higher mortgage interest rates to mitigate the risks.

If equity release does not suit your future plans, then a retirement mortgage could be the solution. At Mortgage360, we have access to mortgage providers who take a flexible approach to affordability, taking into consideration pension, rental and investment incomes.

Even if you’re already retired or approaching retirement, at Mortgage360 we can help you secure the right mortgage for older borrowers well beyond the age of 60.

Older borrowers’ mortgage options have changed since the Mortgage Market Review in 2014, with lenders becoming increasingly strict in terms of their lending assessments and criteria.

As a result, although there is still no official age limit in terms of securing a mortgage offer, more lenders do have upper age limits and term lengths for older borrowers. However, this doesn’t mean you can’t secure a deal, and we can help you through the process.

What is generally the oldest age you can get a mortgage?

Most articles written on the subject suggest 95 as the upper limit, although there is no official figure across the board. Lending caps can and will affect the length of your mortgage term, so the older you are, the shorter the term of the mortgage is likely to be, and the higher the interest rates, to mitigate the risk of lending to an older borrower. It’s important to access specialist mortgage advice.

What is a later-life mortgage?

Later-life, or a Lifetime Mortgage are designed for the over 55s approaching retirement age. They provide you with a number of options:-

  • You can pay interest monthly, so the capital sum owing remains the same
  • You can make no payments at all, so the interest is added to the loan and the total sum owing increases each year
  • You can choose to make payments every month or even every year, usually between 1-10% of the total sum owing

What type of mortgages can older borrowers get?

Older borrowers have lots of options, although it may be necessary to look at more specialist products on the market to secure the most suitable deals from mortgage lenders.

  • Equity release – homeowners aged 55 and over releasing equity in the form of tax-free cash from the value of their home, based on age and property value – either a cash lump sum or more regular payments. 
  • Lifetime mortgage – a little like equity release, an interest-only loan where you have a range of options in terms of repaying the interest accruing.
  • Home reversion plan – selling all or a percentage of your property in return for a lump sum or regular payments, with the right to continue to live in your home until you die or move into long-term care.
  • Retirement interest-only mortgage (RIO) – here, the capital is paid off when you die or move into long-term care, with any residual funds going to your beneficiaries.
  • Guarantor or ‘family assisted’ mortgage – to help your children secure a mortgage and get on the property ladder.

Can I get a Pensioner Mortgage?

There are a number of specialist lenders offering mortgages for older borrowers tailored specifically for pensioners. The age limit is usually quite flexible.

As eligibility criteria, most lenders will want proof of your pension and monthly income to show you can afford the mortgage payments, and you will also be expected to have a good credit history to get a mortgage.

At Mortgage360, we can take care of everything for you. Call us for a friendly chat!

How can I improve my chance of getting a mortgage as an older borrower?

There are a number of things you can do to optimise getting a mortgage.

  • Ensure you have a strong credit report – check it’s correct and always pay your bills on time, your credit rating is important
  • Obtain proof of your pension income from your pension provider, any regular income and expected retirement income to demonstrate you can cover the mortgage repayments
  • For the affordability assessment, cut out all unnecessary expenditures to reduce your monthly outgoings
  • Don’t take out any new loans close to the date of your application – if possible pay off outstanding loans where you can
  • The more substantial deposit you have, the more favourably you will be viewed when getting a mortgage as an older person

It’s important to be able to demonstrate that you are financially responsible with a stable income. Talk to Mortgage360, as a specialist mortgage broker to help you through the entire process.

How is borrowing for older people assessed?

The older you are, the more strict the assessment and the mortgage lending criteria, with a shorter mortgage term and higher interest rates a possibility.

Are mortgage rates any different for older borrowers?

Mortgage providers base their rates on perceived risk – older borrowers are seen as a riskier prospect than younger borrowers, therefore expect interest rates to be higher, as well as Loan to Value caps.

What factors affect the interest rate you will be offered?

Primarily your financial circumstances. A larger deposit will impact positively the interest rate offered, and shorter mortgage terms are also a cheaper option.

Why older borrowers should use Mortgage360?

At Mortgage360, we welcome older borrowers and provide help and assistance with mortgage applications, from moving home to remortgaging through to retirement interest-only mortgages. We provide tailored mortgage advice to fit your own personal circumstances and objectives.

Contact us today to start the ball rolling!

Equity Release services are referred to a third party.
Neither Mortgage360 nor PRIMIS are responsible for the service received.

Mortgage Brokers for Older Borrowers

Here at Mortgage360, we can provide expert advice on all your mortgage and insurance needs.

Whether you’re ready to get started on your journey now, or you’d just like a no obligation consultation, we’d love to hear from you…

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There may be a fee for arranging a mortgage. The precise amount will depend upon your circumstances, however we estimate this to be between £200 and £600.


A Lifetime Mortgage will reduce the value of your estate and may affect your entitlement to means-tested benefits and tax status. The impact of not servicing monthly interest payments on a Lifetime Mortgage is that the outstanding debt can grow rapidly, thus reducing the value of your estate. For example, if the interest rate was 7% a year, a £50,000 loan would double to £100,000 after 10 years assuming no repayments are made. This is an example for illustrative purposes only and personalised advice and recommendations should be sought from a qualified professional. You are strongly advised to register a lasting power of attorney. This will allow your affairs to be managed by somebody else if your mental abilities significantly decline.


See what our clients are saying....

Zoe Cameron
September 28, 2023

Great service from Mortgage360, following a recommendation from my financial advisor. They efficiently went through our criteria and found the best mortgage to suit our needs. Their comms are great, they kept me fully informed throughout. Thank you Gavin and Matt.

Barnaby Fox
September 14, 2023

Gavin/the team was extremely efficient and communicative through the whole process, resulting in getting a mortgage at a great rate.

Richard Fryer
June 30, 2023

After working with Matt from Mortgage 360 previously on our first mortgage he shows excellent customer service and caters for the needs of the client. Couldn’t be happier working with Mortgage 360 especially in the current climate as the business answers all the questions asked and takes the customers best interests into account.

Samia Umarq
May 15, 2023

Gav arranged my mortgage he was great throughout the process keeping informed, very friendly and knowledgeable highly recommend him.

R Virk
R Virk
May 10, 2023

Excellent service from Gavin Watson

I contacted Gavin Watson, as I was needing to remortgage my property quickly, as my previous fixed arrangement was due to end within weeks. Therefore, there was a sense of urgency on my part. I need not have worried as Gavin was very supportive and professional from the first contact to the completion of the new mortgage arrangement. He took the time to listen and explain all the options I had and guidance on the best option for my particular circumstance. Gavin ensured the remortgage was completed effectively and efficiently, not to mention, well within the timescale. If you are looking for a professional, who has the best interests at heart for his clients, then look no further. I highly recommend Gavin Watson, if you are in the market for a mortgage. Thank you so much Gavin for such an excellent service.

Angela Holder
Angela Holder
May 6, 2023

Great service from Matt for the second…

Great service from Matt for the second time. He was fast to give advice and extremely efficient in obtaining the best possible mortgage. The whole process was smooth and stress free.

Aiden palmer
Aiden palmer
May 4, 2023

Brilliant service!

Brilliant service!! Gavin has helped us so much to get our mortgage and we couldn’t have done it without him. We will definitely use him again in the future. Thankyou so much!

GALE Boyes
April 21, 2023

Absolutely amazing service from Matt can't thank him enough for securing our mortgage for our forever home considering our past credit history. Thankyou again Matt at pulsar. 100% recommend.

Jamie Chan
Jamie Chan
April 4, 2023

Matt continues to provide exceptional…

Matt continues to provide exceptional client services, and is very diligent in searching the market for the best deal. Highly recommended. Thanks, Jamie

Sue Alexander
Sue Alexander
March 16, 2023

I recommend Pulsar to everyone

I would recommend Pulsar to everyone. Gavin has been amazing helping me to buy my council house. As this is my first home purchase and I’m not young!! He made everything easy to understand and made the mortgage mind field easier to navigate, getting me the best deal. I know that ongoing support is there if and when I need it. Thank you Gavin x

David Ian
David Ian
March 3, 2023

Great service, friendly, prompt and professional personal recommendation led us to…

A personal recommendation led us to Pulsar F. S. Matthew Illingsworth was very helpful, prompt and supportive through the process of obtaining a bridging loan to purchase. The documentation explained our options and laid out the process clearly. Would full recommend to others.

Amanda Underhill
Amanda Underhill
February 27, 2023

Remortgage recommendation

Gavin has been absolutely amazing dealing with my remortgage. Professional but personable from the start, he has been able to secure the right mortgage for me and supported me through the process giving impartial advice and a range of options for me to consider. He’s provided timely support, and has been contactable to answer questions as needed - this has been exactly what I needed during a stressful time remortgaging during divorce negotiations. I’d highly recommend Pulsar Financial Services!

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