Later Life
Mortgages for Pensioners
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Written by Mark Langshaw Reviewed by Lee Trett
24 January 2026
Hub page introduction, criteria and FAQs added
12 December 2024
First Published
A quick overview of mortgages for pensioners
While many people assume getting a mortgage in retirement is impossible, "mortgages for pensioners" refers to standard residential mortgages that are available to older borrowers. Unlike equity release, these are regular home loans where you make monthly repayments, but the affordability is calculated based on your pension income rather than a salary.
You can read more about them in our complete guide to mortgages for pensioners.
Key features of mortgages for pensioners
Here are the main features of pensioner mortgages that distinguish them from standard lending and equity release:
-
Income-Based Affordability: Lenders assess your ability to pay based on your pension income (state and private) and investment income.
-
Maximum Age Limits: Unlike lifetime mortgages, these loans usually have a maximum age cap for when the term must end (typically between 70 and 85).
-
Mandatory Repayments: You must make monthly payments (either capital and interest or interest-only).
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Standard Rates: You often have access to standard market rates, which can be lower than equity release rates.
|
Age |
Approx. Number Of Lenders Available |
|
75-80 |
50 |
|
80-85 |
35 |
|
85-90 |
18 |
|
No upper age limit |
12 |
Number of lenders available for older borrowers
Generally speaking, the older you are, the harder it is to get a mortgage but many lenders offer specialist products for senior borrowers.
This table gives you an idea of roughly how many available mortgage providers there are for your age bracket.
Guides & articles
All about Mortgages for Pensioners
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It is difficult to borrow a significant amount on just the State Pension due to affordability checks. Most lenders will require a private pension or other income sources to approve a loan size that makes buying a house viable.
Yes. Unlike lifetime mortgages which run until you die or go into care, standard pensioner mortgages usually have a "maximum age at end of term." This is often set between 70 and 85 years old, meaning the mortgage term might be shorter than a standard 25-year loan.
Simply having a mortgage debt usually doesn't affect benefits, but if you release a lump sum of cash (remortgaging) and keep it in savings, that capital could reduce eligibility for means-tested benefits like Pension Credit.
If you cannot meet the affordability or age requirements for a standard pensioner mortgage, the main alternatives are Retirement Interest-Only (RIO) Mortgages (which have no end date) or Lifetime Mortgages (where no monthly payments are required).
Find a better later-life mortgage on Money Helpdesk
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.
If you are thinking of consolidating existing borrowing you should be aware that you may be extending the terms of the debt and increasing the total amount you repay.
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