Mortgages in Retirement


Whilst nobody would relish the idea of having a mortgage in their retirement years, there are many situations in which is both necessary and beneficial, or at least unavoidable.

If for example you are one of the many people who have been on an interest only mortgage for most of your working life, a mortgage that goes on beyond retirement may be the only means of helping you stay in your home.

If life has thrown up unexpected challenges you may have raised a mortgage in order to consolidate debts.

If you are self-employed and planning to work well beyond retirement you may be happy to continue with the mortgage especially if it enables you to raise more money for your business.


Given the right circumstances is even possible to arrange a 40 year mortgage for a 70-year-old, but you would need sufficient guaranteed retirement income to justify a mortgage of this nature.

In less extreme situations is often possible to extend the mortgage beyond your normal state retirement age, especially if you are self-employed in an occupation that you could reasonably expect to continue for longer.

In a number of instances we have had to do this for clients in their early 60s just to make the repayments on a mortgage affordable by running it over a long enough term.

Mortgages in this category will always involve some form of repayment, even if they are set up on an interest only basis. 

Older applicants seeking to raise money to clear an existing mortgage or for other purposes without having to make repayments, would have to consider some form of Equity Release arrangement, and we can direct you to colleagues specialising in this area.

Your Home (or property) may be repossessed if you do not keep up repayments on your mortgage or any other debts secured on it.

We do not provide specific advice on lifetime mortgages (i.e. equity release). If we believe this may be your most appropriate course of action we will refer you to a colleague who specialises in that area.

Get in touch today to find out how we can help you

Get in touch