Is It Ever Too Late to Get a Mortgage?

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Many people assume that once you hit your 60s, your chances of getting a mortgage drop dramatically. In reality, age isn’t the barrier many think it is — the bigger issue is how lenders assess risk, affordability, and long-term income.

At Drummonds Finance Group, we speak to clients every week who are considering moving, investing, or refinancing later in life. And we’re here to say: yes, you can still get a mortgage if you're over 60, even over 70 — if you approach it the right way.

The Truth About Mortgage Age Limits

Let’s clear something up first. Mortgage lenders are less interested in your age at the time you apply and more focused on how old you’ll be when the mortgage ends. Most banks set this “term-end” age somewhere between 70 and 75 for residential lending. But that doesn’t mean the door closes at retirement.

There are lenders in the UK who will consider mortgages that run up to age 80 or even 85. In some cases, particularly with buy-to-let mortgages, age isn’t a major concern at all, as long as the rental income adds up.

The catch? Not every lender will tell you this. That’s where working with a broker makes the difference.

Why People Borrow Later in Life

There are plenty of good reasons why someone in their 60s or 70s might want to get a mortgage.

• Downsizing to a more manageable property

• Releasing equity from a home that’s mortgage-free

• Helping children or grandchildren buy their first home

• Investing in rental property to boost pension income

• Remortgaging to get a better rate or consolidate debt

Later life doesn’t mean life stops. In fact, we often see clients in retirement with stronger financials than younger borrowers, thanks to pensions, savings, or outright property ownership.

What Lenders Are Looking For

Lenders still have to do their checks. Here’s what matters most:

• Is your income stable and provable?

• Do you have a solid repayment plan in place?

• Is the mortgage term realistic based on your age?

• Are you buying to live in the property, or is it an investment?

If you're over 60 and receiving a steady pension, or still working part-time, that income can count toward affordability. If you're over 70 and applying for a shorter-term loan with a strong credit record and no outstanding debts, you may be surprised at how many options you actually have.

Residential vs Buy to Let Mortgages in Later Life

There’s a big difference between applying for a residential mortgage and a buy-to-let mortgage when you’re older.

Residential mortgages are usually more restricted because they rely on your income. That means you’ll need to show that you can comfortably repay the loan, either through earnings, pension income, or other assets.

Buy to let mortgages are more flexible. That’s because they’re based on the expected rental income from the property. Some lenders have no maximum age limit for buy-to-let, as long as the investment makes financial sense.

So if you’re looking to start or expand a rental portfolio in retirement, you have more options than you might think.

Common Concerns About Borrowing Later in Life

We often hear the same concerns from clients:

“Will the lender even consider me at this age?”“What if I retire in five years — does that affect things?”“Can I get a mortgage if I’m already drawing my pension?”“Will I have to pay more each month because of my age?”

These are valid questions — and the answer is: it depends on the lender and the structure of the loan. Generally, shorter mortgage terms result in higher monthly payments. But we can often balance that with lower loan amounts, interest-only options, or lenders who offer flexible later-life terms.

A Real Example: Investing at 69

One of our clients, Sandra, came to us at age 69. She had sold her main home, moved in with family, and wanted to invest in a two-bedroom buy-to-let in Oxford as a retirement income strategy.

She assumed no one would lend to her at that age. But with a substantial deposit and a solid projected rental yield, we secured a buy-to-let mortgage from a lender that had no age limit, with a five-year fixed rate.

Sandra now receives £1,200 in monthly rent, more than enough to cover the mortgage and leave her with a steady profit.

Should You Consider Equity Release?

Equity release is often mentioned as an alternative to later-life mortgages. While it can be useful in some cases, it’s not the only solution. In fact, a standard residential or buy-to-let mortgage may be a more cost-effective and flexible option, especially if you want to leave an inheritance or keep control of your property.

We’ll always talk you through the pros and cons of both — no pressure, no jargon.

Later Life Borrowing is About the Bigger Picture

Getting a mortgage in your 60s or 70s isn’t about age. It’s about your overall situation. What are your goals? What’s your income? Are you comfortable with the repayment plan?

If the numbers work, many lenders are open to helping, especially with the guidance of an experienced mortgage broker who knows which lenders will take a common-sense approach.

A lifetime mortgage is a long-term commitment which could accumulate interest and is secured against your home. Equity release is not right for everyone and may reduce the value of your estate. Equity release is arranged by an Introduction only