The short answer is yes, you can get a mortgage for over 60, however, your options are likely to be more limited than for younger borrowers as lenders carry out stricter checks. It’s a good idea to speak to a specialist mortgage broker who can advise on the best options for you.
The first step is to prove that you can afford the repayments. This will involve showing that your income, including any savings and investments, is high enough to cover the cost of the loan. You may also need to provide evidence of your pension income.
Securing Your Dream Home After 60: Mortgages Tailored for Seniors
If you are planning to retire during the mortgage term, you’ll need to show that you have sufficient income from your investments and pension to survive without taking on more debt. You should also consider the possibility that you might need to go back to work in retirement due to ill health, redundancy or an economic downturn.
Mortgages for over 60 can be available through a variety of different lenders, both mainstream and specialist. Some of these offer a range of products specifically designed for older borrowers. This can include lifetime mortgages, home reversion plans and equity release mortgages. With these, you can get a lump sum or monthly income in exchange for a share of your home, and you’ll only need to repay the loan when you sell the property. This is a more flexible option than a traditional mortgage.