Mortgages aren’t just for the fresh faced twenty somethings climbing the career ladder. Whether you're buying your first home later in life, remortgaging at 55, or helping your kids buy with a joint mortgage, age plays a role but it's not always a blocker.
In this guide, we’ll break down how mortgage age limits work, how they affect your borrowing, and what your options are if you're buying or remortgaging in your 50s, 60s, or beyond.
A mortgage age limit is a maximum age set by lenders for:
Lenders do this because they want to be sure you’ll have a reliable income throughout the mortgage term. For many, retirement changes your financial picture so it’s a risk lenders need to factor in.
But it’s not a hard ‘no’ after these ages. Some lenders will consider applications on a case by case basis, especially if you’ve got pension income, savings, or a strong repayment plan.
As you get older, your mortgage term usually gets shorter. That’s because lenders want the mortgage paid off before you hit their upper age limit.
Shorter term means higher monthly repayments, which can affect the amount you’re allowed to borrow.
Example:
Yes, you can, but the rules are a bit different.
You’ll usually need to show:
Some lenders even offer retirement interest only mortgages (RIOs), where you only pay interest until the property is sold or you pass away, making it more affordable in the short term. That means the full mortgage amount is repaid from the sale proceeds, so the debt isn’t reduced during your lifetime
Joint Mortgages and Age Limits
If you're applying with someone else, like a partner or child, the age of the oldest applicant usually sets the limit.
That’s why something like a joint borrower sole proprietor (JBSP) mortgage can help. With JBSP, your income gets a boost from a parent or close family member, but only your name goes on the property deeds. It's a great workaround if you're younger but need help borrowing more or if your parent wants to help without being penalised for stamp duty.
If your mortgage runs into retirement, lenders want reassurance that you can still meet your payments. That might mean providing:
If your circumstances change and repayments become tricky, remortgaging or switching to an interest only plan may be options, but it’s best to act early.
The mortgage age limit isn’t a hard stop, it’s more of a caution sign. There are still plenty of routes to homeownership or refinancing later in life, especially with expert help.
Whether you’re 25 or 65, the right lender and the right mortgage broker can make all the difference.
Chat to a mortgage expert, no strings, just sound advice.
Mortgage eligibility criteria varies from lender to lender, so there is no universal set of criteria that will guarantee that you qualify for a mortgage.
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