We have mortgages suitable for homebuyers that need to borrow into retirement or even those who’ve already retired. We’ll also assess your mortgage needs beyond what is often perceived as the normal retirement age, as we'll consider applicants able to pay off the loan by age 80.

If you’re already retired, we’ll consider you for a mortgage with a maximum loan-to-value (LTV) of 70%. If you’re not yet retired, but the mortgage term will end after your retirement age, the maximum LTV would be 80%. Please note that the maximum LTVs are calculated based on the oldest applicant’s age. Get in touch with our team for an accurate assessment based on your circumstances.

Older borrowers also have access to our full range of standard mortgage products. Use our mortgage finder to see which products are available to you, or speak with a member of our team on 0800 781 4311.

Obtaining a mortgage in retirement is possible. If you’re already retired, we’ll consider you for a mortgage with a maximum loan-to-value (LTV) of 70%. You can discuss your options with one of our advisors by calling 0800 781 4311.

Repaying your mortgage with a pension is possible. Here at Furness Building Society, we have a team of experienced mortgage underwriters who understand the stability of pension incomes. For this reason, we’re able to consider mortgages for older borrowers, as long as you can afford the mortgage repayments and have a proven income. This can be either from your job, a private or occupational pension or sometimes a combination of both.

Here at Furness, we don’t have specific ‘retirement mortgages’. Instead, older borrowers have access to our full range of new mortgage products. This means that the interest rates available to you would depend on how long you need the loan for, your loan-to-value (LTV) and whether you’d like an interest-only or repayment mortgage. 

You can compare our mortgage rates online here or call 0800 781 4311 to book an appointment with an advisor, who’ll work with you to find a product that suits your needs.

Interest-only mortgages in retirement 

At Furness, retirees could get an interest-only mortgage if they meet certain criteria. The minimum loan term is two years, and the borrower must repay the mortgage by the age of 80. This means it’s possible to be eligible for this type of mortgage in the right situation.

Please note that for interest-only lending where ‘sale of own property’ is the repayment method, our maximum age for new applicants is 69.

We don’t have a strict maximum age for mortgages, as each case is unique. Our mortgage terms start at two years and borrowers must be able to repay their mortgage by age 80. So, under the right circumstances, you could potentially be eligible for a mortgage up to the age of 78. However, it’s important to remember that your eligibility is subject to a thorough assessment of your finances and credit history, to ensure you can realistically afford the monthly payments.

Getting a residential mortgage when you’re 60 or older can be tough, as mortgage lenders often consider future income when making decisions about applications. As a result, fewer mortgage products may be available for people over 60. 

Our advisors recognise that obtaining a mortgage over 60 isn’t always smooth sailing, and will support you in finding the right product for your individual needs.

If you're looking to get a mortgage later in life, keep in mind that the mortgage term needs to end before the oldest applicant turns 80. If the term goes beyond the borrower's retirement age or 69th birthday (whichever comes first), proof of retirement income will be required.

For retired borrowers, we can consider a maximum loan-to-value of 70%. If the mortgage term extends beyond your retirement age, we can consider a maximum loan-to-value of 80%.

Our full mortgage portfolio is available to older borrowers if their property meets our standard criteria. We do not accept applications for the following property types:

• Freehold flats
• Ex-local authority flats
• Tower block flats
• Land for rent
• Properties of non-standard construction
• Properties that fall under ‘House of Multiple Occupation’ legislation
• Commercial properties
• Student letting properties
• Properties defined as being of defective construction

The sooner you start saving for retirement, the less you may need to borrow later on. Making sure you have enough money saved up for your golden years can be a bit tricky, especially when you're still taking care of everyday expenses like groceries and bills.

Our step-by-step retirement savings guide tells you everything you need to know about saving for retirement. Or, if you’re self-employed, you may also find our self-employed retirement guide useful.