No matter how well you’ve prepared for retirement, sometimes you may need a little extra help. Securing a mortgage in later life can be particularly challenging, which is why we have mortgages available to homebuyers able to pay off the loan by age 80, as well as 40-year terms.
Can I get a mortgage if I’m nearing retirement?
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, so please 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 880 7435.
Can I get a mortgage if I’m already retired?
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 880 7435.
Can you get a mortgage on a pension?
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.
What interest rates are available on mortgages in retirement?
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.
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.
From new mortgages to remortgaging and Buy-to-Let, we can help you find the right deal.