Getting a mortgage for over 60s in Hull might seem less straightforward than it is for younger borrowers, but the market has changed in recent years.

More lenders are recognising that people are living longer, working later, and still looking to make big moves well into retirement.

Whether you’re buying a new home, remortgaging, or looking to release equity from your current property, there are options worth exploring.

Is There an Age Limit?

While some lenders do place age limits on when a mortgage must end, many are more flexible than they used to be. You’ll often find products available that stretch well beyond the age of 70 or even 80.

What matters is how you plan to repay the mortgage, and whether your income in retirement is strong enough to support it.

What Mortgage Options Are There After 60?

Plenty of choices are still on the table when you’re over 60. If you’ve got a good pension or other reliable income, a standard repayment mortgage may be possible, especially for shorter terms.

Others prefer interest-only mortgages or retirement interest-only mortgages in Hull, which allow you to pay the interest each month while the capital is repaid when the home is sold, usually after you pass away or move into long-term care.

For more flexibility, such as lifetime mortgages in Hull, you unlock equity without monthly repayments. The loan is repaid from the sale of your property at the end of the mortgage, and you retain full ownership of your home.

What Do Lenders Look For?

At 60, the biggest factor for lenders is income. That could be from a private or workplace pension, state pension, investment income, or rental income.

They’ll also look at your credit record, existing debts, and how much equity you hold in your home.

If you’re applying with a partner, both incomes will usually be considered, which can increase the amount you’re able to borrow. Some lenders also factor in projected income, especially if you’re planning to retire partway through the mortgage term.

Why Might Someone Over 60 Take Out a Mortgage?

People take out mortgages over 60 for all sorts of reasons. Some are downsizing or moving to a more suitable home for retirement.

Others are remortgaging to release funds, clear debts, or support family members. Many are simply using their home’s value to boost their retirement lifestyle, whether that’s through home improvements or travel.

Whatever the reason, the right mortgage can provide the flexibility and financial breathing room you need later in life.

Date Last Edited: 06/03/2025