Mortgages Over 50
Mortgages for Over 50s in Scotland
Being over 50 does not stop you getting a mortgage. Whether you are moving, remortgaging or helping family, lenders will look at your income now and in retirement. Here is what to expect.
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Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.
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What Lenders Look At
Your Income Now and After You Retire
Many lenders will lend into retirement. The key is showing the mortgage is affordable throughout the term.
- ✓Age limits: lenders set a maximum age at the end of the term
- ✓Pension income: used for any part of the term after you retire
- ✓Shorter terms: can mean higher monthly payments
- ✓Interest only: some lenders offer it with a clear repayment plan
How We Help
How We Help
Five steps to the right mortgage.
Plan Your Term
Work out a term that fits your retirement plans.
Look at Your Pensions
Workplace, private and state pension forecasts all help.
Find the Right Lender
Age limits vary a lot between lenders.
Compare the Options
Repayment, part and part, interest only or retirement interest only.
Think About Family
Wills, life insurance and how your home fits your plans.
Your Options
Mortgage Types for Over 50s
There is more choice than many people think.
Retirement Interest Only
Pay the interest monthly, repaid when you sell, move into care or pass away.
Book a Chat →Common Questions
Over 50s Mortgage Questions, Answered
The things over 50s ask us most.
Can I get a mortgage at 50 or over?
Yes. Many lenders will lend into your 70s or beyond, depending on income.
What is the maximum age for a mortgage?
It varies. Some lenders set it at 70 or 75 at the end of the term, others go higher.
Will lenders use my pension income?
Yes, for the part of the term after you retire.
What is a retirement interest only mortgage?
You pay the interest each month and the loan is repaid when the home is sold.
Can I remortgage in my 60s?
Often, yes, depending on income and the term you need.
Is equity release the same as a mortgage?
No. It is a specialist product with its own rules. We can point you to a qualified adviser.
Related guides
- What happens when your fixed rate ends
- Do I need life insurance with a mortgage?
- How much can I borrow?
- All mortgage questions answered
Written by Tony Flynn, mortgage broker at Tony Flynn Mortgages, helping homebuyers across Lanarkshire and Scotland. This page is general information, not personal advice. Speak to Tony about your own circumstances.
Get in Touch
Over 50 and Planning Your Next Step?
Fill in the form and we will be in touch within one working day. We will look at your income now and in retirement and tell you straight what you could do.