Later Life Mortgages
There is no legal maximum age for a mortgage in the UK. Lenders set their own limits, and they vary more than almost any other rule, from a term ending at 75 to no age limit at all. Choosing the right lender and the right type of mortgage matters more in later life than at any other stage.
- Repayment, interest-only and retirement interest-only compared
- Lender age limits, from 75 to none at all
- How pension income is assessed
- What to do when an interest-only mortgage ends
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The later life options, compared
How the main types of borrowing work for older borrowers. Lender rules vary.
| Type | Monthly payments | How it is repaid | Points to know |
|---|---|---|---|
| Repayment mortgage | Capital and interest | Paid off by the end of the term | Lenders cap the age at the end of the term, so the term may be shorter |
| Interest-only mortgage | Interest only | From a repayment plan such as savings, investments or a sale | Needs a credible repayment plan, and some lenders cap the age at 70 |
| Retirement interest-only (RIO) | Interest only | Usually from the sale of the home when you die or move into long-term care | No fixed end date. You must show you can afford the interest for life |
| Lifetime mortgage | Usually none required | From the sale of the home when you die or move into long-term care | A form of equity release. Interest rolls up, so the balance grows |
Lifetime mortgages need advice from a qualified equity release adviser. We advise on repayment, interest-only and retirement interest-only mortgages.
At a Glance
What lenders look at in later life
Age limits. Lenders set a maximum age at application and a maximum age at the end of the term. TSB caps all residential lending at 75 at the end of the term. Leeds Building Society lends up to the 85th birthday. Newcastle Building Society removed its maximum age on standard repayment mortgages in August 2025. Our page on mortgages over 70 compares them.
Retirement income. If the term runs past your retirement, the lender assesses what you will live on afterwards. TSB, for example, asks for a pension forecast, State Pension statement or annuity statement dated within the last 12 months where retirement is less than ten years away. Our page on a mortgage term into retirement sets out the evidence.
Pension income in payment. Once you are retired, pension income is usually straightforward to evidence. Our pension income mortgage page covers how each type is treated.
Joint applications. The term is usually set by the age of the older applicant, which matters for couples with an age gap.
A decline from one lender on age says little about the market. Age limits vary so widely that the choice of lender often decides the case.
Retirement interest-only, and what is changing
How RIO works. A retirement interest-only mortgage has no fixed end date. You pay the interest each month and the loan is usually repaid from the sale of the home when you die or move into long-term care. Leeds Building Society, for example, offers RIO to borrowers aged 55 to 80, at up to 55 per cent loan to value.
A smaller market than equity release. The FCA reports 3,002 RIO mortgages sold in 2025, against 26,974 lifetime mortgages. It also reports RIO arrears below 1 per cent.
Proposed change for couples. In consultation paper CP26/18 the FCA proposed removing the guidance that asks lenders to check whether a surviving partner could afford a joint RIO alone. The consultation closed on 28 July 2026, and the FCA expects to publish final rules in the second half of 2026. They had not been published when we checked on 11 October 2026.
Interest-only ending soon? Our page on interest-only mortgages ending sets out the options, and downsizing covers buying a smaller home.
If you are weighing a RIO against equity release, the question is whether you can comfortably pay the interest each month and what you want to leave behind.
Later Life Guides by Situation
Each guide sets out what lenders publish and how the options compare, checked October 2026.
Where to go next
The pages most often read alongside this one.
How we arrange a later life mortgage
We match the type of mortgage first, then the lender.
Understand your plans
What you need the money for, how long you will stay and what you want to leave.
Review your income
Earnings, pensions in payment and pensions still to come.
Choose the type
Repayment, interest-only, RIO, or a referral for equity release.
Find the lender
Age limits, income rules and loan to value matched to you.
Application to completion
We manage the case and keep you updated.
Read more about borrowing later in life
Related guides.
Planning to borrow in later life?
Tell us your age, your income and what you need. We will tell you which lenders will consider it.
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Later Life Mortgages: Frequently Asked Questions
Is there a maximum age for a mortgage?
There is no legal maximum in the UK. Lenders set their own limits, which range from a term ending at 75 to no maximum at all on some products.
Can I get a mortgage at 70?
Often, yes. Several lenders lend to applicants in their seventies, usually on a shorter term or against pension income. Leeds Building Society accepts applicants up to 80, with a term to the 85th birthday.
What is a later life mortgage?
A general term for mortgages aimed at older borrowers, including standard repayment mortgages running into retirement, interest-only mortgages, retirement interest-only mortgages and lifetime mortgages.
What is a retirement interest-only mortgage?
An interest-only mortgage with no fixed end date. You pay the interest monthly and the loan is usually repaid from the sale of the home when you die or move into long-term care.
Is a RIO the same as equity release?
No. With a RIO you pay the interest each month, so the balance stays level. A lifetime mortgage, the common form of equity release, usually has no required payments and the interest rolls up.
Can I use pension income for a mortgage?
Yes. State, defined benefit and annuity income are widely accepted. Drawdown is accepted by many lenders with a check on how long the fund will last.
What if my mortgage term runs past retirement?
The lender will assess your expected retirement income, usually from a pension forecast or State Pension statement, and check the mortgage stays affordable after you stop work.
What can I do if my interest-only mortgage is ending?
Options include remortgaging, switching some or all to repayment, extending the term, a retirement interest-only mortgage, equity release or selling. Speak to your lender early.
Does age affect the term for joint borrowers?
Yes. The term is usually based on the age of the older applicant, so a couple with an age gap may be offered a shorter term than expected.
Do you arrange equity release?
No. Lifetime mortgages need advice from a qualified equity release adviser. We advise on repayment, interest-only and retirement interest-only mortgages, and will say if equity release may suit you better.
Written and reviewed by Osman Emin, CeMAP, mortgage and protection adviser · FCA register OCE01003 · Updated YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.