Many homeowners and buyers believe that getting a mortgage over the age of 60 might not be possible.

There are a growing number of mortgage options available for older applicants.

Whether you want to move home, remortgage, or release equity, lenders now offer products designed to suit your needs at this stage of life.

As a mortgage broker in Scunthorpe, we help many clients in their 60s and beyond find a mortgage that works for them. Here’s what you need to know.

What Mortgage Options Are There After 60?

There are several types of mortgages available to applicants over 60, depending on your circumstances and plans.

Many standard residential mortgage products are still available if you have a reliable income, whether that comes from employment, self-employment, pensions, or investments.

For borrowers who want to release equity, a lifetime mortgage in Scunthorpe can be a popular choice.

A lifetime mortgage allows you to release tax-free cash from your home without needing to make monthly repayments unless you choose to.

The loan is typically repaid when your property is sold.

Age 50+ mortgages and retirement interest-only mortgages also provide flexible options.

These products allow you to manage monthly repayments in a way that suits your retirement income and living costs.

Why Might Someone Over 60 Take Out a Mortgage?

There are many reasons why someone over 60 might choose to take out a mortgage.

Some clients are moving to be closer to family or downsizing to a property that better suits their needs.

Others are helping children or grandchildren onto the property ladder and want to release funds through remortgaging or a lifetime mortgage in Scunthorpe.

We also see homeowners using mortgages to carry out home improvements or to repay existing debts.

A well-structured mortgage can help manage finances in retirement and provide greater financial flexibility.

Can you still get a joint mortgage over 60?

Yes, joint mortgages remain an option for applicants over 60.

Many couples take out a joint mortgage to maximise borrowing potential and spread financial responsibility.

Lenders will consider the ages of both applicants and may adjust the mortgage term accordingly.

Products such as age 50+ mortgages or a lifetime mortgage in Scunthorpe can be especially helpful where one or both applicants are in retirement.

What do lenders look for when you’re over 60?

Lenders look at several factors when assessing a mortgage application for someone over 60. These include your income, outgoings, credit history, and the property you are buying or remortgaging.

Income can include pensions, investment income, rental income, and, in some cases, employment income. The more stable and reliable your income, the more mortgage options you will generally have.

Your credit profile is also important. Lenders want to see that you have managed credit well in the past and that you can comfortably afford any new mortgage payments.

Finally, lenders will look at the property itself, especially if you are considering a lifetime mortgage in Scunthorpe. The property must meet certain criteria to be eligible for equity release products or age-specific mortgages.

Speak to a Mortgage Broker for Local Expertise

Navigating your mortgage options after 60 can feel complex, but you do not have to do it alone.

Our team of mortgage advisors in Scunthorpe is here to help you find the right mortgage for your situation, whether that involves a traditional mortgage, an age 50+ mortgage, or a lifetime mortgage in Scunthorpe.

With access to a wide range of lenders and specialist products, we can help you explore all your options and move forward with confidence.

Date Last Edited: June 10, 2025