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Top 10 mortgages for pensioners – over 55-year-olds in 2024

  • Release equity from your property
  • No need to make regular monthly payments
  • Use the money to buy another house
  • Continue to stay in your house

How much money can I release?

You can borrow 65% of your property’s valuation. For example, if your home is valued at £180000, you can borrow £117000.

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  • About You

Homeowner in their 60s
Access home equity
Southfields House

Wealthy business owners who could benefit from equity release tax planning

  • Financial leasing Bradley Stoke
  • Manufacture of batteries and accumulators Hawkinge
  • Cold rolling of narrow strip Whitchurch
  • Extraction of peat Scarborough
  • Silviculture and Other Forestry Activities Hartland
  • Manufacture of articles of fur Ripley
  • Agents involved in the sale of food, beverages and tobacco in Wendover
  • Retail sale of tobacco products in specialised stores Winslow
  • Cargo handling for air transport activities Dronfield
  • Factoring Hatfield
  • Construction of utility projects for electricity and telecommunications Maidenhead
  • Media representation services Shoreham-by-Sea
  • Another retail sale not in stores, stalls or markets Stanhope
  • Growing of other non-perennial crops Dawley
  • Other cleaning services Bradninch
  • Take-away food shops and mobile food stands Penistone
  • Tea processing Thaxted
  • Liquid milk and cream production in Southwick

Tough-to-finance home variants can include rent charges properties with a high estate rent charge, leasehold properties with a short lease, typically less than 70 years, or a defective lease, properties where there are boundary disputes or where planning applications have not been applied for correctly, corrugated iron construction and concrete frame.

What percentage can be released?

The older you are and the sicker you are, the more tax-free cash you can release.
Legal and General Mortgages

Does Earl Shilton Building Society have favourable reviews for equity release?

Yes, Earl Shilton Building Society reviews are commendable for equity release.

More to life Mortgages

Tough-to-mortgage home variants can include properties with outbuildings used for everyday domestic purposes (garage, workshop, stables, barn etc), properties converted from modern commercial premises, grades l and ll* Listed Buildings in England & Wales (Grades A and B in Scotland; A, B+ and B1 in Northern Ireland), properties with flying or creeping freeholds which comprise over 15% of the total floor area and properties that have a private water supply provided a contract is in place with an approved maintenance company for regular testing and maintenance.

Legal and General Mortgages

Remortgages and Mortgages: A Deep Dive into Age-Related Considerations in the UK

The UK’s mortgage market is diverse, catering to a broad spectrum of society. Over the years, the demand for mortgages for older generations has grown with increased life expectancy and changes in lifestyle choices. This comprehensive guide explores the intricacies of mortgages and remortgages specifically tailored for those over 55 and delves into the various facets that potential homeowners in this age bracket need to consider.

The Over 55 Mortgage Landscape

The notion that mortgages are strictly for the younger generation has been challenged recently. Today, the UK market offers various mortgage products for those aged 55 and above.

Introduction to Over 55 Mortgages

Over 55 mortgages specifically cater to individuals aged 55 and above. The rising demand for such products has led to an array of mortgages for over 55s and over 55s mortgage offerings from different lenders. These products cater to the unique financial standing and requirements of older individuals who might be nearing retirement or already in their retirement years.

Navigating the Over 55 Mortgage Space

When considering an over 55 mortgage, potential homeowners often have questions. Common queries like Can I get a mortgage at 55 or Can you get a mortgage at 55 reflect the prevailing misconceptions. With the evolution of the mortgage market, it’s certainly possible to secure a mortgage in the later years. Products labelled as mortgage over 55 offers, mortgages for the over 55s, mortgages over 55, and over 55 mortgages UK are designed to serve this demographic.

Mortgage Durations and Age Considerations

The mortgage’s duration and the borrower’s age at the end of the term play a pivotal role in lenders’ decisions.

25-Year and 30-Year Mortgages for Those Over 55

Older borrowers often wonder: can I get a 25-year mortgage at 55 or can I get a 30-year mortgage at age 55? While traditionally, mortgage providers had stringent age restrictions, today, many lenders are more flexible. This means getting a 25 year mortgage at 55 or even a 30 year mortgage at age 55 is not out of reach, although terms and conditions may vary based on the individual’s financial health and retirement plans.

Age Limitations on Mortgages

One frequently asked question is: what age can you get a mortgage up to? Traditionally, the mortgage age limit was set around the retirement age, ensuring borrowers could repay the loan while still earning. However, as the retirement landscape has shifted and people work beyond traditional retirement ages, many lenders have revisited their mortgage age limit uk policies.

This has paved the way for products such as mortgages for 60 year olds, mortgages over 60, mortgages for over 75s, and even mortgages for over 70s uk. The key is to understand that while age might be a factor, it’s one of many lenders consider when assessing mortgage eligibility.

Remortgaging and Equity Release for Older Borrowers

As property prices have risen, many older homeowners are sitting on significant equity. This has made remortgaging and equity release attractive options.

Exploring Equity Release for the Over 55s

Equity release over 55 has become a popular way for homeowners to tap into their property’s value without selling or moving out. These over 55 equity release schemes allow individuals to either borrow against their home or sell a share of it. However, it’s worth noting the age restrictions, as some products might have an equity release age limit.

Remortgaging for Older Homeowners

Remortgaging can be an excellent way for older homeowners to reduce monthly payments, switch to a more favourable interest rate, or release some of the equity from their property. Products labelled as interest only mortgages for over 55s or interest only mortgage over 55 allow borrowers to pay just the interest on the loan each month, with the principal repaid at the end of the term or through an equity release scheme.

Addressing Common Queries and Misconceptions

The world of mortgages for older individuals is rife with questions and myths that need to be debunked.

Unpacking the Reverse Mortgage

The reverse mortgage uk concept, similar to equity release, allows homeowners to borrow against their home’s value. The loan and interest are typically repaid when the house is sold. Those considering this option can use a reverse mortgage calculator uk or reverse mortgage uk calculator to understand potential issues better.

Difficult-to-finance property types can include eco houses and modern methods of construction, properties with single skin brickwork where the single skin comprises more than 20% of the surface area of the external walls, steel frame/clad properties built before 1990, former local authority flats and basement or lower ground floor flats without level access to private or communal garden space.

What are Earl Shilton Building Society interest rates for equity release?

Earl Shilton Building Society rates for equity release are 2.24% APR.

Areas where retirement mortgages are common

  • Penrith
  • Swindon
  • Ashbourne
  • Royal Leamington Spa
  • Malvern
  • Hunstanton
  • Ferryhill
  • Ottery St Mary

Hard-to-finance home types can include properties in poor condition, age-restricted properties, leasehold properties (England, Wales, Northern Ireland) subject to a lease length of 160 years, properties which are made up of multiple titles and freehold flats (England, Wales, Northern Ireland).

  • Hodge Equity Release Schemes
  • TSB Equity Release
  • Royal Bank of Scotland Equity Release Plans
  • Saga home reversion plan
  • Aviva Equity Release
  • Just retirement equity release lifetime mortgages
  • L&G Legal & General Flexible Plus Lifetime Mortgage
  • NatWest Equity Release Plans
  • Saga Equity Release Schemes
  • Age Partnership Equity Release
  • Bridgewater Equity Release Schemes
  • Canada Life Equity Release
  • Stonehaven Equity Release Plan
  • Saga home reversion plan
  • Bridgewater Equity Release Plans
  • Liverpool Victoria LV Equity Release Schemes
  • NatWest Interest Only Lifetime Mortgage
  • More 2 Life Tailored Choice Plan
  • Age Partnership Equity Release Schemes

Does Earl Shilton Building Society do Pensioner Mortgages?

Yes, Earl Shilton Building Society Pensioner Mortgages are 2.18% MER.

Disadvantages of Lifetime Mortgages

Lumpsum lifetime mortgages can reduce the value of your estate. A monthly payment lifetime mortgage may impact entitlements to state benefits. You may need to pay an advisor’s fee, and you could be exposed to changes in interest rates with some products.

It is often found to discover people searching for home reversion plans, monthly payment lifetime mortgages or lifetime mortgages with flexible drawdown cash release; however, Sunlife Plans like Maximum Cover Equity Release are keen to see paperwork to show your circumstances in the form of investment statements.

Popular loan to value percentages of Standard Chartered retirement mortgages over 65, Shepherds Friendly over 60 mortgages, Leeds Building Society later life borrowing schemes over 55, Principality Building Society interest only mortgages for over 65 year olds, Nottingham Building Society mortgages for 60 plus, and Cumberland Building Society interest only mortgages for people over 70 are 45%, 60% and 70%.

Equity Release LTV Percentages

  • 50% monthly payment lifetime mortgage AA equity release
  • 40% loan to value (LTV) home reversion schemes Shawbrook
  • 25% loan to value lumpsum lifetime mortgages Accord Mortgages
  • 25% loan to value (LTV) lump sum lifetime mortgages United Trust Bank
  • 30% loan to value monthly payment equity release, Mansfield
Legal & General - Flexible Pink

Some of the most popular LTV percentages of Liverpool Victoria RIO mortgages over 75, More 2 Life interest only mortgages for people over 70, OneFamily mortgages for over 60s, YBS mortgages over 70s, Royal London remortgages for people over 50 years old and Sun Life interest only mortgages for over 60s near London are 45%, 60% and 70%.

Pure Retirement - Classic Super Lite

Does Earl Shilton Building Society offer Retirement Mortgages?

Yes, Earl Shilton Building Society Retirement Mortgages are 2.06% APR.

Canada LIfe - Interest Select Gold Flexi

Some of the most common loan to value percentage ratios of Lloyds interest only mortgages for over 70s, Barclays pensioner mortgages over 70s, NatWest retirement mortgages over 70, Legal & General interest only mortgages for people over 70, Royal Bank of Scotland mortgages for 60 plus pensioners and Nationwide interest only mortgages for over 65 year olds are 45%, 55% and 65%.

More to life  - Capital Choice Plus Plan

Lenders for UK Equity Release

  • Aviva
  • One Family
  • the Telegraph
  • More to Life
  • The Exeter Equity Release

Do Earl Shilton Building Society do Equity Release Under 55?

Yes, Earl Shilton Building Society Equity Release Under 55 is 1.8% APR.

Everyday pensioner finance products are Lloyds Bank interest only lifetime mortgages, interest only mortgages for over 60s, NatWest interest only lifetime mortgages, L&G later-life borrowing schemes and Nationwide mortgages for people over 50.

The lender will want to know if the property is a semi-detached freehold house or a Leasehold flat with a share of freehold and if the resident is an AST Tenant.

Does Earl Shilton Building Society do Lifetime Mortgages?

Yes, Earl Shilton Building Society does lifetime mortgages at 2.11% APR. Earl Shilton Building Society Lifetime Mortgages can have a loan to value of 65%.