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Best mortgages for people over 70 years old

mortgages for over 70s

  • Release tax-free cash from your home – mortgages for 70 year olds
  • Not necessary to make monthly payments
  • Use the money for a holiday
  • Continue to stay in your home
  • Can be used to help tax planning

How much cash can I release?

You can achieve 65% of your home’s valuation. For example, if your house is valued at £240,000 you can release £156,000.

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mortgages for pensioners over 70

Testimonials and Example Cases

david-p-london mortgages for 70 year olds

David P

With my power of attorney, I got equity release on my father’s house to pay for disability provisions including a lift and a new kitchen.


Mrs Daly from Glasgow

My daughter lives in the states and does not have health insurance. My £30,000 lifetime mortgage paid the medical bills for her son to be born and a years rent in advance for a new flat for the baby.


Mrs G from Leeds

My daughter is a single mother, and I got a £120,000 lifetime mortgage to buy her a flat outright as she has had a succession of poorly maintained rental flats not suitable for her child.


Ms G from Dover

I divorced my husband who was a violent alcoholic. I really feared losing my home as I sometimes look after my daughter’s children. Equity release enabled me to pay off my ex and stay secure in my home.
mortgages for 70 year olds

Mrs V from Hastings

I had spent my life running up credit cards and loans then getting interest-only mortgages to pay off the debt. I got to retirement age and still owed the bank £160,000. The term was about to expire, and I could not afford the payments on my pension anyway. I got £180,000 equity release and now I am more comfortable with no monthly repayments and I spent £20,000 on a new bathroom and kitchen. I now know I can stay in my home.


Mrs Shaw from Lancaster

I had an interest-only mortgage with Birmingham Midshires. The mortgage had come to the end of its term and they wanted the £127000 back I still owed them. My lifetime mortgage saved me from losing my home and the rate was close to what I paid before.


Sophie G from Aberdeen

The financial advisor I’ve had for 25 years said I could save inheritance tax by getting £350,000 of equity release. The money was lent at a very low-interest rate close to 2% and competitive with normal mortgages you would get by proving income. I have saved a lot of tax.


William from London

I was told by my lawyer my inheritance tax bill would be around £250,000. I got a lifetime mortgage to give money to my son and daughter so they could buy bigger homes and we bought a house in the south of France for us all to use as a holiday home.


Mrs M from Birmingham

With no brokers fees and no lenders fees, I got an interest-only retirement mortgage which I pay each month from my private pension. The money released went to my daughter for her wedding and deposit for her next house. She wanted a family, and her flat was too small.

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mortgage for over 70s

Challenging to mortgage property variants include rentcharges properties with a high estate rentcharge, high service charges – properties where the Service Charge per annum at the time of application is more than 2% of the property value, some properties with sitting tenants or regulated tenancies, corrugated iron construction and missing planning permission or building regulations approval.

mortgages for 70 year olds

Tough to mortgage property variants include flats of less than 30 square metres in any location, properties with flying or creeping freehold which comprises 15% or less of the total floor area, grades l and ll* Listed Buildings in England & Wales (Grades A and B in Scotland; A, B+ and B1 in Northern Ireland), properties that have solar farms or a large number of wind turbines on the land and properties with mobile phone masts which are within influencing distance of the house.

mortgages for the over 70s

Difficult to finance property variants include timber framed properties built before 1920, properties with any externally applied insulation to the walls after construction, large concrete panel systems, freehold/feuhold flats (Scotland only) and basement or lower ground floor flats with level access to private or communal garden space.

mortgages over 70

Difficult to finance property types include properties in poor condition, properties where the ownership is set up on a tenancy in common basis, right to buy – properties in England, Wales and Northern Ireland, crofted houses and properties where the borrower(s) own the freehold with any connected party.

mortgages for over 70's

Popular LTV percentagesof Standard Chartered interest only lifetime mortgages for over 60s, Zurich mortgages over 65, Churchill lifetime mortgages for over 55s, Coventry Building Society retirement mortgages over 60, Nottingham Building Society later life mortgages for over 70s and Progressive Building Society lifetime mortgages for over 55s are 50%, 60% and 70%.

mortgages for pensioners

Common LTV percentages of LV= interest only lifetime mortgages for over 60s, More 2 Life equity release plans for people over 60, OneFamily mortgages for 60 year olds, Yorkshire Bank mortgages for people 60 plus, Metro Bank interest only mortgages for people over 60 and Axa mortgages for people over 50 are 50%, 55% and 65%.

70 years old

Popular loan to values of Lloyds later life interest only mortgages over 75, Barclays mortgages for over 70s, NatWest pensioner mortgages over 70s, L&G mortgages for pensioners over 60, RBS interest only mortgages for over 60s and Nationwide Building Society later life mortgages for over 70s are 50%, 55% and 65%.

  • Canada Life Lifetime Mortgage
  • L&G Legal & General Flexible Plus Lifetime Mortgage
  • HSBC Equity Release Plans
  • Lloyds Bank Equity Release Plans
  • More to Life Capital Choice Plus Plan
  • Liverpool Victoria LV Equity Release Schemes
  • More to Life Capital Choice Plus Plan
  • Mortgages for 70 year olds
  • Nationwide Interest Only Lifetime Mortgage
  • HSBC Equity Release
  • Royal Bank of Scotland Equity Release Schemes
  • Saga home reversion plan
  • More to life Tailored Choice Plan
  • Bridgewater Equity Release Schemes
  • Pure Retirement Lifetime Mortgage
  • More to Life Capital Choice Plus Plan
  • Saga home reversion schemes
  • Pure Retirement Equity Release Schemes
  • Stonehaven Equity Release

Equity Release percentages of your current property value

The more aged you are and the unhealthier you are, the more tax-free money you can release.

Examples of business owners with home equity to release with mortgages for 70 year olds

  • Cold rolling of narrow strip Woodstock
  • Repair of household appliances and home and garden equipment Ripley
  • Extraction of salt Wetherby
  • Publishing of directories and mailing lists Congleton


Does Metrobank offer Equity Release?

Yes, Metrobank Equity Release is 2.09% APRC.

Areas of the UK where Mortgages for Pensioners over 70 are common.

  • Hertford
  • Painswick
  • Totton and Eling
  • Brandon
  • Kirkham
  • Ludgershall
  • Stainforth
  • Exmouth
  • Newton-le-Willows
  • Sevenoaks
  • Stocksbridge
  • Barrow-in-Furness
  • Middlesbrough
  • Silsden
  • Macclesfield
  • Birchwood
  • Totton and Eling
  • Brentwood
  • Royal Leamington Spa
  • Surbiton

Does Metrobank offer Pensioner Mortgages?

Yes, Metrobank Pensioner Mortgages are 1.83% APRC.

Equity Release percentages of your current property value – interest only mortgage for pensioners

  • 50% monthly payment lifetime mortgage LV Liverpool Victoria
  • 40% LTV lump sum lifetime mortgages Optimum Credit
  • 30% loan to value lump sum lifetime mortgages Bank of China UK
  • 50% loan to value monthly payment equity release mortgage for older person
  • 40% loan to value home reversion schemes West One
  • 30% loan to value (LTV) lifetime mortgage with flexible drawdown cash release Shawbrook

It is usual to discover people searching for lump sum lifetime mortgages, monthly payment lifetime mortgage or lifetime mortgage with compliant drawdown cash release, however, the Telegraph like Old Mutual Wealth are keen to see proof of your situation in the form of bank statements.

Do Metrobank do Retirement Mortgages?

Yes, Metrobank Retirement Mortgages are 2.03% APR.

Mortgages for pensioners over 70

To many lenders, the over 70’s with income represent a very low risk.  Because of this they can offer some very low rates which offer the over 70 borrowers very good value.

Hodge Lifetime Retirement Mortgages

More to life Mortgages

Does Metrobank offer Equity Release Under 55?

Yes, Metrobank Equity Release Under 55 is 1.85% MER.

Pure Retirement Mortgages

Legal and General Retirement Mortgages

Providers for UK Equity Release to compare with mortgages for 70 year olds

  • Age Concern
  • Bridgewater
  • Age Concern
  • mortgages for 70 year olds

HSBC Lifetime Mortgage Advisers

mortgages for 70 year olds

Disadvantages of Home Reversion Schemes and mortgages for 70 year olds

Lumpsum lifetime mortgages can reduce the inheritance for your family. Lumpsum lifetime mortgages may impact entitlements to benefits. You may need to pay a solicitor’s fee and some products expose you to changes in interest rates.

HSBC Lifetime Mortgage Interest Only Rates

The 1st and 2nd charge lender will want to know if the property is a Semi detached freehold house or a Leasehold flat with share of freehold and if the resident is an Owner Occupier Primary Residence.

Mortgages for 70-year-olds

Because of the stability of a 70-year-old person, it’s easy for them to access some very low rates and excellent terms.  Mortgages for 70 year olds can have rates under 2% APR.

Many of the most appealing retirement mortgage products are Lloyds equity release schemes, Barclays Bank retirement mortgages, Post Office retirement mortgages, Legal and General lifetime mortgages and Nationwide retirement mortgages.

Does Metrobank offer Lifetime Mortgages?

Yes, Metrobank do lifetime mortgages at 2.11% APRC. Metrobank Lifetime Mortgages have a loan to value of 55%.