A mortgage is a type of 'long-term' loan meaning most people end up spending a large part of their working lives repaying it. Despite the desire to be mortgage-free, many mortgage borrowers are choosing longer repayment terms - some extending beyond retirement age - to keep monthly mortgage payments affordable.
In this article, we reveal the age limits applied by many of the leading mortgage lenders for both repayment and interest-only mortgage applications. We also explain how and when it may be necessary to choose a longer mortgage term as well as the pros and cons of doing so.
Does your age reduce your mortgage options?
To be seen as a 'good borrower' and secure a mortgage, banks and building societies must ensure that you meet certain criteria and your age is a key consideration. Repaying your mortgage over a longer term could mean that you continue repaying your mortgage into retirement. In addition, the risk of serious illness increases in later life and lenders factor this into their lending decisions. Lenders may also be concerned about changes to your income as you get older which could impact your ability to repay your mortgage. As a result, most lenders will limit the term of your mortgage so that it ends by the time you retire.
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What is the maximum age and term for a mortgage?
Your mortgage will usually have to be repaid within 40 years but this can vary depending on your age, the type of mortgage you choose and when you plan to retire. You can arrange your mortgage to run until you are between 70 and 80 years old but in some cases, a lender may restrict the mortgage expiry date to coincide with your planned retirement age. We detail specific age limits as well as maximum mortgage terms in the table below.
Mortgage age and term limits for each lender - repayment mortgage
If you are considering a repayment mortgage, we detail specific upper age limits and maximum mortgage terms for the UK's leading mortgage lenders below.
| Lender | Maximum mortgage term | Maximum age when mortgage term expires |
| Barclays | 40 years | 70 years old |
| Coventry Building Society | 40 years | 75 years old |
| HSBC | 40 years | 80 years old |
| Lloyds | 40 years | 80 years old |
| Nationwide | 40 years | 75 years old |
| NatWest | 40 years | 75 years old |
| Santander | 40 years | 75 years old |
| Virgin Money | 40 years | 75 years old |
| Yorkshire Building Society | 40 years | 80 years old |
Mortgage age and term limits for each lender - interest-only mortgage
If you are considering an interest-only mortgage, we detail specific age limits and maximum mortgage terms for the UK's leading mortgage lenders below.
| Lender | Maximum mortgage term | Maximum age when mortgage term expires |
| Barclays | 25 years | 70 years old |
| Coventry Building Society | 40 years | 75 years old |
| HSBC | 25 years | 75 years old |
| Lloyds | 40 years | 70 years old |
| Nationwide | 25 years | 75 years old |
| NatWest | 35 years | 70 years old |
| Santander | 40 years | 70 years old |
| Virgin Money | 40 years | 75 years old |
| Yorkshire Building Society | 40 years | 70 years old |
If you require a mortgage beyond the maximum age limit then a lender may consider additional evidence such as confirmation of pension income. Most lenders are open to accepting a mortgage application if it can be supported with evidence of future earnings.
The best way to negotiate the right mortgage deal for you is to speak with a mortgage broker* as they can source an appropriate lender to meet your requirements. Mortgage brokers have in-depth knowledge about which lenders are open to negotiating terms that may not sit within the official, published limits.
Can I extend my mortgage term?
You can extend your mortgage term as long as it is within the limits based on age and maximum term offered by your lender. It is also possible to remortgage to a lender who may have more generous limits but you should check for any early repayment charges that may apply if you do this within your fixed mortgage period. You may have to complete a new mortgage application and your lender may request your credit file to check your credit score before offering an extended mortgage term to you.
Many lenders are signed up to the Government's mortgage charter that supports mortgage holders who may be struggling with their mortgage payments and require a mortgage term extension to reduce the mortgage payment amount. You can read more about this in our article, "Can I extend my mortgage term?".
Can I get a 25-year mortgage if I am 50 years old?
You should have no problem getting a mortgage over 25 years if you are 50 years old and you could even get a 30-year mortgage. There are a number of lenders that offer mortgages up to age 75 with a few that will offer mortgages up to age 80. Be mindful that some lenders may require proof of income if you go beyond your planned retirement age.
Can you get a mortgage past retirement age?
Yes, it is possible to get a mortgage that expires after your planned retirement age but it depends on the lender you select and the proof of income you are able to provide. Some lenders will consider an extension to your existing mortgage loan or offer a new mortgage based on a term that will take you beyond retirement age. It can be difficult to decipher which mortgage is best suited to you as there are pros and cons to weigh up. A specialist mortgage broker* can help you to arrange your mortgage based on your personal requirements and financial goals.
Later life mortgages
There are a number of later-life lending solutions that are available to older borrowers who need to fund a property in retirement. These types of mortgages are designed to suit the needs of people who might want to raise funds using the equity in their homes or repay their mortgage until they die or move into long-term care. You can choose an equity release mortgage such as a lifetime mortgage, home reversion plan or a retirement interest-only mortgage to raise a mortgage that does not have to be repaid during your lifetime.
Equity release mortgages carry more risks for the borrower, so you must seek mortgage advice from a qualified mortgage broker. You can source a qualified equity release mortgage broker near you using the online directory of financial professionals, Unbiased*.
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Pros and Cons of choosing a long term mortgage
Choosing to repay your mortgage over a longer term, especially one that takes you beyond your planned or state retirement age, will have advantages and disadvantages. As with any financial decision, you should consider all the pros and cons before making your decision.
Pros
- Spreading your mortgage over a longer term will reduce your monthly mortgage payment
- You may be able to use inheritance in later life to repay your mortgage
- You may be able to invest more of your income into savings and pensions from an earlier age
Cons
- You may end up paying more interest on your mortgage loan
- Ill health in later life may derail your mortgage repayment plans
How to choose the right mortgage term for you
The mortgage market is vast and with dozens of lenders and hundreds of mortgages to choose from, most borrowers struggle to find the best solution without some help. First-time buyers and those looking to remortgage as well as borrowers who are looking to later life lending have varying needs when it comes to the period over which they may wish to repay a mortgage. Some options may provide flexibility but you should weigh this up against the overall cost of borrowing as some solutions will mean you end up paying a lot more in interest than others.
The best way to ensure that you choose the right mortgage for your circumstances is to speak with a mortgage broker. Mortgage brokers have in-depth knowledge of the mortgage market and can help you to get your mortgage application accepted. There are also a number of broker-only mortgage deals that you cannot access unless you go through a mortgage broker. You can find a mortgage broker that suits your needs and location using the online directory of financial professionals, Unbiased*. The directory allows you to search based on the type of advice you need and also based on the experiences of other customers. Alternatively, you can get free mortgage advice from online mortgage broker, Habito*.
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