Yes, it’s possible to get a mortgage over the age of 65 in London. While some lenders apply their own age limits, there’s no legal upper age for having a mortgage.

Many products are available that can support older borrowing, including both traditional and more flexible options.

Whether you’re looking to buy a home or release equity from one you already own, there are mortgage products designed to support a wide range of needs.

What Type of Mortgage Is Suitable Over 65?

This depends on your income, affordability, and the type of mortgage you’re looking for.

If you’re still working or have a strong pension income, there are traditional repayment mortgages and retirement interest-only options that may be available.

For those with less income but strong equity in their home, a lifetime mortgage in London could offer a way to release funds without regular monthly payments.

These are often used by customers who are equity rich but want to increase their financial flexibility as they get older.

How Income Affects Your Options

Lenders assess your ability to repay based on income, even after retirement.

If you have a regular income from a pension, investments, or part-time work, you may have more options when applying for mortgages for over 65s in London.

If your income is limited, there are mortgage types that do not require monthly repayments.

Some homeowners use equity release in London to raise funds without the need to meet strict affordability criteria.

This may be helpful if you’re looking to buy a more expensive property than your cash budget allows.

How Deposit or Equity Plays a Role

For a purchase, the size of your deposit will affect how much you can borrow. Generally, the larger the deposit, the lower the risk to the lender. This also helps secure better interest rates.

If you already own your home and want to release equity, then the amount you can borrow will depend on the current property value and how much equity you hold.

Whether you’re applying for a standard mortgage or an equity release product, having a strong level of equity improves your options.

Can You Apply Jointly or On Your Own?

Yes, it’s possible to apply either individually or jointly for a mortgage over 65.

If you’re buying with a partner or want to release equity together, the best mortgage option will depend on your combined affordability and long-term plans.

If both applicants have reliable pension income, a standard mortgage or retirement interest-only mortgage may be appropriate.

If not, a lifetime mortgage may be more suitable, especially if you’re looking for flexibility without monthly payments.

Our team offers mortgage advice tailored to your needs over the age of 50 & 60, helping you explore what’s available based on your income and intentions for the property.

What About Life Cover and Insurance?

While not required by lenders, life insurance in London is something many customers choose to include.

If one applicant passes away, a policy could help pay off some or all of the mortgage, offering extra peace of mind.

Even if you only cover part of the balance, it may provide your partner with more time to make decisions about the property. It’s something we always explore as part of a wider mortgage conversation.

Can You Get a Mortgage With a Poor Credit History?

Yes, although the options may be more limited.

Mortgages for over 65s with bad credit are available in London, but the lender will need to review your full situation, including any defaults, missed payments, or county court judgments.

With the right level of equity or a large enough deposit, it’s often still possible to arrange a mortgage. We can look at your credit file, explain what’s affecting your chances, and help you explore suitable lenders.

Mortgages for Over 65s in London

There are more mortgage options for over 60s in London available than most people expect.

Whether you’re buying a property, remortgaging, or exploring equity release in London, the products available today are far more flexible than they used to be.

A mortgage may also allow you to buy a more expensive home than you could afford using savings alone.

That’s why it’s worth exploring all available options before committing to a cash purchase or downsizing. Your future plans, property goals, and financial situation should all be part of the conversation.

Our mortgage advisors in London are here to help you review everything and find a solution that works with your lifestyle and long-term needs.

Date Last Edited: June 5, 2025