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Tell us when your mortgage is up for renewal to see if Nottingham Mortgage Services could save you money. An adviser will contact you 3-6 months before your deal ends and will look through thousands of mortgages from over 60 different lenders to see how much you could save.

Thousands of happy customers have already come to us for mortgage advice because we can save them time, money and stress. That's why we've got a 98% satisfaction rate.
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Borrowing options when you're aged 60+

Yes, mortgages are available for customers over the age of 60. There are lots of different options but success will depend on which lenders are willing to lend to you based on your personal circumstances and their criteria. Whole of market experts from Nottingham Mortgage Services will search the mortgage market and over 60 lenders to offer the right advice and right product for you.  If you want to borrow money to repay in full then you have the option to take out a standard mortgage, with many lenders willing to lend even if you are already retired. Other options that may be open to you include a Retirement Interest Only (RIO) option – which allows you to borrow money until you sell your house, move into care or pass away and only pay the interest. Find out more about RIO mortgages. You could also look at Lifetime Mortgages which allow you to borrow and add some or all of the interest to the mortgage. 

Anyone over the age of 55 can look at Retirement Interest Only, Equity release or ‘Lifetime Mortgages’. Ask a Nottingham Mortgage Services adviser which option may be right for you. 

Lifetime Mortgages will reduce the value of your estate and can affect your eligibility for means tested benefits. 

If you decide to look into Equity Release, your Nottingham Mortgages Services adviser will refer you to a qualified adviser within the Quilter Financial Planning Network.

Most lenders will have their own age limit for mortgages. A rough guide for taking out a mortgage is a maximum age of 65 - 80 and the age limit for when a mortgage would end would be between 70 and 85. 

You could get up to 25 years on a mortgage for over 60s but this will depend on lenders and their specific affordability criteria as well as your credit score. Alternatively, a RIO or Lifetime Mortgage removes the need to negotiate this aspect. Again, a mortgage adviser will be able to let you know the options that will fit your circumstances. 

To improve your chances of getting approved for the mortgage that you would like, bear in mind the following points. 

Have a clear plan of how you will pay the loan back including how much you can afford for your monthly payments. You could also think about whether you will be able to overpay at any time or pay off lump sums.

Know how much you can afford – compare your monthly incoming finances to your monthly outgoings. See what your previous mortgage repayments have been and decide whether you would need the new payments to be lower or you could afford to pay more each month. 

Work on improving your credit score to the best it can be by making sure that you pay bills on time and demonstrate good use of credit. You can also dispute any inaccuracies on your credit report if you notice that there’s something that you don’t agree with on there. 

As we have explained, there are several options for later life mortgages and the experts at Nottingham Mortgage Services could help you find the right mortgage deal for your circumstances. Speak to an adviser on the phone or in one of our 40+ branches via our video conferencing service, Nottingham On Demand (NOD). This video service is set up for you by branch staff and means that there’s no need to make a prior appointment.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT. IF YOU ARE THINKING OF CONSOLIDATING EXISTING BORROWING YOU SHOULD BE AWARE THAT YOU MAY BE EXTENDING THE TERMS OF THE DEBT AND INCREASING THE TOTAL AMOUNT YOU REPAY.

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To find you the right deal Nottingham Mortgage Services will look mortgages from over 60 lenders such as Barclays, Santander, NatWest, Nationwide Building Society, Halifax and many more.

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