If you ever considered asking yourself, “Am I too old to get a mortgage?”, then you are not alone—and the answer may surprise you.
Regardless of your age being 55, 65, or 75, age is no impediment to buying or re-mortgaging a home. Your birthday does not define you financially. At London Stays, we often find mature clients looking to relocate into or around London and believe that they have passed their mortgage boat. Let us break this myth and empower you to make the right choices.
Is There an Age Limit for Getting a Mortgage?
Legally, no. There isn’t strictly an age limit to get a mortgage in the UK. Nevertheless, most lenders have their own criteria—typically restricting repayments by 70s, 75s or 85s.
But fear not. If you’ve got a steady income, a good down payment, or a reasonable pension, you’ll be able to find a lender to take you on.
Find out more about lender policies from MoneyHelper — a government-backed personal finance advice service.
Can You Get a Mortgage Over 50?
Yes. These days, many people actually borrow mortgages in their 50s and 60s, especially given higher life expectancy and alternative housing needs.
Let’s say you’re 58 and you must downsize from a large family home into a manageable Chelsea flat. You’ve got a secure pension income and a 40% deposit. Even if the term is not quite so long—15–20 years, say—lenders will likely approve your mortgage.
Example
Sarah Walker, 52, borrowed £110,000 over 17 years to buy her mother’s home. The lender shortened the term due to her age, but, with a good job and plan, she obtained the mortgage—shattering the myth that age was a barrier.
Will My Mortgage Term Be Reduced?
Yes, probably. Older borrowers are more likely to be given shorter terms, which is:
- Greater monthly payments, but
- Reduced overall sum of interest over the course of the loan
For example:
A £200,000 loan at 2% over 20 years = approximately £1,011/month
The identical loan taken over 30 years = approximately £739/month
If you can afford it, that extra fee won’t be a problem—especially if it’s worth paying it to own your London property outright sooner.
Boosting Your Prospects
Here’s how to make yourself a more attractive borrower:
- Put down a large deposit – The higher the equity you contribute, the less risk for the lender.
- Check your credit score – Facilities like Experian, Equifax, or TransUnion allow you to check and improve your score.
- Organise your paperwork – Bank statements, pension forecasts, investment files.
- Discuss with a broker – Preferably one who is a specialist in later-life borrowing.
Use MoneySavingExpert’s guide to compare and find out more on average age limits.
“But Isn’t It More Expensive to Borrow When I’m Older?”
Not necessarily. While it may mean more costly monthly instalments, interest rates are usually competitive in any case—especially if you’ve built up equity and have a steady income in retirement.
Furthermore, utilising an expert mortgage broker will help ensure that you get access to specialist lenders who aren’t as restrictive in terms of high-street banks.
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Why This Matters at London Stays
At London Stays, we are aware that moving home in your 50s, 60s and more is a lifestyle choice, rather than an age consideration. If you are downsizing, moving for family or seeking a retirement base in central London, we help you find the perfect property—and introduce you to mortgage advisors who understand mature buyers’ needs.
Conclusion
So, am I too old to get a mortgage? Usually—no, you’re not.Assuming your finances are in order, age will not be an issue. With a decent deposit, a good credit record, and proof of income (including pension), you could obtain a mortgage in your 70s or even 80s.
And if you’re looking for the ideal London property as part of it, then London Stays is for you. We know the market, we know your needs, and we’ll get you somewhere you’ll love to call home—no matter what your age.
