Over 180,000 mortgages were taken out by people aged 55 and over in 2021; the highest number since records began in 2014, says UK Finance's latest quarterly report.
The average retirement age in the UK is slowly creeping upwards as many people work into their late 60s.
With fewer of us paying off our mortgages ahead of giving up work, it's clear that lending into retirement will remain a vital need for some time to come.
- Purchasing your dream home
- Funding home improvements, such as a loft extension, garden landscaping or eco-friendly updates
- Helping loved ones get onto, or move up, the property ladder
- Switching to a new lender or a new product with different terms (remortgaging)
How can we help?
We believe that age is just a number, which is why we lend up to your 90th birthday across our whole mortgage range.
Whether it’s borrowing to snag that perfect forever home, remortgaging to fund a beautiful new conservatory, or releasing equity to help a loved one step onto the property ladder, our qualified mortgage advisers are on hand to discuss suitable products for your circumstances and make sure that mortgaging later in life isn’t a subject to dread.
Remember, it is always a good idea to obtain impartial advice from an independent financial adviser to help you understand the implications of taking out a mortgage in retirement.
YOUR MORTGAGE IS SECURED ON YOUR HOME. THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.