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Free expert guide
What is a later life mortgage?
A later life mortgage is a mortgage designed for UK homeowners aged 55 or over. It allows you to borrow money based on the value of your home, while continuing to live there. A later life mortgage is a loan secured against your home. Your home may be repossessed if you don't keep up repayments on your mortgage.
A later life mortgage could help you:
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Remortgage your current property in later life when traditional providers don't offer products to older customers
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Buy a new property - at Key, we don't believe you can ever be too old to move home
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Access funds tied in the value of your home to make home improvements, for example
The main differences between the later life mortgages available include:
ⓘ Did you know...
Your home may be repossessed if you do not keep up repayments on your residential mortgage, or during the mandatory repayment period on a payment-term lifetime mortgage. £899 advice fee only payable on completion of a RIO or retirement repayment mortgage through Key, or £1,699 for lifetime mortgages.
Which later life mortgage is right for me?
The range of later life products Key Group recommends is specifically designed for those aged 55 or over. They can help you finance the things you want and need to do in later life. Whether you’re looking to remortgage, release funds from the value of your home or buy a new property, the right later life mortgage could help you take control of your finances.
| Retirement interest-only | Retirement repayment | Lifetime | Payment-term lifetime | |
|---|---|---|---|---|
| Age at application | Over 55 | Over 55 | 55-95 | 55-62 |
| Min. property value | £70,000 | £70,000 | £70,000 | £125,000 |
| Credit & affordability check | ✓ | ✓ | ⨉ | ✓ |
| Mandatory monthly repayments | ✓ | ✓ | ⨉ | ✓ until oldest applicant turns 66 |
Can I make mandatory monthly repayments with a lifetime mortgage?
The right later life mortgage for you will depend on your circumstances, including how much you wish to borrow and when you want to pay it back.
Get your free expert later life finance guide
Our comprehensive guide to later life finance can help you get a better understanding of your options. From mortgages and equity release to wills and lasting powers of attorney, we give you all the information you need to make smart, well-informed decisions about your finances.
Benefits of lifetime mortgages and payment-term lifetime mortgages we recommend
Watch our video to learn more about the benefits and drawbacks of equity release and see if it could be right for you.
Video transcript (pdf)
ⓘ Did you know...
Over the years, more than a million customers have benefitted from our expert advice, experience and professionalism from Key. We've been rated 'Excellent' on Trustpilot and you can check out the great things our customers have to say about the later life mortgages we recommend.
Free independent guidance
If you're considering your options and would like guidance from a trusted, independent source, you can download UK Finance’s free later life lending leaflet to help you understand what might be right for you when considering a mortgage that extends into, or starts during, your retirement.
Later life mortgage FAQs
When it comes to finding the right later life mortgages for over 55s, we understand that you may have questions too. To help, we have compiled the answers to the questions we get asked the most. If you are still unable to find the information you're after, we are just a phone call away.
How do retirement repayment mortgages work?
A retirement repayment mortgage is similar to a conventional mortgage. You make monthly capital and interest repayments until the end of your plan.
In later life, it can be difficult to get accepted for a traditional 25-year mortgage. With a retirement repayment mortgage, the loan can be better tailored to your age and needs. It could help you remortgage on your current property, or buy a new one in later life.
How do retirement interest-only mortgages work?
Retirement interest-only mortgages are typically designed for people aged 55 or over. They differ from a retirement repayment mortgage as you only pay the interest on the loan each month. You then repay the initial loan amount in full at the end of your plan. This is usually from the sale of your home when the last remaining applicant passes away or moves into long-term care. Find out more in our guide.
How do lifetime mortgages work?
A lifetime mortgage is a loan secured against your home that gives you access to tax-free cash which you can use in a variety of ways. With all lifetime mortgages we recommend, you’ll still own your property and have the option to make reduced or no monthly repayments - although we'd recommend you do as this can help reduce your total cost of borrowing.
Can I get a mortgage at 55?
There’s no single mortgage age limit for later life lending. Lenders look at your age when you apply as well as how old you’ll be when your plan is scheduled to end and make their decision on a case-by-case basis, with limits varying between providers. Most do have some form of a mortgage age limit, though.
Conventional mortgage lenders have traditionally been reluctant to lend to those in later life due, in part, to affordability checks. Retirement repayment mortgage affordability checks look at income and expenditure. If you have a lower affordability, you can be seen as a higher risk for the lender, which may reduce your options.
With later life mortgages, however, there aren’t the same restrictions regarding the upper age limit for a mortgage in the UK. As long as the youngest applicant is 55 or over, you could be eligible for a later life mortgage. You can get a later life mortgage at 55.
Are later life mortgages regulated?
Yes, later life mortgages are regulated.
Page last updated: Tuesday 29 April 2025