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. 

A retirement interest-only (RIO) mortgage lets you pay the interest each month, without reducing the original loan amount.

The full balance is usually repaid when your home is sold. This often happens if the last borrower passes away or moves into long-term care.

Find out more in our guide.

Yes, it may be possible to get a mortgage at 55.

There’s no single mortgage age limit in the UK. Lenders usually consider your age when you apply and how old you’ll be at the end of the term. Criteria can vary between providers.

Standard mortgages can be harder to access later in life due to affordability checks based on income and outgoings, especially if you're retired or nearing retirement.

Later life mortgages are designed for homeowners aged 55+. If the youngest applicant is 55 or over, you could be eligible, depending on your circumstances.