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Later Life Mortgages
Retirement repayment mortgage

Retirement repayment mortgages

Key also offer advice on retirement repayment mortgages, available to anyone

What is a retirement repayment mortgage?


A mortgage is a loan secured against your property. Most mortgages tend to run for 25 years, but if you thought you were too old for a retirement repayment mortgage or can't find a conventional one to meet your needs, that's where our expert mortgage advisers can help.
  • Mortgages are available to borrowers of all ages
  • The loan term is based on your needs
  • The mortgage may be on a capital repayment or interest-only basis – there's also a retirement interest-only mortgage for those over 55 and in retirement
  • It's a loan secured against the value of your home
  • Mortgages can be used to buy a new property, re-mortgage an existing one, or release additional funds

How do they work?

Is a retirement repayment mortgage the right option for you?

The maximum loan-to-value (LTV) is 95%; this means you could get a mortgage for up to 95% of the value of your home. This is based on affordability, so we’ll calculate how much you can borrow based on your circumstances and see what payments you can make each month.

What are the requirements for a retirement repayment mortgage?

As a minimum, you’ll need to be able to prove your income through employment and/or pension, as well as make capital repayment or interest payments on an interest-only basis. One of our friendly qualified mortgage advisers can tell you if you qualify over the phone.

Types of interest rate

You will also need to think about which type of interest rate would work best for you: fixed or variable.

Fixed interest rate

A fixed-rate mortgage means your repayments will be the same for a fixed length of time, no matter how interest rates change across the market – this is normally between two to five years, though it can vary depending on the mortgage provider.

Variable interest rate

A variable interest rate means the interest rate and your repayments may go up or down depending on a number of factors. There are different variable-rate mortgages you can apply for from a number of different mortgage providers.

Key are here to help

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Things to consider

A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.

We charge an advice fee of 1.99% of the amount released, subject to a minimum of £1,499, usually payable when the mortgage completes.

Page last updated: Monday 12 April 2021