If you are looking for a low cost way to mortgage or remortgage your home in retirement, Lloyds Mortgages For Over 60s could be ideal for your needs.
- Get a free property valuation
- Borrow up to 65% of the value of the home
- No advisor or broker fees
- No early repayment charges
- The full open market value applied to all homes including leasehold houses and flats
- Can be used to pay off your old mortgage
- 3.1% fixed for life
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A mortgage market review will show you that if you have retirement income, you can get a mortgage. Lenders offer mortgages with a flexible maximum age limit, which is very different from a standard interest-only mortgage.
A mortgage broker will likely know the upper age limit for all the lenders on the financial services register. Also, a mortgage adviser will tell you the likely monthly payments on your mortgage deal.
The right mortgage deal lender may be quite fussy about your personal circumstances so they can be sure you can make your mortgage repayments using your personal income.
Many high street lenders accept mortgage applicants over 60, and the money released can be used to pay an existing lender.
An older borrower’s retirement mortgage will likely have quite low interest payments. Pension income is generally very stable, so the risk to the lender and the outstanding balance are low.
Lloyds bank mortgages for over 60
If you are looking for affordable monthly repayments, Lloyds Bank mortgages for over-60s could offer a mortgage term and no age limits that most lenders do not offer to older borrowers.
If you get new mortgage advice because you need a lump sum to pay other debts with tax-free cash, you should be sure you get the firm reference number and any details of any early repayment charge. You can release money to help plan inheritance tax, too, depending on your property value and other assets.
You must be careful with your means-tested benefits and their impact on your monthly income. Many wise people look for a fixed interest rate that many building societies don’t usually offer.
Income you can use to prove affordability for mortgage repayments could include pension payments, other retirement income, rental income, and your state pension.
Mortgages for over 60s money saving expert opinion
Martin Lewis likes to talk about interest-only mortgages for over 60s from lenders like the Family Building Society as he does not like equity release mortgages.
Do I need a strong credit history for an interest only mortgage for over 60s?
A good credit history is very important for getting a mortgage for the over-60s instead of a lifetime mortgage, as you don’t want to have to get a guarantor mortgage to release equity.
Retirement interest-only mortgages can have a flexible retirement age limit and offer a great alternative to traditional mortgages.
A retirement interest-only mortgage varies depending on the interest rates at the time and the applicants’ credit reports.
Can you get a mortgage when you are 60?
Yes, getting a mortgage for over 60s is easy, subject to the maximum age limits that lenders impose. Many mortgage options from building societies have their own rules on older borrowers affordability.
There are fewer lenders for over 60s mortgages than for younger person mortgages.
What are the advantages of lifetime mortgages when compared with a retirement mortgage?
Many lenders for lifetime mortgages offer no negative equity guarantee and no repayments on your mortgage. However, an over 60 interest-only mortgage requires you to make monthly payments across the mortgage term.
A mortgage for over 60s can have lower interest rates than most lenders ‘ equity-release mortgages.
Can Over 60s get an interest only mortgage?
Getting a mortgage for the over-60s is very easy, as there are building societies that want older borrower customers under the retirement age. Keeping your existing home or even buying a newer, bigger home can let you stay exposed to house prices so you don’t pay rent to a landlord. You don’t need to be mortgage-free in retirement.
What types of retirement income can be included in my mortgage market review?
An older borrower could use these types of income:
- Rental income
- Dividends from a share portfolio
- Coupon payments from government or corporate bonds or bond funds
- State pension income
- Occupational pension income
- Annuities
Can a 60-year-old man get a 30-year mortgage?
Yes, mortgages for the over 60s can be much cheaper than equity release where interest roll-ups annually.
Lenders for over 60s mortgages – mortgage guides from big banks and smaller lenders
All the other lenders and their products listed below lend to people where the mortgage term runs well past retirement age – i.e. a very high upper age limit.
- Monmouthshire Building Society
- The Family Building Society 5-year fixed cashback mortgage
- Halifax 3-year fixed cashback mortgage
- Yorkshire Building Society
- Lloyds 10-year fixed cashback remortgage
- First Direct 2 year fixed
- First Direct 5-year fixed
- HSBC 2-year fixed
- HSBC 3-year fixed
- HSBC 5-year fixed
- Nationwide BBR tracker
- Virgin Money 2-year fixed
- Leeds Building Society 2-year fixed
- TSB 5-Year Fixed
- Lloyds Mortgages For Over 60s
- Scottish Widows Bank 5-year fixed for existing borrowers
- Mansfield 3-year discount cashback mortgage
- Loughborough 2-year discount tracker mortgages
- The Loughborough 3-year fixed.
- Barclays 5-year fixed via the mortgage experts
- The West Brom 2-year discount
- Skipton 5-year fixed for first-time buyers
- Leek United 2-year discount cashback mortgage
- AIB (NI) 2-year fixed for properties in Northern Ireland for first-time buyers
- Scottish Building Society 5-year fixed
- Hinckley & Rugby Building Society 2-year fixed cashback remortgage to pay existing mortgage
- Newcastle Building Society 3-year fixed
- Yorkshire Bank 2-year fixed for first-time buyer pensioner
- Coventry Building Society 2-year fixed with a completely free valuation
- Clydesdale Bank 2-year fixed joint mortgage
- Principality Building Society 2-year fixed for first-time buyers
- Teachers Building Society 2-year discount
- Reliance Bank 2-year fixed cashback tracker mortgages
- Earl Shilton 5-year discount for first-time buyers
- Santander 5-year fixed cashback mortgage
- Stafford Railway 3 year SVR tracker
- Beverley Building Society 2-year fixed
- Metro Bank 2-year fixed
- Vernon 5-year fixed buy to let mortgages
- Molo term fixed for people a large deposit
- Generation Home 2-year fixed first home best option
- Furness Building Society 2-year discount cashback mortgage
- Suffolk Building Society 2-year discount remortgage for home improvements
- Chelsea Building Society 2-year fixed
Some equity release interest rates can change daily.
Lloyds Mortgages For Over 60s
You may be able to improve your chances of getting a rate as good as younger people by showing your monthly outgoings are sensible and you have the regular income to easily afford the payments.
Lloyds Bank plc Registered Office: 25 Gresham Street, London EC2V 7HN.
Registered in England and Wales no. 2065.
Lloyds Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 119278.
Lloyds Bank Financial Advisors Limited is authorised and regulated by the Financial Conduct Authority under number 147596.
Registered in England and Wales no. 212497.
Registered office: 25 Gresham Street, London EC2V 7HN.
Scottish Widows Limited, registered in England and Wales No. 3196171.
Registered office in the United Kingdom at 25 Gresham Street, London EC2V 7HN.
Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Financial Services Register number 181655.