Taking out a mortgage over the age of 60 in Durham may seem more complex than it is for younger borrowers. In reality, the mortgage market has evolved in recent years, and there are now more options than ever for older applicants.

Lenders increasingly recognise that people are living longer, working later, and often looking to move or manage their finances well into retirement.

Whether you are buying a new home, remortgaging an existing property, or looking to release some of the value tied up in your home, there are mortgage solutions worth exploring.

Is there an age limit?

Some lenders do set age limits for when a mortgage must be repaid, but many now take a more flexible approach.

It is not uncommon to find products that run well beyond age 70 or even into the 80s.

The key factor for lenders is how you plan to repay the mortgage.

They will want to see that your income in retirement is strong enough to support your chosen mortgage product throughout the term.

What mortgage options are available after 60?

Plenty of mortgage options remain open to borrowers over 60 in Durham.

If you have a good pension or another reliable source of income, a standard repayment mortgage may still be an option.

These are often taken out over shorter terms to ensure that the mortgage is repaid comfortably within your retirement years.

Interest-only and retirement interest-only mortgages can also be worth considering.

These allow you to pay the interest each month while the original loan is repaid when the property is sold, typically after you move into long-term care or pass away.

For those seeking greater flexibility, a lifetime mortgage may be a suitable alternative.

This type of product allows you to unlock equity from your home without making monthly repayments.

The loan is repaid when the property is sold, and you remain the owner of your home throughout.

What do lenders look for?

At this stage of life, lenders place a strong focus on income.

This may include income from a private or workplace pension, state pension, investment returns, or rental income.

Lenders will also review your credit history, any existing financial commitments, and the level of equity you hold in your property.

If you are applying with a partner, both incomes are usually taken into account.

This can help improve affordability and increase the amount you may be able to borrow.

Some lenders also consider projected income, where relevant, for example, if you are planning to retire partway through the mortgage term and will switch to a pension income at that point.

Why might someone over 60 take out a mortgage?

There are many reasons why customers may choose to take out a mortgage at the age of 60+ in Durham.

Some are moving to a new home that better suits their needs in later life, whether through downsizing or relocating.

Others are remortgaging to release funds for home improvements, to clear existing debts, or to support family members financially.

For many, accessing the value built up in their home provides an opportunity to enhance their lifestyle in retirement, whether through home renovations, travel, or simply having greater financial flexibility.

The right mortgage product can offer the breathing room and freedom that helps you make the most of life after 60.

Date Last Edited: June 13, 2025