Lenders do take age into account when reviewing joint mortgage applications, particularly when considering how long the mortgage term can run.

How does a joint mortgage work?

A joint mortgage allows two or more people to buy a property together.

Everyone named on the mortgage shares ownership of the property and is jointly responsible for the repayments.

This is a popular choice for couples, family members, and friends who want to combine their income to afford a home.

When assessing a joint mortgage application, lenders look at all applicants together, including their income, credit history, and ability to meet the monthly payments.

There are also different ways to structure ownership. You can own the property as joint tenants (equal ownership) or as tenants in common (where each person owns a defined share).

Does age impact a joint mortgage In Durham?

Age can influence how a lender views a joint mortgage application, particularly when it comes to deciding how long the mortgage term can be.

Most lenders set an upper age limit for when a mortgage must be repaid. This is typically between 70 and 85 years of age, based on the oldest applicant.

If one applicant is older than the other, this may reduce the length of the term the lender is willing to offer.

A shorter mortgage term can result in higher monthly payments and may affect how much you can borrow.

There are specialist mortgage products available in Durham that are designed for older borrowers and those approaching retirement.

Are there mortgage options for older applicants?

For applicants over 50 or those already retired, there are several mortgage options to consider.

Retirement Interest-Only Mortgages

A retirement interest-only mortgage in Durham allows you to make monthly payments on the interest alone.

The capital is repaid when the property is sold, typically when the borrower moves into long-term care or passes away.

This can be a helpful option for those who want to manage their monthly outgoings during retirement.

Lifetime Mortgages

A lifetime mortgage in Durham is a form of equity release that enables homeowners to access some of the value in their property without having to make regular repayments.

The loan and interest are repaid when the property is sold.

This can provide additional flexibility for older homeowners who want to supplement their income or support family members.

Standard Mortgages For Over 50s

Some lenders offer traditional repayment mortgages with extended terms for borrowers over 50.

The key factors will include affordability, income in retirement, and the plan for repaying the mortgage later in life.

While fewer lenders offer long-term products to older applicants, suitable options are available with the right advice.

What do lenders look at besides age?

While age is a consideration, lenders assess other key factors when reviewing a mortgage application.

Income And Affordability

If one applicant has retired, pension income and other financial resources will be taken into account.

Some lenders will also consider projected pension income if the applicant is still working but close to retirement.

Credit History

A strong credit record can improve your chances of approval, even where age is a factor.

Lenders will look for evidence of responsible borrowing and reliable repayments.

Deposit

A larger deposit can help secure more favourable mortgage deals and may offset any limitations caused by a shorter mortgage term.

Repayment Plan

For interest-only mortgages, lenders will want to see a clear plan for repaying the loan, whether through savings, investments, or the eventual sale of the property.

Date Last Edited: June 13, 2025