Mortgages for over 50s

A row of desirable terraced houses on a sunny day

In the past, mortgage opportunities for over 50s might have felt limited. Thankfully, there are a lot more options for people in this age bracket these days.

Whether you’re looking to upsize, downsize, manage your finances or help a loved one onto the property ladder, Saga Mortgages has you covered. Partnering with award-winning brokers Tembo, we help people achieve their property goals at any stage of life.

This article explores mortgage options for over 50s, along with opportunities and obstacles you might encounter. We’ll also look at important things like lender restrictions, eligibility criteria and affordability.

Before we continue, please remember that a mortgage is a loan secured against your home. If you don’t repay on time every month, you could lose your home.

What’s on this page?

Can over 50s get a mortgage?
Can I get a mortgage after I retire?
Ways to improve your chances of getting a mortgage
How much can over 50s borrow?
Mortgage product options for over 50s
Alternative mortgage options

Can over 50s get a mortgage?

Yes, over 50s can apply for a variety of mortgage products. However, before you are approved, you will need to meet the lender’s eligibility criteria. You will also need to show evidence that you can afford the cost of the monthly repayments.

With life expectancy on the rise, mortgage lenders are more flexible with their age limitations these days. Furthermore, some lenders don't even have upper age limits.

Age limits can apply to how old you are when you’re due to start or complete the mortgage. By way of example, let’s look at a standard repayment mortgage example. Say you’re 50 years old and the lender’s repayment age limit is 75, this means you could apply for a 25-year mortgage term.

As you get older, the mortgage terms available to you are likely to get shorter and the monthly costs higher.

Can I get a mortgage after I retire?

Yes, you can still get a mortgage when you’ve retired. Pensioners might have fewer options available. But a mortgage lender should accept you if you meet their criteria and they're sure you can afford the monthly payments.

Ways to improve your chances of getting a mortgage

Prove you have enough income

One of the main things that lenders assess is your ability to repay each month. If you’re still working, you can show proof of your employment income. But if you have already retired and don't earn a salary, you’ll need to show other proof of affordability. This could include a pension, some investment funds, or income from a property that you rent out.

Boost your credit score

Lenders also like to see that you have a good credit score and have borrowed responsibly in the past. You can monitor and improve your credit score using websites like ClearScore and Experian. Taking steps to boost your score can support your mortgage application.

Broaden your search

For a greater chance of finding a mortgage that meets your needs, it’s a good idea to broaden your search. Exploring more lenders will give you a better chance of success. Certain lenders offer more flexibility and have a specialism for borrowers your age.

How much can over 50s borrow?

There are various things that determine how much you can borrow including your age, income, outgoings, credit history, and the value of the property.

With a standard repayment mortgage, you can normally borrow up to four and a half times your income. Certain lenders will consider upping that limit to five and a half times your
income. But this typically comes with stricter criteria regarding the size of deposit and credit score.

Mortgage product options for over 50s

Whether you’re looking to buy, remortgage or release some of the equity from your home, there’s a variety of mortgage options for over 50s.

Saga Mortgages gives you access to deals from a wide range of high-street lenders. Just some of these names include HSBC, Natwest, Halifax and Barclays. You can also access mortgages from specialist lenders such as Metro Bank, Livemore, Skipton Building Society, Kensington and Generation Home.

Through Saga Mortgages, you could consider the following options:

Standard repayment mortgages for over 50s

Looking to remortgage or buy a new home? Saga Mortgages is a broker service that gives you access to hundreds of deals. We’ll help you find the best mortgage for your needs, which is tailored to your specific circumstances.

If you’re remortgaging, we can help you secure a new deal up to six months before your current one ends. If the interest rates fall during the next six months, you can apply again at no extra cost. And if the rates rise, we'll keep your lower rate safely locked in.

Retirement Interest Only mortgage

Want to reduce your monthly payment and free up some cash? Also known as a RIO mortgage, this type of product is a loan secured against the value of your home. You repay the interest monthly, but not the capital. Normally, the loan is fully repaid when your home is sold (perhaps when you enter long-term care or pass away).

RIO mortgages are designed for people in later life. Typically, you need to be 55 or older to qualify and there’s usually no upper age limit.

Family Buy to Let mortgage

If you want to share the cost of a property with a child or grandchild and live together, a family Buy to Let mortgage could be an option. If your family member lives in less than 40% of your home, you can apply for a standard Buy to Let mortgage. However, if they occupy over 40% of the property, you should go for a regulated family Buy to Let mortgage.

Alternative mortgage options for over 50s

Through Saga Mortgages, you can explore a range of solutions including downsizing, joint mortgages and guarantor mortgages. Register your details and if you’re eligible, a friendly expert from Tembo will be happy to help.

If you want to unlock some tax-free cash from your home, you could also consider a lifetime mortgage, which is a loan secured against your home, through Saga Equity Release. Try our free lifetime mortgage calculator to see how much you could release. You'll need to be 55 or over and own a UK property worth £70,000 or more.

Equity release reduces the value of your estate and can affect your entitlement to means-tested state benefits. Therefore, it’s important to speak to an expert first.

Choosing the right mortgage when you’re over 50.

If you’re over 50 and thinking about a mortgage, it's important to weigh up your current needs, future goals, and financial health. Whether you want to move closer to family, downsize, or free up some money, knowing all your options can help you make the right decision. Getting tailored advice and support from Saga Mortgages can help you navigate this important stage of life with confidence.

Here and ready when you are

Whether you have questions about a specific kind of mortgage or just want to find out more, the expert team are on hand to help.

Saga Mortgages is provided by Tembo. Your house may be repossessed if you do not keep up your mortgage repayments.

0330 018 3071

Mon-Thu 9am-8pm
Fri 9am-5:30pm
Sat-Sun 10am-3pm

Find out more

Important

Saga Money may receive payment from Tembo if you obtain a mortgage offer through the Saga Mortgages service. This will not affect the amount you pay for the service.

Saga is a registered trading name of Saga Personal Finance Limited, which is registered in England and Wales (company number 3023493). Registered office 3 Pancras Square, London, N1C 4AG. Saga Personal Finance Limited is authorised and regulated by the Financial Conduct Authority under the registration number 178922.

Tembo Money Limited (12631312) is a company registered in England and Wales with its registered office at 18 Crucifix Lane, London, SE1 3JW. Tembo is authorised and regulated by the Financial Conduct Authority under the registration number 952652. Tembo Money was awarded Best Mortgage Broker at the British bank awards in 2022, 2023, 2024 and 2025.

Saga Equity Release is provided by HUB Financial Solutions Limited, who will pay us an introductory fee if you go ahead with equity release using the service. HUB Financial Solutions Limited, part of Just Group plc, is authorised and regulated by the Financial Conduct Authority. You can find out more about the service and fees on the Important information page.