Not at all! There's no maximum age on our later life mortgages, so you can take out a mortgage later in life without worrying about an upper age limit.

The only exception is if you’re taking an interest only mortgage where the loan will be repaid through the sale of the mortgaged property. In that case, the maximum age at the end of the term is 75.

For more information on lending into retirement, read the Building Societies Association - Can I get a mortgage at my age? Consumer Information Guide.

Our range of later life mortgages include mortgages that last into retirement, mortgages for those already retired and Retirement Interest Only (RIO) mortgages. Each option is tailored to different stages of later life, income types, and repayment preferences. Mortgages taken into, or in, retirement will have a repayment term at which time they need to be repaid. A RIO mortgage is repaid from the sale of property after the borrower passes away or moves into care, so has no defined term. Scroll down for specific RIO FAQs.

Not necessarily. Some of our later life mortgages are available to those who are still working as long as retirement is expected within a defined period and your pension income is enough to cover the mortgage payments.

Yes, you can. We will consider a mortgage application where your main income comes from a pension. We can look at your retirement income, such as state pension, workplace or private pensions, investments, or other reliable sources, to assess whether the mortgage is affordable.

For into and in retirement mortgages, the Society can lend up to 70% loan to value, and up to 60% LTV for Retirement Interest Only (RIO) mortgages, subject to a professional property valuation. Maximum loan sizes apply, so check the product details if your loan is likely to exceed £750,000.

The amount you can borrow will depend on your needs and your ability to meet the ongoing repayments. After reviewing your income and expenditure, an adviser will confirm how much the Society may be able to lend.

We recommend that older borrowers create a Lasting Power of Attorney. This ensures mortgage repayments and other aspects of your finances can be easily dealt with by your family or other trusted representatives in the event that you are no longer able.

You can make overpayments on a later Life mortgage, but the amount you can repay each year without incurring an Early Repayment Charge (ERC) depends on the product type. For fixed rate mortgages, you may overpay up to 10% of the outstanding balance each year without an ERC. For variable rate discount mortgages, the annual allowance increases to 25%. For Lifetime Discount mortgages, there are no Early Repayment Charges, giving you complete flexibility to repay the loan whenever you choose.

With a RIO mortgage, the borrower(s) only pay the interest each month, so the amount owed remains the same throughout. They must be able to demonstrate that these payments are affordable for the long term, ensuring the arrangement remains sustainable for the remainder of their occupancy.

If one partner dies, the surviving borrower may experience a drop in income, so it’s important to think ahead. You’ll need to have a plan in place for how the mortgage will remain affordable in that situation. This could include options like downsizing, living with family, or other suitable arrangements. Where no reasonable plan exists, we would not recommend that you borrow money secured against your home.

If you already have a mortgage, your RIO Mortgage will be used to pay your current mortgage off first. You should check if your current mortgage has an early repayment charge. You’re then free to use any additional funds from your RIO mortgage for other purposes.

All borrowers must be at least 55 at the date of application and be retired or planning to retire within the next five years. The property must be located in England or Wales and have a minimum value of £125,000.

For further details, please refer to our RIO leaflet.

Yes. A RIO Mortgage requires monthly interest payments throughout the life of the mortgage. This keeps the balance from increasing over time.

Yes. A RIO Mortgage can be used to access equity for purposes such as home improvements, supplementing retirement income, or helping family, while allowing you to remain in your home.

No. A RIO Mortgage is a standard mortgage that requires monthly interest payments, so the amount you owe does not increase over time. With equity release lifetime mortgages, interest doesn’t have to be repaid, but instead is added to the loan, meaning the balance grows - unless you choose to make voluntary payments.

RIO mortgages can provide greater flexibility if you want to keep your future options open. Most equity release lifetime mortgages have large early repayment charges that can last up to 15 years. Our RIO mortgages include options with no early repayment charges.

If you are unsure of the best option for you, then you should seek professional advice.