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        Updated: April 17, 2024

        Best Retirement Mortgage Rates for Older Borrowers

        Looking for the best mortgage rates in retirement? Here’s what best deals look like right now, along with tips for comparing the cheapest deals.

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        We can help! We know everyone's circumstances are different, that's why we work with mortgage brokers who are experts in Retirement mortgages. Ask us a question and we'll get the best expert to help.

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        If you’re heading towards retirement (or are already retired), you’re probably wondering what the best mortgage interest rates and deals look like for older borrowers. So, we will show you what the mortgage landscape looks like right now for older buyers and pensioners.

        Take a look at our rates table below to get an idea of the current deals available for lifetime mortgage and RIO mortgages.

        Lender Product Details
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        Looking for more rates and deals?

        We can match you with a mortgage broker who can provide you with up-to-date bespoke rates and deals from across the entire market and help you secure the best ones available.

        Last updated August 2023

        Please note that all rates cited in these tables are purely for example purposes, were accurate at the time of writing and can be subject to change at any time at the lender’s discretion.

        How to get the best rate on a retirement mortgage

        The simplest way to get the best rate on a retirement mortgage is to speak to a broker who specialises in later-life lending. Make an enquiry and we’ll introduce you to one for free.

        Your mortgage specialist will guide you through the following steps:

        • Establishing the ideal type of mortgage for your needs
        • Finding the best rates and deals from across the market
        • Completing the paperworking and filing your application

        Your initial consultation with a broker will be free with no obligation to continue and it won’t leave any marks on your credit report.

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        Maximise your chance of approval with specialist advice from a mortgage expert

        Is it difficult for retired borrowers to get the best mortgage rates?

        It can be. Certain lenders will use age as a key part of their lending criteria. This means borrowers in the over 50s, 60s, and 70s categories may struggle to find the best mortgage deals and rates if you approach standard high-street banks and lenders.

        However, there are specialist lenders who cater towards older borrowers and pensioners. So if you’re in retirement and hoping to get the best interest rates available, this can be possible with a strong application and expert advice.

        You should also be aware of the age 55 threshold. For some pensions and retirement plans (including SIPPs), you must be at least 55 years old to access any benefits. This age is vital for mortgages because most lenders offering specific products for older borrowers require you to be 55 or over to qualify.

        Remortgage deals for pensioners

        Various lenders have different rules on the maximum age for applicants looking to remortgage. However, sometimes remortgaging with your existing lender as an older borrower doesn’t lead to the best rates.

        This is because you likely took out your current mortgage years ago, and your current lender probably isn’t a retirement/older borrower specialist. So, they may be unwilling to offer you the ability to remortgage or offer higher rates than you could find elsewhere.

        The best strategy is to sit down with a specialist mortgage broker who can review your existing mortgage lender. Then, explore your other options if you were to remortgage or switch to a specific mortgage product aimed at those in retirement.

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        Buy-to-let (BTL) mortgage rates

        If you approach the right lenders with some expert guidance, it’s often possible to secure a buy-to-let mortgage with highly competitive rates. This is partly because BTL mortgages are heavily assessed on the viability of the property as an investment and the projected rental income.

        So if you’re in the over 55s, 60s, 65s (or even older), and looking for the best buy-to-let mortgages, it’s realistic to secure competitive rates – as long as you look in the right places and deal with appropriate specialist lenders.

        Why use Online Money Advisor?

        Because finding the right mortgage broker for you could be the difference between finding the best mortgage deal and missing out – we’ll find the right advisor for you, for free!

        It’s challenging to find the best mortgage products and rates if you’re an older borrower or pensioner looking for top deals. However, there are specialist mortgage brokers with plenty of success securing the cheapest finance for older people.

        We offer a free, broker-matching service. This means we’ll quickly assess your needs and then pair you up with your ideal mortgage advisor. Just call 0808 189 0463 or make an enquiry. We’ll arrange a free, no obligation chat between you and a retirement mortgage specialist today.

        Ask Us A Question

        We can help! We know everyone's circumstances are different, that's why we work with mortgage brokers who are experts in Retirement mortgages. Ask us a question and we'll get the best expert to help.

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        Pete Mugleston

        Pete Mugleston

        Mortgage Expert, MD

        About the author

        Pete, an expert in all things mortgages, cut his teeth right in the middle of the credit crunch. With plenty of people needing help and few mortgage providers lending, Pete found great success in going the extra mile to find mortgages for people whom many others considered lost causes. The experience he gained, coupled with his love of helping people reach their goals, led him to establish Online Mortgage Advisor, with one clear vision – to help as many customers as possible get the right advice, regardless of need or background.

        Pete’s presence in the industry as the ‘go-to’ for specialist finance continues to grow, and he is regularly cited in and writes for both local and national press, as well as trade publications, with a regular column in Mortgage Introducer and being the exclusive mortgage expert for LOVEMoney. Pete also writes for OMA of course!

        FCA Disclaimer

        *Based on our research, the content contained in this article is accurate as of the most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us are fully qualified to provide mortgage advice and work only for firms that are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs.

        Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.