Best Retirement Mortgage Rates for Older Borrowers

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.

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.

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.

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.