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Mortgages in later life

We understand that there are any number of reasons that someone could be seeking a mortgage over the age of 50. Perhaps they want to stay in the family home, release equity to make improvements, or want to help children through university or get onto the housing ladder.

We help customers who are approaching retirement, looking to borrow into retirement, or those already in retirement who simply want to continue with their current mortgage.

morgage help house

A retirement mortgage programme for older borrowers

Over the last few years older borrowers have faced significant challenges in accessing the mortgage market. In 2014 legislation known as the Mortgage Market Review (MMR) led to many banks and building societies refusing to lend to existing mortgage holders where the term would take the borrower over the age of 65. More emphasis was placed on affordability, which meant lenders must now look closely at the income and outgoings of mortgage applicants. This leaves older borrowers in their fifties and above with a reduced choice of mortgage products in the UK.

This, plus changes to state pension and retirement laws including the abolishment of the compulsory retirement age means the choices for borrowing later in life are limited. We are pleased to confirm that all of our mortgage products are available to those in retirement with no upper age limit. Through our Retirement Mortgage Programme we’ll accept 100% of a borrower’s pension as well as a proportion of other forms of income, such as investments, when addressing affordability.

Colour box Retired or Older BorrowerColour box Later Life FAQSColour boxes Retirement CalculatorColour box Later Life Guide

Key features
of our later life

  • Available to applicants aged 50 or over
  • No maximum age limit
  • Maximum LTV 75%
  • Up to a 40 year term available
  • Borrowing for: home improvements, second home purchase or gifting to help children onto the property ladder


Latest from
the blog

Why choose Ipswich Building Society over other lenders? Take a look at our lending criteria and who we help to find out.

Unlocking the potential in your home

Remortgages don’t necessarily need to be about moving home – in fact, if you’re winding down before retirement or thinking about the future, it’s amazing what remortgaging your home can do - especially if you have a lot of equity in your home, or indeed if you own it outright.

Read the full story...

Lending into later life

By 2034 it is estimated that 24% of the population will be over 65 - and as the average age of a first time buyer hits 30, that means many more borrowers potentially carrying their mortgages into retirement.

Read the full story...


Your home may be repossessed if you do not keep up repayments on your mortgage.