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Can I get a mortgage at 50?

I need a mortgage until I retire at 65.

Yes you can. Perhaps even longer if you want.

There has been a lot of comment in the press recently about 50 something’s finding it challenging to get a mortgage that extends into what used to be considered to be “normal retirement age”.

We’re living longer and therefore working longer, it’s as simple as that, so more and more people don’t fit into that “normal” group.

Many high street lenders will restrict the maximum age at which they allow the mortgage term to run to, typically to between 70 and 75.

However, some lenders will take a more common sense approach.

Earned income can in some cases be accepted up until age 70, alongside income from pensions; investment property and savings which can all be taken into consideration. Providing you meet the lenders criteria there is no reason why you cannot obtain a mortgage until or even beyond the age of your retirement.

What is most important is to check that the mortgage remains affordable after you retire and draw your pension income.

Family Building Society
Ebbisham House
30 Church Street
Epsom
Surrey KT17 4NL
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