Recently featured in the Daily Express, MB Associates’ Les Pick shares expert insights into getting a mortgage over 50. Les explains why later life lending is far more flexible and accessible than many people realise.
MB Associates is proud to have been featured in the national press, with our Sales & Operations Director, Les Pick, providing expert insight to the Daily Express on getting a mortgage over the age of 50.
Les (pictured) was keen to support journalist Toby Codd in helping readers better understand the realities of later-life lending. With decades of experience in later-life mortgages, Les highlighted that borrowing beyond 50 is not only possible but increasingly common.
Crucially, Les explained that the lending landscape has evolved. These days, there is greater flexibility, with a wide range of mortgage products designed specifically for older borrowers. Whether clients are looking to move home, remortgage, or release equity, there are more options than ever before.
Les’ expertise helped reinforce a key message in the national press – age alone is no longer the barrier it once was. With the right advice and planning, later-life lending can open up real opportunities for homeowners well into their 50s, 60s, and beyond.
Getting a mortgage over 50
If you’re over 50 and considering a mortgage, here are the key things to understand:
1. It’s more common than you think
Getting a mortgage later in life is increasingly normal. Many lenders now actively cater to older borrowers, with some offering terms that extend into your 70s, 80s or even 90s.
2. There isn’t just one option
Later life lending includes a range of products, such as:
- Interest-only mortgages – where you only pay the interest monthly and repay the loan at the end. You need to have a repayment plan in place for the end of the term.
- Retirement Interest Only (RIO) mortgages – with no fixed end date, the mortgage is repaid in full when you pass away or move into care.
- Lifetime mortgages (equity release) – you gain access to the money (equity) tied up in your property without having to sell your home. The interest rolls up, and you can make optional monthly payments to reduce the amount of interest payable if you wish. The loan is typically repaid when the property is sold.
Standard repayment mortgages are also often available to older borrowers. The age at which you can obtain one will often surprise you – it simply comes down to budget and affordability assessments. Lenders will always assess whether the mortgage is affordable for you now and in the future, when your circumstances change.
The right solution depends entirely on your circumstances and goals, and it’s vital to seek advice from a later life lending specialist.
3. Affordability matters more than age
Lenders focus on whether you can afford the mortgage, not just how old you are. They will assess:
- Your current income
- Your retirement income (pensions, investments, etc.)
- How your finances may change over time
4. Your lifestyle and job can influence decisions
The type of work you do may impact how long a lender expects you to continue earning. Physically demanding roles may result in shorter mortgage terms compared with more sedentary professions.
5. You don’t always need a large deposit
While some assume older borrowers must put down a bigger deposit, this isn’t always the case. It varies depending on the lender and your overall financial profile.
6. Longer terms are still possible
It’s a common myth that mortgages later in life must be short-term. In reality, some borrowers in their 70s or 80s can still secure longer repayment terms to keep monthly payments manageable.
7. Equity release isn’t your only option
Many people think equity release is the only route available later in life – but that’s not true. Traditional and interest-only mortgages can still be suitable depending on your situation.
Top Tips for Securing a Later Life Mortgage
If you’re over 50 and you’d like to get a mortgage, here’s our expert tips on how to get prepared…
Plan early
Understand your current and future finances, including retirement income. Lenders want to see that your mortgage will remain affordable long-term.
Seek specialist advice
Later life lending is a specialist area. Working with an experienced adviser ensures you explore all available options and find the most suitable solution.
Talk to your family
Having open conversations with loved ones can help avoid complications in the future, particularly when it comes to repayment plans.
If you’re considering a mortgage over 50, the key takeaway is simple: you have more options than you might think. With expert guidance, later life lending can be tailored to support your lifestyle, goals and financial future.