Getting a mortgage when you are over 70 may be much harder to do as most mortgage lenders will have an upper age limit of 75 after which they will not lend to borrowers beyond that age.

At 70 you will be 5 years away from 75 years of age and so the highest mortgage term the mortgage lender may be offering you is one with a mortgage term of 5 years.

The problem with this is that your mortgage repayments may be much higher in comparison to a similar 25-year mortgage term.

This then brings into question if you will be able to afford the monthly mortgage repayments if they are so high.

Can you get a mortgage at over 70?

Yes, you may be able to get a mortgage at over 60 but this will have to be in special circumstances.

Most mortgage lenders will struggle with lending so late in life but they may also struggle to prove that you have enough income to keep up on your monthly mortgage repayments.

When assessing your income at the age of 60 and over, mortgage lenders will look at:

  • Stocks and Shares
  • Unit Trusts
  • Investment Bonds
  • Pensions
  • Savings, including regular savings plans
  • Other properties and assets you hold

Can a 70-year-old get a 30-year mortgage?

It is very unlikely any mortgage lender will offer a 30-year mortgage to someone who is over 70 but there may be a few mortgage lenders out there without any upper limit for lending and will lend to borrowers based on special situations.

Some mortgage lenders who may lend to borrowers over 60 include:

  • National Counties Building Society
  • Harpenden Building Society
  • Bath Building Society
  • Metro Bank
  • Dudley Building Society
  • The Cambridge Building Society

There are also retirement interest-only mortgages and equity release schemes which you may want to consider if you are looking to fund a property with a mortgage and you are over 60.

John Bate

John has 22 years of experience in financial services. This spans across financial research, financial services (As a qualified mortgage broker and underwriter), financial trading and sales at global investment banks. While working as a publishing research analyst, he covered European bank credit and advised institutional clients on investment strategies at both JP Morgan and Societe Generale. John has passed all three levels of the CFA (Chartered Financial Analyst) programme.