Age doesn’t have to be a barrier when it comes to securing a mortgage. Whether you’re looking to buy a new home, remortgage, or release equity in later life, there are options available for borrowers over 70. Lenders have become more flexible in recent years, offering a range of products tailored to suit the needs of older applicants.
In this article, we’ll explore how getting a mortgage over 70 in Harrogate works, what lenders look for, and how a mortgage broker in Harrogate like us can help you find a solution that suits your circumstances.
Can you get a mortgage over 70 in Harrogate?
Yes, it is possible to get a mortgage over the age of 70 in Harrogate. While some high street lenders may have stricter age limits, there are many others who offer later-life lending solutions tailored to older borrowers.
Whether you’re looking to move home, remortgage, or release equity, it’s increasingly common for people in their 70s to secure a mortgage, especially with the right advice and access to flexible lenders.
What types of mortgages are available for over 70s?
There are a few options available for borrowers over 70. Standard repayment or interest-only mortgages may still be available, though often on a shorter term.
Retirement interest-only mortgages (RIOs) are also a popular choice, as they require interest payments only, with the capital repaid when the property is sold.
Some may also consider equity release or a lifetime mortgage in Harrogate, depending on their financial goals and whether they need ongoing monthly repayments.
How do lenders assess affordability for older borrowers?
Lenders focus heavily on affordability, especially when lending into later life. They will look at your current income and how sustainable it is throughout the mortgage term. This could include pension income, investments, rental income, or part-time employment.
Your credit history, regular outgoings, and any existing debts will also be reviewed to ensure you can comfortably afford the repayments.
Do you need to be retired to get a mortgage over 70?
No, you don’t need to be retired to get a mortgage after 70 in Harrogate. Some people are still working part-time or running businesses well into their seventies, and lenders may take this into account when assessing income.
If you are retired, your pension income and other financial assets will be key in determining how much you can borrow.
What income can be used for a mortgage in later life?
Acceptable income sources include state, private, or workplace pensions, investment income, savings, rental income and in some cases, part-time employment.
Lenders will usually ask for evidence of these income streams to assess whether they are stable and sufficient to meet the monthly mortgage payments throughout the term.
What is the maximum age limit for a mortgage?
There’s no single maximum age limit, as it varies by lender. Some set a maximum age at application or completion, while others are more flexible, especially those who specialise in lending to older applicants.
With options like retirement interest-only mortgages in Harrogate and lifetime mortgages, it’s often possible to secure a loan well beyond age 70, depending on your circumstances.
What are the alternatives to a standard mortgage over 70?
If a traditional mortgage isn’t suitable, alternatives include equity release and lifetime mortgages.
These options allow you to access funds from your property without making monthly repayments, with the loan typically repaid when the home is sold.
Downsizing is another possibility, especially if you’re looking to free up cash and reduce your financial commitments.
Can you remortgage if you’re over 70 in Harrogate?
Yes, remortgaging is still an option after 70. We see many borrowers over 70 choose to remortgage to secure a better deal, access equity or switch to a more suitable product.
Some may look to move onto a retirement interest-only mortgage to reduce monthly payments, while others might want to release funds to support their retirement plans.
How can a mortgage broker in Harrogate help you?
A mortgage broker in Harrogate like us can make the process much easier by finding lenders who are comfortable lending to older borrowers.
We take the time to understand your financial situation and goals, and then recommend mortgage products that are a good fit.
With access to specialist lenders and a strong understanding of the over 70s mortgage market, we can guide you through your options and help you secure a mortgage that works for your retirement lifestyle.
Date Last Edited: April 8, 2025
