Repayment Mortgages beyond age 75

If you research High Street lenders, you will struggle to find a lender who will give you a mortgage term beyond the age of 75. The good news is that some regional mutual buildings societies will take a different approach.

The rate of interest you pay on this type or mortgage is generally more competitive that a Retirement Interest Only or Equity Release mortgage.

What are Repayment Mortgages beyond age 75? 

This type of mortgage offers an alternative to an Equity Release or Retirement Interest Only mortgage and is designed to help borrowers who: 

  • Have sufficient pension incomes to evidence the repayments are affordable. 
  • Have employed or self-employed income which remains plausible beyond standard retirement age. 


Repayment Mortgages beyond age 75 eligibility  

These eligibility guidelines are note absolute, so please ask for a personalised illustration: 

  • The borrower is usually aged between 55 and 80 years old. 
  • Maximum loan to value is usually 75%. 
  • No minim equity required with some lenders. 
  • Affordability is based on multiple sources of income that can include employed/self-employed income, pension, investment, and rental income. 

Alternatives to Repayment Mortgages beyond age 75 

Repayment mortgages beyond age 75 are only available with a limited number of lenders and the lending criteria is very specific.

The number of equity release mortgage products continue to grow and the criteria becoming very similar to traditional mortgages, to include: 

  • You can now pay the monthly interest on most equity release mortgages. 
  • You can overpay most equity release mortgages by up to 10% per annum. 
  • Some equity release mortgages have early repayment charges for no more than 5 or 8 years.  


How do Repayment Mortgages beyond age 75 work?

We will help you choose the right product and provider, we will explain your options, in jargon free plain English, so you can make an informed decision. Here is the process, from getting advice to receiving the money:

Step 1: Get advice 

Speak to one of our Partners who is qualified to offer advice on equity release and later life mortgage products. 

We will take time to understand your mortgage need and aspirations and to make sure equity release is right for you, we may be able to recommend another type of mortgage that works better for you. 

We will then email you a personalised mortgage illustration and send you an information pack in the post. We’ll spend all the time it takes, so you fully understand the product, so it works for you now and in the future, should your circumstances change. 

Step 2: Valuation & Offer 

Once you give us the green light, we will submit your application online to the lender. 

At this point, you need to instruct a solicitor to act on your behalf. We work closely with Equilaw and can instruct this firm on your behalf if required. 

The lender will arrange a FREE valuation of your home. Once this has been completed and your application approved, the lender will send the offer to you and your solicitor. 

We have arranged that Equilaw will send a locum solicitor to your home to sign the mortgage documents at no additional cost, a date for completing the mortgage can be scheduled. 

Step 3:  Receiving money 

We’ll make sure the mortgage offer is exactly as we described and then work with your solicitor through to completion. 

Your solicitor will repay any existing mortgage on your property and then send the balance of the funds to you. 

If you have decided to make monthly interest payments on you mortgage, we’ll explain the options available to you. 

You can choose the have a lump sum on completion or a drawdown facility or a combination of both.  

We will always be available to advise you in the months and years to come, should your circumstance change. 

How long does it take to arrange a Repayment Mortgage beyond age 75?

The length of time it takes to complete an equity release mortgage will depend on the provider we have recommended. Here is a simple guide to the timescales involved: 

  • Same day decision in principle. 
  • Valuation instructed within 24 hours.
  • Mortgage offer issued within 48 hours of the lender receiving the valuation. 
  • Legal completion usually within 4 to 6 weeks from instruction.  

Get independent equity release advice now

Our equity release specialists are available now to explain your options.

To request a call-back, get in touch via our contact us page.

0800 999 3339

Monday to Saturday
9:00am – 8:00pm

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