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Am I Eligible for an Over 55 Mortgage?

You’re likely to be eligible for an over 55 mortgage if you can answer ‘Yes’ to the following questions.

Age

Is the age of the youngest homeowner over 55?

Residential Status

Are you a UK citizen? Do you own a property in the UK?

Property Value

Is your property worth at least £70,000? As a rule, most lenders need your property to be worth over this figure, but it does vary by lender.

Your Mortgage

Are you mortgage free, or able to pay mortgage interest payments, or can your mortgage be paid in full by a lifetime mortgage?

Mortgage Loan Amount

Do you plan to release at least £10,000? Most lenders have a £10k minimum amount or more.

Property Type

Is your home of standard construction?

Not sure about these questions?

Request a callback and arrange a no-obligation call from one of our over 55 mortgage specialists.

Request a callback

Later Life Mortgages: Things to know

You Need Financial Advice – Over 55 mortgage plans require advice and are regulated by the FCA.
Inheritance – A later-life mortgage can affect the estate you’ll leave behind.
Roll Up Interest or make payments? With some lifetime mortgage plans, interest can be rolled up and will compound over time.
Benefits – A later-life mortgage could affect any means-tested benefits you receive.
Long-term commitment – Mortgages are a long term commitment. Most will end when you enter long-term care or pass away. If you wish to clear the mortgage earlier than the term there are likely to be early repayment fees.

Please find out more about our later life mortgage advice.

Lenders we work with:

Legal

Over 55 Mortgage is a trading name of Mortgage Advice Bureau Limited and Mortgage Advice Bureau (Derby) Limited which are authorised and regulated by the Financial Conduct Authority.

Mortgage Advice Bureau Limited. Registered Office: Capital House, Pride Place, Derby. DE24 8QR. Registered in England Number: 3368205
Mortgage Advice Bureau (Derby) Limited. Registered Office: Capital House, Pride Place, Derby. DE24 8QR. Registered in England Number: 6003803

The Financial Conduct Authority does not regulate some investment mortgage contracts. Calls may be recorded for training and compliance purposes. Your property may be repossessed if you do not keep up repayments on your mortgage.

To understand the features and risks of a Lifetime Mortgage, ask for a personalised illustration. AN EQUITY RELEASE PRODUCT WILL REDUCE THE VALUE OF YOUR ESTATE, WILL NOT BE SUITABLE FOR EVERYONE AND MAY AFFECT YOUR ENTITLEMENT TO STATE BENEFITS.

Under no circumstances should any of the information contained within this website be construed as “advice”. You should seek professional advice in respect of your own circumstances. Check that this mortgage will meet your needs if you want to move or sell your home or you want your family to inherit it. If you are in any doubt, seek independent advice.

The information contained in this website is subject to UK regulatory regime and is therefore intended for consumers based in the UK.

Equity Release Mortgage Fees

You should always think carefully before securing a loan against your property.

A lifetime mortgage will reduce the value of your estate and may affect your entitlement to means tested benefits.

Clearing existing mortgage with a lifetime mortgage may result in higher cost of borrowing. Mortgage Advice Bureau charge a fee for later life mortgage advice. The fee is up to £995.

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