Martin Lewis explains how to secure a mortgage in later life – ‘not going to be easy!’ | Personal Finance | Finance


Martin Lewis, Money Saving Expert, touches on a number of topics to help Britons save, but his most recent assistance is for older individuals who are thinking about taking out a mortgage. A recent survey undertaken by Hargreaves Lansdown has shown one in six people expect to be over 65 by the time they repay their mortgage. And some may need to remortgage, taking out a whole new deal entirely to suit their circumstances.

For those in Jan’s situation, Martin advised speaking to a mortgage broker – specialists who can help with different types of arrangements.

He stressed the importance of finding a broker who can look across the whole of the market to find the most suitable deal. 

For those who are able to access the internet, there are a number of options which may help.

Martin explained that services such as Unbiased or Vouched For can point Britons towards local mortgage brokers.

Some will have a fee, while some others won’t, and individuals are likely to want to hunt out providers which do not charge.

Certain mortgages will have age limits stipulated within their agreement, while others will be able to borrow at any age.

Typical age limits can relate to either when a person takes out the mortgage, or when the term ends.

For the former the maximum age is usually anywhere between 65 and 80, while for the latter, it is usually a maximum of 70 to 85.

Jan highlighted the confusion she felt when pursuing a mortgage as an older borrower.

She said her income was steady due to receiving a set pension sum every month, and was keen to borrow to ensure financial protection.

However, some lenders are unsure as to whether older borrowers will be able to afford repayments.

As lenders are required to follow the Mortgage Market Review rules, they must ensure Britons can keep up with repayments over the full term of the mortgage. 

What is key with later life borrowing, as is the case with other mortgages, is being up front about the kind of income a person has.

This may involve providing documentation on how much one receives in their pension each month or year.

Britons may also wish to show proof of other forms of income, including investments, savings or other properties.

Martin concluded by urging Jan, and others in her position, to take action through tailored help.

He said: “You need to have someone sit down do it bespoke, and see if they will be able to find you something.”

Martin Lewis is the Founder and Chair of To join the 13 million people who get his free Money Tips weekly email, go to

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