Later Life Mortgages

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Key's range of later life products are specifically designed for those aged 55 or over. They can help you finance the things you want and need to do in later life. Whether you’re looking to remortgage, release funds from the value of your home or buy a new property, the right later life mortgage could help you take control of your finances.
 

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Find the right later life mortgage for you

By taking the time to understand your needs, our specialist later life mortgage advisers are able to make a recommendation that’s personal to you. And if we don’t believe one of our later life mortgages is right for you, we’ll tell you.

To get an idea of what options you have and how much you could borrow through a Key later life mortgage, use our quick and easy-to-use mortgage finder today. 

Try our mortgage finder

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When it comes to finding the right later life mortgage, we understand that you may have questions too. To help, we have compiled the answers to the questions we get asked the most. If you are still unable to find the information you're after, we are just a phone call away.
 

How do retirement repayment mortgages work?

A retirement repayment mortgage is similar to a conventional mortgage. You make monthly capital and interest repayments until the end of your plan.

In later life, it can be difficult to get accepted for a traditional 25-year mortgage. With a retirement repayment mortgage, the loan can be better tailored to your age and needs. It could help you remortgage on your current property, or buy a new one in later life. 
 

How do retirement interest-only mortgages work?

Retirement interest-only mortgages are typically designed for people aged 55 or over. They differ from a retirement repayment mortgage as you only pay the interest on the loan each month. You then repay the initial loan amount in full at the end of your plan. This is usually from the sale of your home when the last remaining applicant passes away or moves into long-term care.

How do lifetime mortgages work?

A lifetime mortgage is a loan secured against your home that gives you access to tax-free cash which you can use in a variety of ways. You’ll still own your property and have the option to make reduced or no monthly repayments - although we'd recommend you do as this can help reduce your total cost of borrowing.
 

What age can you get a later life mortgage up to? 

There’s no single maximum age for later life mortgage lending. Lenders look at your age when you apply as well as how old you’ll be when your plan is scheduled to end and make their decision on a case-by-case basis, with limits varying between providers. Most do have some form of an age cap, though.

Conventional mortgage lenders have traditionally been reluctant to lend to those in later life due, in part, to affordability checks. Retirement repayment mortgage affordability checks look at income and expenditure. If you have a lower affordability, you can be seen as a higher risk for the lender, which may reduce your options.

With later life mortgages, however, there aren’t the same restrictions regarding the upper age limit for a mortgage in the UK. As long as the youngest applicant is 55 or over, you could be eligible for a later life mortgage.
 

Are later life mortgages regulated? 

Yes, later life mortgages are regulated.

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