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Retirement repayment mortgages

If you can't find a conventional mortgage to meet your needs, a retirement repayment mortgage could help you reach your later life goals.

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What is a retirement repayment mortgage?

A retirement repayment mortgage is similar to a traditional mortgage you may have had on your home in that you repay the loan plus the interest in full.

  • Mortgages are available to borrowers aged 50+

  • Higher age limit than most mortgages, letting you remortgage in later life

  • It's a loan secured against your home

  • Mortgages can be used to buy a new property, re-mortgage an existing one, or release additional funds

Retirement repayment mortgage interest rates

You will also need to think about which type of interest rate would work best for you: fixed or variable.

Fixed interest rate

A fixed-rate mortgage means your repayments will be the same for a fixed length of time, no matter how interest rates change across the market – this is normally between two to five years, though it can vary depending on the mortgage provider.

Variable interest rate

A variable interest rate means the interest rate and your repayments may go up or down depending on a number of factors. There are different variable-rate mortgages you can apply for from a number of different mortgage providers.

Independent, expert advice

No matter what age you are, our dedicated team are here to help and give you the right advice. By speaking to one of our independent advisers, they can get to know you and find out what’s right for you. They’ll search the whole market and help with advice that’s right for your circumstances.
 

Things to consider

  • A mortgage is a loan secured against your home

  • Your home may be repossessed if you do not keep up repayments

  • You should always think carefully before securing a loan against your home

  • If we refer you to a mortgage specialist within Key Group, and you take out a plan, the advice fee will be £1,299

Other retirement mortgage options

See what other later life lending options you have

Retirement interest-only mortgage

  • Typically for people aged 50+

  • Only pay the interest monthly

  • Lower monthly repayments than repaying the capital

More on RIOs

Lifetime mortgage

  • For homeowners 55+
  • Unlock funds from your home
  • Choose a lump sum or drawdown
More on lifetime mortgages
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