Mortgages in retirement

Published on 23 August 2017

Traditionally, most people would have paid their mortgage off by the time they’d retired. In fact, the bank would probably have insisted on it.

Times change though, and if you’re retired and own your own home, a mortgage is one way of releasing some of the money tied up in your property to help yourself or your family.

Whether it’s to undertake home improvements, help your children with a deposit for their first home or simply to enjoy your retirement a little more, age shouldn’t be an obstacle to borrowing money. However, a lot of banks and building societies still have an upper age limit for borrowers and, even with sufficient equity and ample income, older borrowers can struggle to find a mortgage lender who will help. At the Cumberland, our mortgage range is available to everyone, irrespective of age.

Our decisions to lend are based on affordability and a person’s circumstances, not age, and we’re proud to be helping people around our region, both early and later in retirement, borrow the money they need to help them achieve their goals.

I'm looking for some further information on mortgages in retirement.

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