Mortgages for over 75s  offer borrowers greater peace of mind, stability and a chance to finance home improvements dring retirement. They also allow them to access property without a large upfront deposit or a requirement to pay off a mortgage in full when they move out of the home.

However, mortgages for retirees do come with some specific requirements. For example, they are more likely to be on interest-only mortgages, where they pay off only the interest and not the capital. This may be because they are living in smaller homes or may not have enough pension income to meet repayments.

Securing Your Home at 75+: A Guide to Mortgages for Senior Homeowners

In addition, older borrowers are more likely to have a higher debt-to-income ratio (DTI), which can call into question their ability to afford the repayments. This can make it difficult for lenders to approve mortgages for over 75s.

For this reason, it is often best to apply for a mortgage with a small or niche lender as they will be more willing to take a more pragmatic view on the applicant’s situation and financial circumstances. They can also be more flexible on the types of income that can be used to qualify for a mortgage, such as investment income.

One such lender is Nationwide, which offers a range of mortgages for over 75s. They include Retirement Interest Only mortgages, which allow borrowers to pay off their mortgage at the end of their term, and mortgages with an age limit of 85.