Turning 50 doesn’t mean your chances of getting a mortgage are over. Lenders now offer more options than ever for people looking for mortgages for over 50s in Sunderland.

Whether you’re buying a home, moving house, or remortgaging later in life, some routes can suit your financial situation and long-term plans.

How Age Affects Your Mortgage Choices

Age is a factor, but it’s not the only thing lenders look at. Your income, credit score, and how you plan to repay the loan all play a part.

If you’re still working, many lenders will consider your employment income. If you’ve already retired, they’ll look at your pensions and other assets to assess affordability.

Some mortgage providers place upper age limits on the term or the borrower, but plenty of lenders are flexible, especially those who specialise in later life mortgage in Sunderland options.

What Types of Mortgages Are Available?

You could still qualify for a standard repayment mortgage, especially if your income supports it and you don’t need a long-term deal.

Many lenders now offer terms up to age 75 or 85, sometimes even longer, depending on your retirement income.

For those looking for lower monthly outgoings, interest-only mortgages and retirement interest-only mortgages are also available. These require you to pay just the interest each month, with the capital repaid when you sell the property or pass away.

If you’re aged 55 or over and don’t want regular repayments, equity release in Sunderland through a lifetime mortgage can give you access to funds secured against your home. It’s often used to support retirement income, fund home improvements, or help family members.

What Are Lenders Looking For?

Lenders want to see that you’ll be able to keep up with repayments both now and in the future. This includes looking at pensions, investments, or other sources of regular income.

They may also ask how you plan to manage your mortgage when you eventually retire.

If you’re already retired, lenders will focus on whether your retirement income is stable and sustainable. The type of mortgage you’re applying for will influence how strict these checks are.

Date Last Edited: 03/06/2025