Borrowing options when you're aged 70+
In short, the answer is yes, customers can get mortgages over the age of 70 and there are a variety of options out there but it really depends on lenders’ individual criteria and your personal circumstances.
One option for over 70s is a repayment mortgage which you may still be eligible for depending on your current income from any work or pension and the amount of equity you currently have in your home. Lots of lenders are increasing their maximum age at application with some lending up to the age of 85. Mortgage Advice Bureau look at thousands of mortgages from over 90 different lenders to help find the right deal for you.
Some lenders will be happy to lend to someone up to the age of 80 as long as the repayments are completed by the time the homeowner is 85.
You could potentially get up to 15 years on a mortgage term at age 70 as lenders will generally want loan amounts to be repaid by age 85.
Reducing short term debt would improve your chances of getting a mortgage as the usual affordability checks apply even after the age of 70. Equity release could be an option to consolidate smaller debts into one monthly payment but it would be best to discuss your options with a mortgage expert if you are unsure about your options.