Reaching your mid-sixties doesn’t mean your borrowing options disappear. In fact, there are still a number of mortgage products available, including some tailored specifically for older applicants.

Whether you’re looking to move, refinance or access equity, it’s possible to get a mortgage at 65 in Cambridge with the right approach.

Do Lenders Set Age Limits?

While there’s no strict upper age limit set, individual lenders usually apply their own criteria.

Some may want the mortgage paid off by the time you reach 70 or 75. That often means shorter mortgage terms, which can result in higher monthly repayments.

That said, more lenders are recognising the needs of older borrowers. As a result, there’s now a growing choice of mortgages for over 60s in Cambridge, built around different income types and long-term plans.

Why Borrow at 65?

There are plenty of reasons someone might look for a mortgage later in life. You may want to move closer to family, downsize to a smaller home, or switch from an interest-only mortgage coming to an end.

Others use borrowing to access funds tied up in their property, either to boost retirement income or support children or grandchildren.

A mortgage at this stage of life can offer practical solutions to changing circumstances.

Mortgage Products for Older Applicants

Several options are available to suit borrowers in their sixties and beyond. A standard repayment mortgage is still possible, though it may run over a shorter period depending on the lender’s terms.

Interest-only mortgages, where you cover just the interest during the term and repay the capital later, are another route for some. These can work well with a clear repayment plan.

Equity release in Cambridge, typically through a lifetime mortgage, has also become popular.

This allows you to borrow against your home’s value without making monthly repayments, with the loan repaid when the property is eventually sold.

What Lenders Will Look At

Affordability remains a priority for all lenders. When applying for a mortgage for over 60s in Cambridge, they’ll assess your income from pensions, savings, investments or even part-time work.

They may also consider rental income if you have other properties. The focus is on whether your income is steady enough to cover payments throughout the term.

Where traditional repayments aren’t suitable, equity release offers an alternative. This allows funds to be accessed without regular payments, although interest rolls up and is paid later.

Alternatives to Traditional Mortgages

If a standard mortgage doesn’t meet your needs, there are still ways to access funds using your property.

Lifetime mortgages are one of the most common forms of equity release. These let you stay in your home while releasing a portion of its value, with the loan paid back when the property is sold.

Retirement interest-only mortgages are another option. These work similarly to standard interest-only products but are designed to run until the home is sold, with no set end date.

This offers flexibility for those looking for a longer-term solution without fixed repayment terms.

The Upsides and Downsides

Taking out a mortgage at 65 comes with advantages. It can provide access to money at a stage when many people want greater freedom or financial support.

It may also offer a way to stay in your current home or make a move that suits your future plans. On the other hand, shorter terms can lead to higher repayments.

It’s also worth considering how borrowing might affect your estate and any inheritance you hope to leave behind. Thinking ahead and weighing up all factors is key.

Speak with Mortgage Advisors in Cambridge

Navigating the mortgage market later in life doesn’t need to be difficult.

The right advice can make a big difference when looking at options such as equity release in Cambridge or applying for a new mortgage in retirement.

At Cambridgemoneyman, the mortgage advisors in Cambridge are here to support you.

Whether you’re thinking about refinancing, switching lenders or exploring a mortgage for over 60s, they’ll take the time to talk through your options and help you decide what fits best with your plans.

Date Last Edited: May 29, 2025