About retirement mortgages

At Audley we understand that everyone’s circumstances are different, but that shouldn’t mean that not everyone can move to an Audley village.

We are sometimes asked “Can I get a mortgage on a retirement property?”. The simple answer is yes. 

Although many of the mainstream banks and building societies do not offer retirement mortgages, or lending into retirement, there are specialist mortgage lenders that do.

One option from such specialist lenders is a retirement interest-only mortgage (RIO) that can be offered to people over 55 or 60.

You can buy a retirement property by securing the loan against your home and only pay the interest each month. If you are interested in borrowing money into retirement to move to an Audley village, we will be happy to introduce you to a specialist mortgage partner or you can, of course, source your own.

Advantages of a retirement mortgage

There are many reasons why a mortgage may be the right solution for you.

In our experience, the biggest factors influencing the decision to get a mortgage over 55 can be freeing up cash, to either top up a pension or to support children and loved ones with their endeavours.

Another motivation for some new Audley owners is their desire to move to a retirement property in one of our villages quickly, in which case there can be benefits to borrowing from a specialist retirement mortgage lender. If a new Audley owner is keen to move in but for whatever reason, the sale of their existing home is moving slowly, a short-term retirement mortgage can enable the move to happen more quickly.

Taking out a mortgage on a retirement property does not affect your options to take advantage of our Home buying service for your existing property. Some owners also consider a bridging loan to help speed up the move. Bridging finance is usually taken between 1 day and 12 months and loans are available at market-leading rates.

Retirement properties to rent are more in demand than ever, and ‘let-to-buy’ options are available at some retirement villages when a new owner is looking for a short-term rental option while selling their existing property.

Please contact us for an introduction to one of our lending partners or to ask any questions.

Close up of the sleeping corner of a bed and a table lamp

Get in touch to find out more

Please contact us for an introduction to one of our lending partners or to ask any questions.

What is a retirement mortgage?

A retirement mortgage is a way to help people over 55 to get a mortgage by paying the interest only.

The borrower will only need to pay a monthly interest on the loan. 

For more information about retirement mortgages, please read the report of research carried out by Policis on behalf of the Department for Work and Pensions - Research into mortgage borrowing and claiming Support for Mortgage Interest in retirement.