If you’re over 50 and thinking about getting a mortgage in Coventry, you might assume your options are limited, but that’s not the case.

There’s a growing range of mortgage products designed for people in later life, giving you choices whether you’re planning to move, remortgage, or unlock some of the value in your home.

Lenders now understand that people live and work longer, and retirement looks different for everyone.

Whether you’re still in full-time employment, easing into retirement, or already drawing a pension, there are mortgages for over 50s in Coventry that can work for you.

Can I Get a Mortgage Over 50 in Coventry?

Yes, getting a mortgage after 50 is not only possible, but increasingly common.

Many lenders now offer mortgage options specifically designed for older applicants.

These might be traditional mortgages with slightly shorter terms, or more flexible products created for later life borrowing.

The focus tends to be on affordability, if you can show you’ve got the income.

Whether from employment, pensions, or other sources, if you meet the lender’s criteria, then you can be in a strong position to secure a mortgage in your 50s or beyond.

Capital Repayment Mortgages

A capital repayment mortgage allows you to repay both the original loan and the interest each month.

This type of mortgage is ideal if you’re still working and have regular income, as it helps reduce the debt over time and could allow you to own your home outright by the end of the term.

Terms may be shorter than those offered to younger borrowers, depending on your age at application and when the lender expects the mortgage to be fully repaid.

Still, many lenders are happy to consider terms extending well into your 70s if affordability passes.

Interest-Only Mortgages

An interest-only mortgage could be another option.

With this structure, you only pay the interest due each month, which means lower monthly payments.

The original loan amount, however, must be repaid in full at the end of the mortgage term.

Lenders will want to see a clear repayment strategy in place.

For example, you may plan to use savings, sell another property, or access a pension lump sum.

If you’ve got a plan like this lined up, interest-only could be a flexible option.

Retirement Interest-Only Mortgages

A retirement interest-only mortgage in Birmingham, or RIO, is a later life product that works slightly differently.

You make interest payments for as long as you live in the home, with no set end date for the mortgage.

The loan is repaid when the property is sold, usually when you move into long-term care or pass away.

RIO mortgages are aimed at older borrowers who may not qualify for traditional interest-only products but still want to keep their monthly payments manageable.

They also offer more peace of mind, as there’s no requirement to repay the capital during your lifetime.

Lifetime Mortgages

If you’re aged 55 or over and own your home, a lifetime mortgage in Coventry might be worth exploring.

It’s a form of equity release that allows you to borrow against the value of your home without the need to make regular repayments.

The loan, plus any interest, is repaid when your home is sold in the future.

This option can help you access funds in later life, perhaps to support your income, carry out home improvements, or help family, while continuing to live in your property.

How Much Can I Borrow?

When it comes to later life borrowing, lenders consider a few key factors to determine how much you can borrow.

There’s no fixed rule, instead, they assess your circumstances.

Your Income

Even in your 50s or 60s, your income is central to your mortgage application.

This could come from employment, pensions, rental properties or investments.

Lenders will want to see that this income is stable and sufficient to cover the mortgage payments, both now and in future years.

Your Outgoings

Lenders also look at your regular expenses, things like utility bills, credit card repayments, and other financial commitments.

This helps them understand how much room you have in your budget for a mortgage.

Your Credit History

A good credit history gives lenders confidence that you’ve managed borrowing responsibly.

If your score is strong, you may access better deals.

But even if you’ve had past credit issues, there are still options available through specialist lenders.

Property Value and Loan Term

The value of the home you’re buying or remortgaging plays a role in what you can borrow.

Lenders will also consider how long you want the mortgage to run for.

Some may offer terms up to age 75 or 85, depending on the product and your circumstances.

Speak to a Mortgage Advisor in Coventry

If you’re over 50 and wondering what kind of mortgage you could get, our mortgage advisors in Coventry are here to help.

We’ll take a look at your circumstances, talk through your options, and help you find the solution that fits your plans, whether that’s a traditional mortgage, equity release, or something in between.

Getting a mortgage later in life might seem complicated, but with the right support, it can be a smooth and positive experience.

Date Last Edited: June 2, 2025