Getting a mortgage when you are over 50 can feel different from earlier in life, but our team at Coventrymoneyman can help.

We know that lenders across the UK are now far more focused on your ability to afford the mortgage over the long term, rather than on your age alone.

This means showing how your repayments will be sustainable through your working life and into retirement.

Our mortgage advisors have extensive experience helping customers secure a retirement mortgage in Coventry, and we are ready to guide you through the process.

Understanding What We Look For

When you apply for a mortgage after the age of 50, we know that lenders will take a broader view of your financial life.

We find that they are less concerned with your age and more focused on your long-term financial stability. We’ll help you gather the information lenders typically want, such as:

  • Details about your expected income in retirement
  • Your planned retirement date
  • Whether your payments will continue once you have stopped working
  • What other assets or savings you have to support your application

This shift in focus isn’t a barrier to getting a mortgage, but it does mean you might need to provide documentation you haven’t used before, like pension forecasts.

Deciding on Your Goals

The first step we take is helping you work out exactly what you want to achieve with a mortgage.

The right product for you depends on your specific goals, whether you are buying a new home, remortgaging an existing property, or using a form of equity release in Coventry to free up funds from your home.

For example, we might recommend a standard repayment mortgage for a client in their early 50s who is still working, while someone in their 60s might be better suited to a lifetime mortgage in Coventry.

Our team can help you find a product that fits your plans.

Remortgaging Your Existing Property

We understand that many people in their 50s are still paying off a previous mortgage and want to find a better deal.

We help customers remortgage their Coventry homes to either restructure the term or move to an interest-only setup, which can help improve affordability as they get closer to retirement.

Our mortgage advisors in Coventry can help you explore your options and find a solution that works for you.

Providing Evidence of Income

We know lenders accept a wide range of income sources for those over 50.

Our team will help you provide clear evidence of your income, whether it comes from employment, self-employment, private pensions, state pensions, or a combination of both.

We also help customers show how drawdowns from savings or investments and income from a buy-to-let in Coventry can be used in an application.

The key is to show that your income is stable and reliable for the long term.

Even if you are still working in Coventry, we can help you prepare for questions about your future finances, especially if your mortgage term extends into your 70s or 80s.

When You Are Already Retired

You can still get a mortgage if you have already retired. We help many retired customers in Coventry find a solution that works for their financial situation by providing strong evidence of their retirement income.

We know lenders want reassurance that your pension, investment, or rental income is enough to sustain repayments over the long term, so we help you provide clear documentation to support your case.

Finding the Right Mortgage Product

Once we have a clear picture of your income and goals, we will help you find a mortgage that fits your age and financial position.

The most suitable option will depend on how long you need to borrow for, how you plan to repay, and how much flexibility you need.

Standard Repayment Mortgages

A standard repayment mortgage could still be the best route for those with a stable income. Many lenders offer terms that can run into your 70s or 80s, provided the monthly payments are manageable.

Retirement Interest-Only (RIO) Mortgages

A retirement interest-only mortgage in Coventry is an option where you only make monthly interest payments.

The main loan is repaid when the property is sold, which can help keep your monthly costs down if your income is limited.

Lifetime Mortgages

A lifetime mortgage in Coventry is a form of equity release that allows you to access a lump sum without making any monthly repayments.

The interest is added to the loan and is only repaid from the eventual sale of your home.

Bridging Loans

A bridging loan in Coventry is a short-term loan that can help you buy a new property before your current one is sold.

These are typically repaid once the sale is complete and are useful for managing property chains.

Your Mortgage Advisor in Coventry

Our goal as a mortgage broker in Coventry is to provide the expertise you need to navigate this market.

We will take the time to understand your financial situation and explain every option clearly, helping you make a confident decision about your next steps.

We are committed to helping customers secure mortgages for over 50s by finding the right solution for them.

Date Last Edited: September 16, 2025