If you’re thinking about taking out a joint mortgage, one question that often comes up is whether there’s an age limit.
The short answer is: there’s no fixed age limit across all lenders, but your age, or your partner’s, can influence the type of mortgage you’re offered and how long it can run.
Understanding how this works is important when you’re planning your future together.
How Does Age Affect a Joint Mortgage?
Lenders usually base the mortgage term on the age of the oldest applicant. So, if one of you is significantly older, that can shorten the maximum mortgage term.
A shorter term typically means higher monthly payments, which can affect affordability.
Let’s say one applicant is in their 30s and the other in their 60s, most lenders would want the mortgage repaid by the time the older person turns 75 to 85, depending on the lender’s specific policy.
This means the mortgage term might be limited to just 10 or 15 years, even if the younger applicant could feasibly borrow for longer.
That said, lenders are willing to be flexible.
If the younger applicant has a steady income and meets affordability checks on their own, it might be possible to base the term around them instead.
It all comes down to the lender’s criteria and how they assess risk.
Retirement Interest-Only Mortgages
A retirement interest-only mortgage in Cardiff could be worth considering if one or both applicants are already retired or nearing retirement.
With this kind of mortgage, you only pay the interest each month, not the capital.
The full loan is repaid from the sale of your home when the last borrower moves into long-term care or passes away.
It’s a solution that can suit joint applicants looking to keep monthly outgoings low while staying in their home for the long term.
It’s also more flexible than a standard interest-only mortgage because it doesn’t come with a set end date, it runs for life, provided you meet the ongoing interest payments.
Lifetime Mortgages
A lifetime mortgage in Cardiff might be an alternative for older applicants, especially those aged 55 and over.
Unlike traditional mortgages, this type doesn’t require monthly payments. Instead, you borrow against your property’s value and repay the loan (plus any interest) when the home is sold.
It’s common for couples to take out a joint lifetime mortgage, where the loan only becomes repayable after the second person passes away or moves into long-term care.
This can help maintain stability while accessing some of your property’s equity, though it will reduce the value of your estate over time, something to bear in mind if leaving an inheritance is important to you.
Should You Be Worried About Age Limits?
While age is a factor, it doesn’t mean you can’t get a mortgage if you or your partner is older.
The key thing lenders want to see is that the mortgage is affordable for the term and that you have a suitable plan in place for repayment if it’s an interest-only deal.
Some lenders are more flexible than others, especially if you’re applying with a younger partner who earns enough to support the mortgage.
There’s no single rule; it varies case by case, which is why speaking to a mortgage expert can be so helpful.
Speak to a Mortgage Advisor in Cardiff
If you’re unsure how your age might impact your mortgage options, a chat with one of our mortgage advisors in Cardiff could help clear things up.
Whether you’re both in the market for a mortgage for over 60s in Cardiff, or there’s a big age gap, we can help you understand which lenders are likely to support your application and what terms you might be offered.
Date Last Edited: May 30, 2025
