Getting a mortgage in your 50s is more common than people think. Whether you’re moving home, remortgaging, or looking at ways to borrow later in life, there are options available, and being over 50 doesn’t mean you’re out of luck.

Many lenders now cater to borrowers in this age group with flexible products to suit different needs.

At Derbymoneyman, we regularly help customers in their 50s secure mortgages that support both their current lifestyle and plans.

Some are still working full-time, while others are beginning to plan around retirement. Whatever your circumstances, there’s usually something that can work for you.

Mortgage Options for Over 50s in Derby

The right mortgage will depend on your personal goals, income, and how long you want to borrow for.

At this stage in life, you may find yourself weighing up a few different routes, and some lenders may offer more flexibility than others.

Traditional Repayment Mortgages

For many borrowers in their 50s, a standard repayment mortgage remains a straightforward option, especially with a reliable income in place and retirement still some way off.

The types of deals available tend to reflect your current financial strength, as well as how long you plan to borrow for.

Many of the mortgages for over 50s in Derby are designed to support homeowners looking to remortgage, move, or borrow flexibly while still in employment.

Retirement Interest-Only Mortgages (RIOs)

Retirement Interest-Only Mortgages in Derby appeal to borrowers who want to keep monthly payments low in later life.

By only covering the interest, rather than repaying the full loan each month, this type of mortgage provides a way to stay in your home while managing affordability during retirement.

These mortgages are usually repaid when the property is sold, often after the homeowner passes away or enters long-term care.

Lifetime Mortgages

For homeowners over 55 who prefer not to make monthly payments at all, lifetime mortgages offer a route to borrow against the value of the home without needing to sell or downsize.

These products are part of the broader equity release market and are repaid through the eventual sale of the property.

Our mortgage advisors in Derby offer equity release advice in Derby to help you understand how a lifetime mortgage might compare with other later-life lending options.

What Lenders Consider When You’re Over 50 in Derby

Lenders don’t just look at age, they consider your income, financial commitments, credit history, and how long you want to borrow for.

If you’re in your early 50s and still earning, many lenders treat your application similarly to someone in their 40s. As you get closer to retirement, they’ll take a closer look at how your income may change over time.

They’ll also want to understand how you plan to repay the mortgage and whether the loan term takes you beyond retirement age. Pension income, savings, and investments can all help strengthen your application, especially if you’re not relying on a salary alone.

The Process of Getting a Mortgage Over 50 in Derby

Applying for a mortgage in your 50s follows a similar path to any other mortgage, the key difference is how affordability is assessed.

Our mortgage advisor in Derby will begin by learning more about your income, goals, and plans. From there, they’ll recommend the most suitable mortgage types and help you gather the documentation needed for your application.

If you’re remortgaging, the process can often move quite quickly, especially if you’re staying with the same lender.

For new purchases or more complex borrowing, such as releasing equity, the application may involve a few more steps, but you’ll be guided throughout.

At Derbymoneyman, our mortgage advisors work with a wide panel of lenders to find the best options for borrowers over 50. Whether you’re still working or approaching retirement, we’ll help you understand what’s available and make the process as straightforward as possible.

Date Last Edited: June 5, 2025