Who Can Get an Interest Only Lifetime Mortgage
Interest only lifetime mortgages are generally available to homeowners aged 55 and over, although the minimum age varies by lender and product. You must own a property in the UK that meets the lender's criteria, and the amount you can borrow depends on your age, the property value and the lender's loan-to-value limits for your age band.
Affordability is checked against your retirement income, including state and private pensions and any other regular income. That check is the main difference from a roll-up lifetime mortgage, where no affordability test applies because no payment is required. If your income is too low to cover the interest comfortably, a roll-up product or a different option may be suggested instead.
Property type matters too. Standard houses and flats are usually fine, while unusual construction, very high values, or leasehold properties with short leases can be restricted. A specialist equity release adviser can confirm eligibility before you pay for a valuation.
- Usually age 55 and over, with a qualifying UK property.
- Affordability is checked against retirement income.
- Property type and lease length can affect eligibility.
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