Sunshine, Summer Plans, and Savvy Choices

devon9456
May 28
6 min read

June 2025

Welcome to our June blog!

We hope you are enjoying the brighter days and the gentle warmth that summer brings. With gardens in full bloom and the promise of longer evenings, June is a wonderful time to pause, reflect, and make a few plans for the months ahead.

This month, we are focusing on three topics that could be helpful or simply bring a smile:

Can you still get a mortgage in your 60s or 70s? We will reassure you and explain your options.
How to stay healthy and happy as the weather warms up, with a timely reminder about hydration.
And, for a bit of fun, a fresh twist on the classic British picnic—perfect for sharing with friends or family.

So, pour yourself a cool drink or a cup of tea, find a comfy seat, and let’s get started!

Can I Still Get a Mortgage in My 60s or 70s?

If you have ever thought, “Have I missed the boat when it comes to getting a mortgage?”—you are certainly not alone.

Many people in their 60s or 70s assume that lenders will not consider them, or that mortgages are only for the young. The reality is, the world of mortgages has evolved, and there are now more choices and flexibility for older borrowers than ever before.

Lenders Are More Flexible Than You Think

Gone are the days when your 60th birthday meant the end of your borrowing journey. Today, many high street banks and specialist lenders offer mortgages specifically designed for people in later life.

Some lenders will consider applications from people well into their 80s or even 90s, and a few have no maximum age limit at all. The key thing lenders look at is not just your age, but your ability to afford the repayments.

How Do Lenders Assess Affordability?

Affordability is at the heart of any mortgage decision. Lenders want to see that you have a reliable income to cover the monthly payments. If you are retired, this could include your state pension, private or workplace pensions, annuities, and sometimes even investment or rental income.

You will usually need to provide evidence—such as pension statements, bank statements, or letters from pension providers.

If you are still working, lenders may use your employment income, but they will also want to know when you plan to retire and what your income will look like then. Some lenders will “stress test” your finances to make sure you can still afford the mortgage if interest rates rise or your circumstances change.

Understanding Age Limits and Mortgage Terms

While some lenders set a maximum age for when a mortgage must be repaid (often 75 or 85), others are more flexible, especially with later life products. The term of the mortgage might be shorter than you would get in your 30s, which can mean higher monthly payments, but there are also options like:

Retirement Interest Only (RIO) mortgages: You pay the interest each month, and the loan is repaid when you sell your home, move into long-term care, or pass away.
Lifetime mortgages (a type of equity release): No monthly payments required—interest is added to the loan, and it is repaid when you leave your home permanently.

Importantly, many lifetime mortgages now allow you to make voluntary payments. This means you can choose to pay off some or all the interest, or even some of the capital, as and when it suits you—up to a set limit each year (often 10–15% of the original loan). There are usually no penalties for these voluntary payments, offering you flexibility and control. By making voluntary repayments, you can reduce the amount of interest that rolls up, keep the final balance lower, and potentially leave more inheritance for your loved ones.

Why Consider a Mortgage in Later Life?

There are many reasons why people look at mortgages after 55, and they are not all about financial necessity. Here are some of the most common:

Paying off existing debts: Many people use later life mortgages to clear outstanding loans or credit cards, freeing up more disposable income and reducing financial stress in retirement.
Home improvements or adaptations: Whether it is a new kitchen, a walk-in shower, or making your home more accessible, a mortgage can help fund changes that improve your quality of life and may even add value to your property.

Helping family: It is increasingly common to use equity release to help children or grandchildren onto the property ladder, pay for education, or support them through life’s milestones.
Boosting retirement income: Unlocking some of the value in your home can provide a lump sum or regular income, helping you maintain your lifestyle or cover unexpected expenses.
Buying a new home: Some use a later life mortgage to downsize, move closer to family, or even buy a holiday home.
Fulfilling lifelong dreams: Whether it is a once-in-a-lifetime holiday, a new car, or simply enjoying retirement to the fullest, a later life mortgage can help make those dreams a reality.

Top Tips for Later Life Mortgage Seekers

Get your paperwork in order: Gather pension statements, proof of income, and details of any debts or existing mortgages.
Check your credit score: Even in later life, a good credit score can help you access better deals.
Consider your future needs: Think about how long you want to stay in your home, and whether you might need to adapt to it as you get older.
Seek advice: The mortgage market can be confusing, especially with so many new products. A specialist adviser can help you find the right fit for your circumstances.

The Bottom Line

Don’t let age hold you back from exploring your options. With the right advice and a bit of planning, getting a mortgage in your 60s or 70s is very much possible. You might be surprised at just how many doors are still open to you! If you are unsure where to start, our team is always here to help you navigate the choices and find the best fit for your circumstances.

Stay Hydrated and Enjoy the Outdoors

June brings the start of summer, with longer days and (hopefully) plenty of sunshine. It is the perfect time to get outside, whether that means tending to your garden, taking a stroll in the park, or simply sitting on a bench and enjoying the world. Studies show that spending time outdoors can boost your mood, help you sleep better, and even improve your memory.

But with the warmer weather comes the need to stay hydrated. As we get older, our sense of thirst can become less reliable, so it is important to make a habit of drinking water regularly—even if you don’t feel thirsty. National Hydration Day falls on June 23rd, making it a timely reminder to keep a bottle of water handy, especially when you are out and about.

Top Tips for Staying Hydrated:

Carry a reusable water bottle when you go out.
Add a slice of lemon or cucumber for a refreshing twist.
Enjoy hydrating foods, like watermelon, cucumber, and strawberries.
Set a reminder on your phone or leave notes around the house.

And don’t forget to take breaks in the shade and wear a hat if you are out in the midday sun. Your body will thank you!

The Great British Picnic – With a Twist!

Summer and picnics go hand in hand, but why not add a dash of fun to your next outdoor gathering? This June, try organizing a “mystery picnic” with friends or family. The idea is simple: everyone brings a surprise dish, and you all try to guess who made what. It is a wonderful way to discover new recipes, share stories, and enjoy a good laugh.

If you are feeling competitive, you can even vote on the tastiest or most creative dish (with the winner getting the last slice of cake, of course!). And if the British weather decides not to cooperate, don’t let that spoil your plans—spread a blanket on the living room floor, don your silliest sunhat, and bring the picnic indoors.

Picnic Essentials:

A comfy blanket or a couple of garden chairs
Easy-to-eat finger foods (think sandwiches, sausage rolls, fruit skewers)
A flask of tea or homemade lemonade
A portable radio for some classic summer tunes
And, of course, a sense of humour—because with British weather, you never know!

Remember, the best picnics are about good company and making memories, not just the food.

Wishing you a wonderful June—full of fresh opportunities, sunny days, and perhaps a new outlook on what is possible at any age! If you have questions about later life mortgages or just want to share your best picnic story, we would love to hear from you.

The team at Later Life Property Finance

An equity release mortgage may not be the best option for everyone. It is vital to consider other financial alternatives and consult a professional adviser to ensure it meets your needs and circumstances.