"Term Beyond Retirement" Lenders (Up to Age 80)
Some niche lenders extend mortgage terms beyond state pension age, assessing affordability based on:
Current contract income (even if retirement is approaching)
Projected earnings (if skills are in high demand)
Part-time work potential (e.g., consultancy post-retirement)
Example: A 58-year-old IT contractor secures a 15-year mortgage with repayments running until age 73, based on ongoing contract demand.
2. Asset-Based Assessments (Pensions/Investments)
If contract income alone isn’t enough, lenders may consider:
Private pension pots (drawdown or lump sums)
Investment income (dividends, rental properties)
Savings/lump sums (to reduce the loan term or LTV)
Example: A 62-year-old engineer uses a £200k pension pot to supplement mortgage affordability, allowing a £300k purchase.
3. Industry Experience (Proving Ongoing Demand)
Lenders favour contractors in sectors with age-resistant demand, such as:
Healthcare (medical consultants)
Engineering (infrastructure specialists)
IT (cybersecurity/legacy systems)
Providing contract renewals, industry certifications, or client testimonials strengthens the application.
Key Tip: Highlight Specialist Skills That Ensure Continued Work
Niche expertise (e.g., AI regulation, nuclear safety)
Long-term contracts (vs. short gigs)
Recurring clients (proving stable income)
Case Study: 55-Year-Old Contractor’s Success
A financial consultant (day rate: £600) secured a mortgage by:
Using a lender allowing terms to age 75
Showing £150k in pensions & ISAs as a backup
Proving 10+ years in regulatory compliance—a high-demand skill