3. The older you are, the more strict your lending criteria will be
Generally speaking, as you get older you’re likely to be offered a shorter repayment period on a mortgage than a younger borrower would (typically, mortgages last 25 years). That could be the case even if you’re, say, 15 years younger than the lender’s maximum age for a mortgage. You might also find that you are offered fewer deals, for example it might be harder to find interest-only mortgages which tend to have lower monthly repayments.
If you’re an older borrower and you’ve still got a few years left on your current mortgage, you might want to think about getting a remortgage instead of finding a new deal. While you might be offered better terms by your current lender, you’ll still need to meet their eligibility requirements. Our mortgage eligibility tool is a good starting point to see how likely it is you could qualify for a mortgage.