Smarter mortgage options for your next chapter, with advice that puts you first

How much can I afford
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Getting a mortgage after 50 can feel like stepping into the unknown. Lenders ask different questions. You might be thinking about retirement, and you’re probably wondering how your income, whether from work, pensions, or investments, affects what you can borrow.

At Jigsaw, we take the confusion out of the process. Whether you’re moving house, remortgaging, or releasing equity, we help you find a solution that fits your life stage, with honest, personal advice at every step.

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What is a mortgage over 50?

A “mortgage over 50” simply means securing a mortgage when you're 50 or older. It can take a few different forms depending on your financial situation, property plans, and long-term goals:

Residential mortgage

A standard mortgage where you repay both capital and interest monthly. Suitable for those still working or with strong retirement income.

Retirement interest-only (RIO) mortgage

You pay just the interest each month. The loan is repaid when the property is sold (usually when you pass away or move into long-term care). Ideal for keeping monthly costs down while retaining ownership.

Lifetime mortgage (equity release)

Let you release tax-free cash from your home, with no required monthly repayments. Interest is added to the loan and repaid when the property is sold. Suitable for those wanting to unlock value from their home in later life.

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Who might this be right for?

  • Homeowners planning to move or downsize
  • People in their 50s, 60s or plus with equity in their property
  • Clients looking to remortgage to reduce monthly payments
  • Individuals supporting family or preparing for retirement
  • Landlords or second-time buyers restructuring their mortgage

Eligibility & what you’ll need

Lenders will typically look at:

  • Your age and retirement plans
  • Income (from employment, pension, rental, or investments)
  • Affordability (now and post-retirement)
  • Deposit or equity levels
  • Credit history
  • Property type and value

You may only need one source of income, and many lenders now accept pension drawdown, self-employed income, or dividends. At Jigsaw, we know which lenders are more flexible and what paperwork you’ll need.

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Costs to consider

The total cost will depend on the type of mortgage and your lender. You should budget for:

Deposit (typically 25% if not remortgaging)

Mortgage fees (arrangement, valuation, legal)

Interest payments (monthly or rolled up)

Equity release set-up fees (if applicable)

Ongoing home ownership costs (insurance, maintenance)

The Jigsaw process: What to expect

Our process is simple, supportive, and built around you:

Step 1

Initial phone call

We’ll ask a few questions and confirm if we can help. If it’s a good fit, we’ll book your full appointment.

Step 1
Step 2

Fact-finding appointment

This is where we get into the details, your income, goals, budget, and the type of mortgage that might work best.

Step 2
Step 3

Agreement in principle

Once we’ve matched you with the right lender, we’ll secure your AIP so you can move forward with confidence.

Step 3
Step 4

Application & completion

We handle the full application and guide you through to completion. This usually takes around 2–3 weeks.

Step 4

Common questions asked

Can I get a mortgage if I’m already retired?

Yes, depending on your income, age, and the lender’s criteria. Pension income, investments, and rental income can all count.

What’s the difference between a RIO and a lifetime mortgage?

RIO mortgages require interest payments monthly. Lifetime mortgages do not, the interest is added and paid when the property is sold.

Can I use equity release for home improvements or to support my children?

Yes. Many clients use it to help with renovations, family support, or to supplement retirement income.

How much can I borrow?

It depends on your income, age, and property value. We’ll help calculate this accurately.

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Start planning your future today

Whether you're just starting to think about your options or ready to move forward, we’re here to help. It starts with a conversation, no pressure, no obligation.

Get in touch to book your free appointment and find out what’s possible.

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Find out what you can afford in minutes

Understanding what you can realistically afford is the first step toward a stress-free homebuying journey. Our affordability tool gives you a quick and accurate estimate of how much you may be able to borrow based on your income, expenses, and deposit.

It’s completely free to use, doesn’t affect your credit score, and takes just a couple of minutes. Whether you’re a first-time buyer, moving up the ladder, or simply exploring your options, our tool can help you plan with confidence and avoid unwanted surprises later.

How much can I afford
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