The classic route of purchasing a home, steadily repaying a mortgage and reaching retirement mortgage-free is shifting. UK Finance highlights that first-time buyers are now entering the housing market later, at around age 33 on average.

To keep repayments manageable, many borrowers are opting for longer mortgage terms of 35 to 40 years, meaning commitments increasingly extend into their 60s.

With later entry and extended terms, borrowing is naturally continuing further into later life. What was once considered a niche area is now becoming far more common, influenced by higher property prices and changing lifestyle expectations.

Later life lending is no longer defined purely by equity release products. UK Finance data shows a broader mix of activity: in Q4 2025, more than 41,000 new mortgages were taken out by borrowers aged over 55, including standard residential mortgages. While lifetime mortgages and retirement interest-only options remain significant, many borrowers in their late 50s still rely on mainstream products.

Remortgaging has emerged as the largest area of activity among older borrowers. Many are refinancing to secure improved rates or to access equity as part of their retirement planning, rather than depending on a single lending solution.

This evolving market brings both greater choice and added complexity. Later life lending is increasingly about flexibility; balancing affordability, lifestyle objectives and long-term financial stability. We can help you to understand your options, whatever your age, so you can make informed decisions with confidence.

Equity release and lifetime mortgages will reduce the value of your estate and can affect your eligibility for means tested benefits.