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When reviewing an affordability assessment, most lenders will accept income from state and/or private pensions.
If you are accepted for a loan, you can also use lump sum pension payments to pay off the secured loan balance at the point of retirement. Bear in mind that repayment charges may be applied by the lender if the balance is settled before the original end date.
Before you include either of these in your application, check that you have the right documents that will confirm your pension status, as it is likely that the lender will ask you to send copies for verification.
We can run through a checklist of documents you will need for your secured loan application and answer any other questions you have before you get started.
The maximum age limit for applying for a secured loan can be anywhere up to 85 years old, although this depends on the criteria set by the lender.
In terms of the age limit for accepting employed or self-employed income, the cap tends to be 75 years old – but there may be specialist lenders that are willing to consider a higher age bracket.
To get a better idea of where you stand and your eligibility for a secured loan you can speak with a member of the Willow team who are available to answer your questions about age limit, income and anything else related to secured loans.
There are many reasons why you may be thinking about taking out a secured loan if you are a pensioner or retired, be it to pay for home improvements, gift money to family or perhaps to see more of the world.
If most of your assets are tied up elsewhere, it can be more of a challenge to raise the cash you need, so using home as security against a loan could be an option.
But it’s important to find the right deal that works for you, especially when it comes to your eligibility and income. From pension income to age limits, we cover the things you may be unsure about before you start your application.
If you have a lifetime mortgage or an equity release on your property, there are specialist secured loan lenders that will consider an application.
There will likely be one or two additional checks required by the lender to ensure everything is in order, but if certain conditions can be met .Although equity release is becoming an increasingly popular financial product, we are limited to working with one lender who will consider a secured loan on a property that has an equity release or lifetime mortgage. This lender is willing to consider lending with a second-ranking charge behind an equity release lender, provided certain conditions are met. These conditions include
For example, if the property is worth £100,000, your equity release mortgage couldn’t exceed £40,000 (40% LTV). Our loan couldn’t exceed £15,000, making the total £55,000 (55% maximum LTV).
These types of loan agreements can be a bit more complicated, so it may take a little longer to arrange. The best place to start is to get in touch with one of our expert advisors who can let you know what to expect.
The maximum working age set by most lenders is usually between 70 and 75 years. “Working age” refers to the age until which lenders consider it feasible for most adults to remain working. Therefore, if you applied at age 60, we could potentially offer a 15-year term, based purely on your current income proof and the assumption that you are prepared to work until age 75. No pension income proof would be required.
However, we can consider terms that extend beyond this age, as some lenders are willing to go up to age 85, provided the applicant can demonstrate sufficient income to support the affordability assessment. This income could include pensions, investments, or other verifiable sources.
As part of the application review, the lender will want to assess how likely you are to continue working beyond the legal retirement age, which currently stands at 66 years for both men and women.
This usually includes looking at factors such as the physical nature of the job and any current health conditions that may affect your ability to continue working.
You must be at least 18 years old to apply for a secured loan (or any type of credit in general).
People aged under 18 are not allowed to legally borrow money without a guarantor (typically a parent or close family member), so most lenders tend to lend to people aged at least 18 years old.
This means you will struggle to get a mortgage on a property if you are aged under 18. You also need to be a homeowner to get a secured loan, as the property is used as security to balance out the risk for the lender
At Willows we do everything possible to find a secured loan solution that works for you. Because we work with a selected panel of lenders who have experience lending to older adults, we know how to find the right loans that will suit your needs.
Our friendly team of brokers are on hand to answer any questions you have about getting a secured loan if you are an older adult. You can get in touch with them today by calling 01656 766 158 and they’ll be more than happy to help.
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Willows finance have been extremely helpful and efficient in finding me a loan, I feel I’ve had just the right amount of contact not too pushy or overbearing, however they did chase me when I was slow with paperwork etc which was not a bad thing and ended in me receiving a loan in a timely manner.
Julie
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Willow finance were great start to finish, they always answered promptly and it was so helpful that they were able to communicate via WhatsApp as I couldn’t always be available for phone calls. Willows Team was patient, answered all my questions and endeavoured to make the process as seamless as possible. I would definitely recommend Willow and would use their services again if I ever needed it!
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LOANS ARE SECURED AGAINST PROPERTY. THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED UPON IT.
Willows Finance is a credit broker not a lender using a representative panel of lenders. We work with a Panel of Lenders whose particulars will be supplied upon request to find a potentially suitable arrangement for your consideration.
For credit broking, we do not provide or offer advice or recommendation. Whichever lender we introduce you to we will receive commission from. Different lenders pay different amounts based on different commission models and interest amounts. For transparency we work with the following commission models: percentage of the amount you borrow, rate for risk (this is based on the risk profile of the proposal).
Willows Finance Limited is authorised and regulated by the Financial Conduct Authority. Our Financial Conduct Authority FCA register number is 670052. We are registered under the Data Protection Act No. Z1447660 and are a member of the Association of Finance Brokers.
Willows Finance Limited registered address is Brocastle, Bridgend CF35 5AS. Company registered in England.
Registration number 6678545. Copyright © 2025 Willows Finance Ltd
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PRIVACY OF YOUR INFORMATION
At Willows Finance Ltd, we appreciate that your privacy is extremely important to you. With this in mind, we have put in place a number of measures to ensure that any personal details we obtain from you as a result of visiting this website is processed and maintained in accordance with accepted principles of good information handling and also in accordance with the Data Protection Act 1988.
This statement provides you with details of the type of information we may hold about you, how we obtain and use information and how we protect your privacy.
Willows Finance Limited
Brocastle, Bridgend, CF35 5AS
Authorised and regulated by the Financial Conduct Authority
Firm Reference Number: 670052
Company Number: 6678545 (Registered in England and Wales)
This document outlines the services we provide. If you need clarification, please contact us at 01656 766158.
We offer first and second charge regulated mortgage contracts for business or personal use.
Other finance options may include:
Regulatory Status:
We offer an advised mortgage broking service and provide enough information for you to make an informed decision.
We are not independent financial advisers. Free debt advice is available from the Money Advice Service.
You can view our privacy policy at: https://willowsfinance.co.uk/privacy-cookie-policy/.
Lenders may also have their own privacy policies which will be provided to you.
We charge a broker fee upon loan completion. The average fee is approximately 5%, depending on your situation.
Fee details:
No refund is offered after completion. You may pay upfront or add the fee to your mortgage. Fees and commission will be detailed in your ESIS and Mortgage Agreement.
You will receive a Mortgage Agreement and an ESIS document detailing:
You may cancel your application anytime before completion without any charge. Mortgages cannot be cancelled after completion.
Missing payments can lead to charges, repossession, and negative impacts on your credit rating.
Consolidating debt may result in higher long-term interest. Securing debt against your home increases risk.
Your home may be repossessed if you do not keep up repayments on a mortgage or other loan secured on it.
If you wish to complain, contact us at:
Willows Finance Limited
Brocastle, Bridgend, CF35 5AS
Tel: 01656 766158
You may be able to refer your complaint to the Financial Ombudsman Service.
We are covered by the FSCS. You may be eligible for compensation of up to £85,000 per person per firm for mortgage advice and arranging.
More info: www.fscs.org.uk
After processing your application, you’ll receive a Mortgage Agreement and have a 7-day reflection period.
Contact us during this period with any questions. To proceed, sign and return the agreement.
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