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Later Life Lending

Later Life lending is defined by borrowing money when you are over 55, but here we are going to focus primarily on mortgage options. These can be broken down like this:

Lifetime Mortgages are a type of equity release that enable you to raise money against your home tax-free. You can raise the money for pretty much any reason you choose. Common uses are as additional income to enjoy retirement, or take a lump sum to improve the home, help a family member to get on the property ladder, or even get the dream car or enjoy a holiday of a lifetime.

To qualify you need to be over 55 and either own your home or want to buy one. The amount you can borrow depends on your age and the amount of equity or deposit you have. There are options to make monthly interest payments or have this amount added to the loan. Like a standard mortgage many lenders allow you to make over-payments each year. Rates are generally fixed for life and the mortgages remain in place until death or entry into long term care of the last surviving partner. You will always retain full ownership of your home and a charge will be registered at land registry in the same manner as a normal mortgage. Unlike normal mortgages your home will never be at risk if you stop making the payments, they will simply be added into the debt.  

Retirement Interest Only Mortgages- These are interest only mortgages for those that are already retired or approaching retirement. The Lender will assess your ability to be able to make the payments based on your income and expenditure. As a conventional mortgage your home would be at risk if you weren’t able to make the payments.

Home Reversion Scheme- This is where you sell all or part of your property to a 3rd party in exchange for a lump sum. You continue to remain in the property- normally rent free- until you die or enter long term care.

Conventional Mortgage- Many lenders are quite comfortable lending to you until you are 75 or even 80 and some specialist building societies will lend until 90 or even 95 so it’s always best to see if a conventional mortgage is available and appropriate.

For more information get in touch today by emailing and one of our later life specialists will be in touch.

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