Later Life Mortgages

Helping you bring your plans to life

If you're aged 55 or over and own your home, a Later Life Mortgage could give you the financial flexibility you need — whether that’s to pay off an existing mortgage, carry out home improvements, support family, or simply gain peace of mind in retirement.

This type of mortgage lets you release money from the value of your home, either as a one-off lump sum or a series of smaller lump sums — while continuing to live in your home.

A Later Life Mortgage can help you:

• Pay off an existing mortgage
• Make home improvements or adapt your property
• Support children or family with a deposit for their own home
• Boost your income or improve financial security in retirement
   

Whatever your plans, I’ll help you explore the options available and whether this route is right for you.

Traditional mortgage options are available to many clients from the age of 50 and in some cases up to the age of 90, some lenders may not have a maximum age policy which can work well with joint applicants who have a large age gap.

These mortgages can be arranged on a capital and interest basis (where you repay both the loan and interest over time), or on an interest-only basis, depending on your needs and preferences.

They typically offer some of the lowest interest rates and fees compared to later life or specialist lending options — which can make them a cost-effective solution when available.

If your income alone doesn’t quite meet the lender’s affordability criteria, it may be possible for a family member to support your application, without needing to change the ownership of your home. 

As a last resort, your home may be repossessed if you do not keep up with repayments.

If you’re aged 55 or over and own your home, a Retirement Interest Only (RIO) Mortgage might be a suitable option.

• It’s a loan secured against your home
   
• You make monthly interest payments, so the amount you owe doesn’t increase over time
   
• You can use the loan to repay an existing mortgage or for most other purposes
   
• The loan is only repaid when the last borrower passes away or moves into long-term care
   
• The interest rate is fixed for life, so your monthly payments stay the same
   

As a last resort, your home may be repossessed if you do not keep up with repayments.

A Lifetime Mortgage is a popular type of equity release, allowing you to unlock tax-free cash without needing to move out of your home.

• Available to homeowners aged 55+
   
• Release funds as a lump sum or in stages
   
• No monthly repayments required – the loan is repaid when the last borrower passes away or moves into long-term care
   
• Interest is added to the loan, so the amount owed increases over time
   
• If you wish, you can make payments to reduce the interest build-up
   

You’ll receive a tailored illustration explaining the full features, benefits, and risks of the product before you proceed.

I offer Traditional & Retirement Interest Only Mortgages directly as part of my services.

For Lifetime Mortgages (i.e.. Equity Release) I’ve partnered with Legal & General, who offer a range of award-winning products. Their specialist advisers will work with you to understand your personal situation and provide advice tailored to your needs and goals.

This approach is due to my capacity — by working with Legal & General, I can ensure you still receive expert advice and access to high-quality options, even where specialist support is needed. Please note, their fees may differ from mine and will be discussed with you directly by their advisers.