A Guide to Later Life Lending



As you get older, the opportunities to borrow money against your home considerably reduce yet your reasons to seek finance are just as valid as those you would have had 30 years ago. Peter Chappell, our Whole of Market Mortgage Consultant, takes a look at how later life lending could benefit you and your family.


“The population is getting older and with many more people enjoying long and healthy lives, the mortgage industry has recognised the need for more products designed specifically for people over the age of 55. In fact, those over the age of 70 could still benefit from the options presented by later life lending if they can demonstrate they have the means to repay the finance through pensions and investments.


There are lots of reasons to seek finance later in life. You may not be ready to downsize your family home but require additional capital for general maintenance and improvements. You could be going through a divorce or separation and need funds for a new home. You may wish to support your children onto the property ladder or you may simply have a desire to enjoy a more comfortable retirement.


Many people are familiar with equity release and lifetime mortgages as a financial proposition but there are other long-term alternatives worthy of consideration. A number of interest-only arrangements are available that provide a flexible financial solution for the older borrower. Terms are usually fixed from two to ten years and your home is typically secured against the value borrowed. In some cases, the loan must be repaid within a finite term; in others, the amount borrowed could be extended up to 99 years of age. You might be surprised to learn that there are a range of options to consider!


Many over 55s are coming to the end of interest-only mortgages on their homes under conventional mortgage agreements. Taking out a later life interest-only mortgage could offer the ideal solution when it comes to re-mortgaging your existing property. The option is still available if you are considering buying a new home, giving you greater financial flexibility throughout your retirement.


Later life borrowers are known to be significantly underserved by the financial market. However, as whole of market mortgage brokers, we have enjoyed a great deal of success in this area. We actively work to fulfil specific needs, which can be rather complex. By offering a completely bespoke approach, we can typically find a suitable solution for those entering and already well into their retirement years.


If you thought your mortgage options had dwindled, think again! We would happily review your options in an effort to find the right mortgage arrangement for you.


If you are over 55 and considering re-mortgaging your home, please call us for tailored mortgage advice. Your initial consultation is free with no obligation. Please call Peter or Dave on 01352 754 272.




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