Later life lending refers to financial products designed for older homeowners, typically those aged 55 and over.
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Later life lending refers to financial products designed for older homeowners, typically those aged 55 and over, who want to access the equity in their homes or buy a residential property. These products are often used to fund retirement, home improvements, or to help family members financially.
Lifetime Mortgages: These allow homeowners to release equity from their property without having to move out. The loan is repaid when the last borrower dies or moves into long-term care.
Retirement Interest Only Mortgages (RIO): Homeowners pay only the interest each month, and the loan is repaid when the property is sold or the last borrower moves into long-term care.
Home Reversion Plans: Homeowners sell part or all of their property to a provider in exchange for a lump sum or regular payments, while continuing to live in the property rent-free or for a nominal rent.
Many later-life lending products offer flexible features, such as the ability to make voluntary interest payments or access funds as needed. Lifetime mortgages or home reversion plans, do not require monthly repayments, which can be beneficial for retirees on a fixed income. Some products allow for inheritance protection, ensuring that a portion of the property’s value can be left to loved ones.
With lifetime mortgages, interest is added to the loan balance, which can grow quickly over time. Taking out a later-life loan may affect means-tested benefits and could have tax implications.
It’s crucial to seek advice from a specialist later-life lending adviser to understand the full implications and ensure the product is suitable for your needs.
At SA Brokers, we offer personalised advice, providing tailored mortgage solutions based on your financial situation and future goals. We will also help you find the best rates available, ensuring you save money over the life of your loan. Our process is streamlined, meaning we provide support and guidance from application to closing to make the process smooth and stress-free.
Contact us and a member of the team will discuss your requirements and options with you.
Once we’ve explored your options, we will provide expert advice based on our assessment.
Any questions you have about your new policy, we’re here to help you understand and answer any questions.
Check out our top frequently asked questions about Later Life Lending Advice, or view them all by clicking below.
Later life lending is available to UK residents aged 55 and over.
Products include traditional mortgages, retirement interest-only mortgages, and equity release (lifetime mortgages) as well as home reversion plans.
Not necessarily. You can use later life lending to purchase a new property even if you don’t currently own one.
For traditional mortgages and retirement interest-only mortgages, an affordability assessment is required. For lifetime mortgages, there is no affordability assessment or requirement to prove income.
Traditional mortgages and retirement interest-only mortgages require monthly payments. Lifetime mortgages do not require monthly payments, but some lenders allow voluntary interest payments.
The loan is repaid when the last borrower dies or moves into long-term care, usually by selling the property.
Yes, some lenders allow customers to make interest payments, but rules vary between lenders.
If you want to know more about mortgages, protection and estate planning, then read through our latest news articles to expand your knowledge.
SA Broker LTD is registered with the Data Protection Act 1998 Registration No. ZB805131 and is authorised and regulated by the Financial Conduct Authority under Firm Reference Number 1018246 an Appointed Representative of TMG Direct Limited which is authorised and regulated by the Financial Conduct Authority under Firm Reference Number: 786245 and registered with the Data Protection Act 1998 Registration No: ZA178200. SA Broker LTD. Company Registration Number 15872153. Registered Office: F04 1st Floor Knightrider House, Knightrider Street, Maidstone, Kent, England, ME156LU.
Think carefully before securing debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.
The guidance and/or information contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.
