In an ageing population, we recognise the importance of providing specialised advice for those looking for a mortgage later in life.
Later Life Finance can help a variety of client needs such as: repaying an existing mortgage, supplementing retirement income, home improvements or providing financial assistance to your family.
We deliver solutions tailored to your personal situation and advise on the whole range of Later Life Finances such as Lifetime Mortgages, Retirement and Interest only mortgages.
Lifetime Mortgages
A Lifetime mortgage is a loan secured against your property which does not require monthly repayments. You retain ownership of your property and the interest payable on your mortgage is usually rolled up and added to the loan. However, if you prefer, some plans now offer the flexibility where you can pay the interest. You can access some of your equity through a lump sum or a combination of a lump sum and drawdown facility. The loan and the rolled up interest is repaid when the last remaining person dies or moves into permanent long-term care. The amount you can borrow depends on your age and value of your property.
With a Lifetime mortgage, you should be aware that this will not be suitable for everyone, may reduce your options for moving and selling your home in the future, will reduce the value of your estate and may affect your entitlement to state benefits.
Retirement and Interest Only Mortgages
Retirement Interest only mortgages have improved over recent years and are available without a fixed term, which means the mortgage can continue until you die or move into permanent long-term care. Retirement Interest only and Interest only plans are both subject to an affordability assessment, so you will need sufficient income to afford the monthly repayments on your mortgage.