Later life

Equity Release and Later Life Lending

After years of working hard to make monthly repayments, your home is likely to be your biggest asset, particularly if you have benefited from an increase in house prices over the last few decades.  The value of your home, minus any outstanding mortgage and any other loans secured against it, is referred to as equity.

This equity is often passed on as an inheritance, however an increasing number of people are tapping into some of this wealth to help boost their retirement finances.  It’s not suitable for everyone, which is why it’s important to get expert equity release advice before you make a decision.

Retirement Interest Only Mortgage

A retirement interest only mortgage (RIO) is a mortgage that allows you to pay off only the interest on the amount borrowed.  The loan is then repaid when the plan comes to an end, which occurs when you (or the last remaining applicant) either pass away or move into long term residential care.  RIOs are typically available to people over the age of 55 who have retired. 

Later Life Residential Mortgages

If you thought you were too old for a standard mortgage or can’t find a conventional one to meet your needs, we can help you explore your options.  Later life residential mortgages can be used to buy a new property, remortgage an existing one, or release additional funds.  It can be on a capital repayment or interest only basis.

This is a lifetime mortgage. To understand the features and risks, please ask for a personalised illustration. Check that this mortgage will meet your needs if you want to move or sell your home or you want your family to inherit it. If you are in any doubt, seek independent advice.