55yrs and over and struggling to find the finance you need?
Make additional overpayments at any time with no early repayment charge on specific products.
Repay the balance of the mortgage in full at any time without early repayment charges.
Raise additional funds to pay for home improvements, a holiday, helping the kids or almost any other purpose.
Keep your savings and investments in place for longer, maintaining your standard of living.
There are lots of reasons you may want to release equity from your home. Now there is a solution that doesn’t mean you need to sign your home away for life
‘Later life lending’ is the term that is now being used in the industry for people who wish to borrow against their own home but not being restricted by your standard retirement age. For many years mortgage lenders have often only permitted a mortgage to last until the age of 70 or 75.
If you can still afford it then why should you be restricted by your age? You shouldn’t.
Mortgage lenders have finally come around to the fact that people still want to borrow against their home later in life but don’t want the costs involved in an Equity Release mortgage. This is where your mortgage debt is repaid on your death therefore likely to significantly decrease what you are leaving behind for your family members.
A ‘later life lending’ mortgage allows you to maintain full control over the amount you wish to repay back each month from the start along with a term which suits your affordability. Lending is now available up to the age of 99. So, if you are able to afford the payments, you should be able to afford to borrow the amount you require. Lenders will allow you to borrow for almost any legal reason.
The most common reasons are:
- To provide money to family members for a deposit for their own home
- Home improvements
- Repaying debts
- Helping your family financially
We will assist you in the important decisions and whether borrowing is the correct choice for you and build a plan that suits your circumstances.
Our ‘later life lending’ advisers will spend time getting to know you and we also encourage your family members to be involved in any decisions you make. The advice we provide is fully regulated and our advisers are fully qualified in giving this type of advice.
Later life lending doesn’t have to be risky. Fix your mortgage for up to 10 years.
Borrow £25,000 or more and spread the cost of your borrowing up the age of 99.
You could be eligible to borrow on an interest only basis where we identify this as a suitable option.