We’re here to make achieving your later life goals a reality
We focus on what matters most to you, whether it's paying off your current mortgage, supporting your family, or living your dream lifestyle. We're here to guide you every step of the way!
Starting your journey
When choosing a mortgage in later life, it's important to compare all the different options available to you and find one that aligns best with your circumstances and goals. Ask yourself:
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- Can you comfortably manage your monthly repayments?
- Does your credit score play a role in the decision making process?
- Are you seeking guaranteed homeownership?
- Can you comfortably manage your monthly repayments?
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Considering these questions, alongside current interest rates, is key to making the right choice for you. We're here to break it down for you and find the right mortgage for your situation.
Standard Residential Mortgage for later life
Even if you're over the age of 55, you could still be eligible for a standard residential mortgage - if you meet the lender's requirements. This includes demonstrating a consistent income that covers repayments until the mortgage term ends.
An important thing to consider is that these mortgages typically have a shorter duration, which can result in higher monthly repayments.
Retirement interest-only mortgage (RIO)
A retirement interest-only mortgage allows you to borrow a tax-free lump sum, with the requirement of making monthly payments only towards the interest.
This option is exclusively available to individuals aged 50 and above, designed to assist older borrowers who may encounter challenges when trying to secure a standard residential mortgage.
Lifetime Mortgages
A lifetime mortgage is a loan secured against your home that allows you to release tax-free money. This can be taken as a lump sum or a smaller initial amount, followed by smaller releases later on.
To be eligible for a lifetime mortgage, you must be aged 55 or over, and own a home that meets the minimum requirements of a lender.
Things to consider
The right later life mortgage for you will depend on your circumstances, including how much you wish to borrow and when you want to pay it back.
It's important to know that your home may be repossessed if you do not keep up repayments on your standard residential mortgage.
For a lifetime mortgage, there’s no credit check to pass before the lender approves your application. This option is subject to compound interest - it can be more expensive than other later life mortgages as what you owe can grow quickly if you don't make repayments.
How does it work?
It’s simple really.
1. Fill out the form
Pop your details into the form.
2. We’ll give you a call
Have a chat with a member of our team.
3. Relax
We’ll take it from here.
Begin your mortgage journey with us
As the UK’s leading mortgage intermediary brand, we have won over 200 national awards for the quality of our advice and service. With an extensive network of over 2,000 advisers across the UK, we offer expert mortgage advice on a local, regional, and national level. Our mission is to provide personalised consultations both face-to-face and over the phone.
Our expert advisers are here to help with any questions you may have.
Get in touch today and start your later life journey with us.
Important information
You should always think carefully before securing a loan against your property.
A lifetime mortgage will reduce the value of your estate and may affect your entitlement to means tested benefits.
Clearing existing mortgage with a lifetime mortgage may result in higher cost of borrowing. Mortgage Advice Bureau charge a fee for later life mortgage advice. The fee is up to £995.