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What are Later Life Mortgages?
Later Life Mortgages: Unlock the value in your home
A later-life mortgage allows homeowners aged 55+ to unlock the value in their home while staying in it. Whether you want to supplement your retirement income, pay off an existing mortgage, or help loved ones onto the property ladder, this flexible solution can provide the financial security you need.
Unlike standard mortgages, Later Life options consider your home’s value rather than your income. You can take out a lump sum, withdraw funds as needed, or opt for a structured repayment plan that fits your lifestyle.
Find the right Later Life Mortgage for you
Later-life mortgages offer flexible ways to borrow, giving you control over how and when you access funds:
- Lifetime Mortgage – A loan secured against your home, providing tax-free cash with no monthly repayments. The loan is repaid when your home is sold.
- Interest-Only Mortgage – Make monthly interest payments to keep the loan balance from increasing, preserving more of your estate for loved ones.
- Drawdown Mortgage – Access funds as and when you need them, paying interest only on the amount you withdraw.
- Retirement Interest-Only (RIO) Mortgage – Make regular interest payments, with the loan repaid when your home is sold.
Each option is designed to suit different financial goals. Not sure which is right for you?
Why consider a Later Life Mortgage?
A Later Life Mortgage offers flexible financial options for homeowners 55 and is designed with flexibility in mind, offering options that fit your lifestyle. Whether you need a lump sum or ongoing access to cash, our expert advisers will help you choose the right plan.
Releasing equity from your home can help you:
- Pay off an existing mortgage or consolidate debts.
- Fund home improvements or essential adaptations.
- Support family with a house deposit or financial gifts.
- Boost your retirement income while staying in your home.
- Secure financial flexibility without having to sell.
You’ve worked hard for your home—now let it work for you.
Start your Later-Life Mortgage journey in 3 simple steps
Find out how much you could release
Use our free online calculator to quickly estimate how much tax-free cash might be available from your home.
Check if you’re eligible and explore your options
Connect with a trusted adviser to confirm if Equity Release is the right choice for you. If there’s a better alternative, they’ll guide you—completely free of pressure or obligation.
Unlock your tax-free cash
With expert support every step of the way, you can unlock funds to enhance your finances, make improvements to your home, or provide for your loved ones.
What are the advantages of a Later Life Mortgage?
A Later Life Mortgage is designed to meet a variety of needs, offering flexibility and peace of mind:
- Tax-Free Cash: Use it to enjoy retirement, make home improvements, or manage existing debts.
- No Monthly Repayments: Most plans require repayment only when your home is sold, or you move into long-term care or pass away.
- Retain Ownership of Your Home: With a Later-Life Mortgage, you keep full ownership of your home.
- Flexible Options: Choose from lump sums or drawdown plans to suit your circumstances. Some plans may offer the option to make voluntary repayments to manage interest, but monthly payments are not required.
- No Negative Equity Guarantee: Rest assured, you’ll never owe more than the value of your home when it is sold.
- Protected Inheritance: Many plans allow you to protect a portion of your home’s value, ensuring part of it can be passed on to your loved ones.
A Later Life Mortgage is a practical solution to enhance your quality of life, offering financial flexibility while allowing you to stay in the home you love.
What are some key considerations before releasing Equity from my home?
While Equity Release offers many benefits, it’s important to understand the implications:
- Advice Is Essential: Professional advice is required by law. Initial consultations are free and obligation-free.
- Impact on Inheritance: Releasing Equity may reduce the value of your estate.
- Repayment Requirements: Any existing mortgage must be paid off using the funds released.
Our advisers ensure that you receive tailored advice so that you can make an informed decision. If Equity Release isn’t right for you, we’ll help you explore alternatives.
Peace of Mind - The Equity Release Council Guarantee
Equity release is a big decision, and the Equity Release Council, which is regulated by the Financial Conduct Authority, ensures every customer is protected with industry-leading safeguards. Their guarantees ensure that all equity release plans meet the highest standards, providing you with security and peace of mind.
When you choose an Equity Release Council-approved provider, you’re guaranteed:
- A No-Negative Equity Guarantee: You’ll never owe more than your home’s value.
- The Right to Stay in Your Home: You can remain in your home for life.
- The Right to Sell or Move: Transfer your plan to a new property if needed.
- The Right to Make Penalty-Free Payments: Reduce your loan balance when it suits you.
- A Cap on Interest Rates: Protection against unpredictable costs.
Additionally, the Financial Conduct Authority, which regulates the sector, requires all customers to receive expert financial advice before taking out a lifetime mortgage or home reversion plan—ensuring you make an informed decision.
Frequently Asked Questions