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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.
Understand your next steps and unlock your tax-free cash
If you decide to go ahead, your adviser will guide you through the process and help you access your funds safely. You can then use the money to enhance your finances, improve your home, or support 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 enter long-term care or pass away, though many also offer the option to make voluntary repayments, which can reduce the overall loan.
- 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 voluntary repayments to help 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. If you decide to go ahead, fees and charges will apply.
- Impact on Inheritance: Releasing Equity may reduce the value of your estate.
- Impact on Benefits: The money you release from your home could affect any means tested benefits you’re entitled to now or in the future.
- Repayment Requirements: Any existing mortgage must be paid off using the funds released. Equity Release can also be used to consolidate other debts, but this may increase the overall cost over time.
We’ll connect you with an adviser from an FCA-regulated company who can provide tailored guidance so you can make an informed decision. If Equity Release isn’t right for you, they’ll help you explore alternatives.
Peace of Mind - The Equity Release Council Guarantee
Equity Release is a big decision, and the Equity Release Council (ERC) sets industry standards that help protect customers and provide peace of mind. Products and advice from ERC member firms are regulated by the Financial Conduct Authority (FCA), ensuring you receive expert guidance and robust safeguards.
When you choose a provider who follows the Equity Release Council’s standards, 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 Move: Transfer your plan to a new property if you wish.
- The Option to Make Partial Repayments: You can make voluntary, penalty-free repayments, subject to your provider’s terms.
- Fixed or Capped Interest Rates for Life: Protection against unpredictable rate increases.
Additionally, the Financial Conduct Authority requires all customers to receive expert financial advice before taking out a lifetime mortgage or home reversion plan—ensuring you make an informed decision.
