Mortgages if you’re aged over 55
We will find the right mortgage for whatever plans you have next – whether that’s home improvements, travel or retirement.
If you are over the age of 55 then there are some extra mortgage products specially for you that we can consider when looking at your mortgage options:
Equity Release
You might want to release some equity from your property to pay for home improvements, to help your children get on the property ladder or to help fund your retirement plans. We’re experts in Equity Release so you can be assured that we will keep these products in mind when we talk through all of your options.
If you want to know more, we have a whole page on our website dedicated to equity release that you can click on here.
Later Life Mortgage
There are also a number of “regular” mortgages that might work better for you. A popular option is a Retirement Interest Only mortgage which has no term end, but standard “term” mortgages are of course available with some lenders taking you into your 90s or beyond.
The main difference between Equity Release and Later Life Mortgages is the requirement for lenders to consider affordability. We will take the time to understand your income, ensuring you take the right mortgage for you and your circumstances. Get in touch and we can talk you through how we can help.
“Clara was very helpful in sourcing exactly the type of mortgage we required. Everything was incredibly prompt and we had the funds in no time. I would highly recommend Clara and her team!”
Get in touch
We’re here to help with any questions you might have about our services. Send us an email, pick up the phone or fill out our contact form. We look forward to hearing from you.
Personal information will be treated as confidential by us and held in accordance with GDPR May 2018 requirements. You agree that such personal information may be used to provide you with details of services and products in writing, by email or by telephone.
It’s important that we let you know the following about Equity Release. As members of the Equity Release Council we will always be totally transparent about the risks involved in any financial decision you choose to make.
A Lifetime Mortgage will reduce the value of your estate and may affect your entitlement to means-tested benefits and tax status. The impact of not servicing monthly interest payments on a Lifetime Mortgage is that the outstanding debt can grow rapidly, thus reducing the value of your estate.
For example, if the interest rate was 7% a year, a £50,000 loan would double to £100,000 after 10 years assuming no repayments are made. This is an example for illustrative purposes only and personalised advice and recommendations should be sought from a qualified professional. You are strongly advised to register a lasting power of attorney. This will allow your affairs to be managed by somebody else if your mental abilities significantly decline.
A fee for Equity Release advice will be charged upon completion. This fee will typically be £499 but the exact amount will be dependent upon your circumstances.