Later Life Lending &
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Available for those over the age of 55 who wish to remain living in their current home but who have little or insufficient income to raise capital via a ‘normal’ mortgage. It can also be used for a house move.
These schemes offer increasing levels of flexibility as the market expands to fill demand.
You will have the following monthly payment options:
Make an interest only monthly payment
Make a capital & interest monthly payment
Make no monthly payment i.e. add the interest to the original mortgage debt
Typically, the mortgage is fixed for the entire mortgage term and no proof of income is required.
The debt only needs to be repaid should you sell the house on death or when you move into long term care and the property is left empty. i.e. there is no set term at outset for when the mortgage has to be repaid by.
If you have sufficient income, then lenders are increasingly willing to consider lending up to and beyond age 70. If you wish to keep your monthly payment to a minimum and do not want to reduce the mortgage balance each month then we will help you source a lender that allows the mortgage to be on an interest only basis. Some lenders will offer rates based on their standard pricing whereas other have bespoke products. Rates can be variable or fixed.
If you have sufficient income, then lenders are increasingly willing to consider lending up to and beyond age 70. If you prefer to reduce the mortgage balance each month then we will help you source a lender that allows the mortgage to be on a capital & interest basis. Some lenders will offer rates based on their standard pricing whereas other have bespoke products. Rates can be variable or fixed.
Just because you are the wrong side of 55 does not necessarily mean that you will struggle to secure a new mortgage for where you want to live.
“Lenders are waking up to the massive potential available in the over 55’s mortgage market”
Lenders currently have an appetite to lend in new areas and they wish to support the increasing number of people that are or intend to work beyond their state pension age. They also recognise that older borrowers wish to remain living in their current property but would like to release some capital to help fund a better lifestyle.
If you have little or insufficient income, then an Equity Release Mortgage may suit you.
If you have a good level of income (earned or retired) then a Later Life Mortgage may suit you.
Some of the more common reasons for taking out an Equity Release or Later Life mortgage
Repay existing mortgage
Pay off loans, credit cards and other forms of unsecured debt
Help with day to day living
Go on a holiday
Buy a new car
Buy a new property
Inheritance tax planning
Funding your retirement
Funding a wedding
Providing a deposit to help someone purchase a home
Any other legal purpose
With so many options available it is essential to find an Advisor who gives holistic advice on both the Later Life and the Equity Release mortgage markets. Ask your Advisor whether they can offer advice on both. At Oliver Jones Associates Limited we would reply with “Yes, we do.”
We will provide you with impartial advice together with comprehensive customer support and guidance. Our fees are tailored to your individual requirements and are based on the products you need. The precise amount you will be charged will depend on your personal circumstances, but our typical advice fee is £995 which is only charged when your plan completes. To understand the full features and risks, simply ask us for a personalised illustration.
Equity Release reduces your estate's value and may affect any means-tested benefits you are eligible for.
A Lifetime mortgage is a loan secured against your home.