Later Life Mortgages

Looking to borrow later on in life? Find out about Jones & Young later life mortgages today.

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What is a later-life mortgage?​

A later life mortgage is a loan secured against your home for homeowners aged 55 or older. It allows you to release equity from your property while continuing to live there.

Later life mortgages that are used for or later life lending are a form of equity release and come as lifetime mortgages and retirement interest-only mortgages. With a lifetime mortgage, you borrow against your home and the loan plus interest is repaid when you die or move into care.

Retirement interest only mortgages are a type of mortgage that require you to make monthly interest payments, with the full loan repaid at the end. Both let older homeowners access tax-free cash from their property equity.

Lifetime mortgage ​

 A lifetime mortgage allows homeowners aged 55+ to release tax-free cash from the equity in their property. With this type of later life mortgage, you borrow against the value of your home based on your age and receive funds as a lump sum or line of credit. There are several repayment options:
The loan plus any unpaid interest is repaid when you pass away, move into long-term care, or sell the home. Your home may be repossessed if you miss payments. Lifetime mortgages allow older homeowners to supplement their retirement income while remaining in their property.

Retirement interest only mortgage​

Retirement interest-only mortgages work similarly to standard interest-only mortgages. You borrow against your home’s value and make monthly interest-only payments. The full loan balance is not repaid until you die, enter long-term care, or sell the property.

Retirement interest-only mortgages provide homeowners aged 55+ access to tax-free cash from their home equity while letting them stay living there. You only need to pay the interest each month. The loan amount is eventually repaid through the sale of the home. This product gives retirees a way to supplement income in later life while keeping up with mortgage payments.

Specialist Mortgage Advice To Help You Secure The Home You Deserve!

90-95% Loan to Value (LTV)

Loan to Value(LTV) options typically 90-95%

Trusted Advice

Clear and concise advice around the best options for your needs.

Communication

Helping customers cut through the noise to understand things their way.

Gross Pay Used

The Lenders average your income over the last 3 months' GROSS pay. Not the net amount from your tax calculations.

Specialist Rates

We offer competitive rates ensuring the best price for our customers

Why might I need a mortgage in later life?​

Mortgage as they approach retirement age. Despite savings, you may find there is a shortfall that prevents you from living the lifestyle you want in later life. For example, you may own a property but not have enough pension income or savings to live comfortably. Later life mortgages could provide extra funds by releasing equity from your home. This allows you to stay living there into retirement. You may also be nearing the end of an interest-only mortgage but lack the lump sum to repay the capital amount you owe. A later life mortgage allows you to consolidate existing debts by remortgaging. Specialist mortgage advisers can explain the range of later life mortgage products available to help supplement your income in retirement. Whether looking to pay off an existing mortgage or release equity, mortgages in later life offer homeowners new borrowing options.

How do later-life mortgages differ from regular mortgages?​

Later-life mortgages differ from regular mortgages in their purpose and repayment terms. Regular mortgages allow homeowners to purchase a property and make repayments to eventually own it outright. Later-life mortgages are for homeowners aged 55+ to borrow against existing home equity and provide extra funds in retirement. Later-life mortgages only require repayment when the borrower dies, enters long-term care, or sells the home. This allows retirees to access cash while remaining in the property. Interest and repayment terms also differ for later-life mortgages.

What are the alternatives to borrowing in later life?​

There are alternatives available to later life borrowers that they can consider before taking out later-life mortgages:
The options carry less risk than later-life borrowing against your home. Speaking with specialist later life mortgage advisers can help determine if alternatives may better suit your needs.

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30+ Years As Mortgage Advisers

Providing business owners and the self employed with mortgage advice

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Tailored advice recommended for your personal situation

Whole Of Market Access

Access to the whole of market mortgage market to find you the best deal

Compare our later life mortgages​

Lifetime mortgage ​

Retirement interest only mortgage​

Related Articles For Later Life Mortgages

How Does Equity Release Work

Later Life Lending

Later Life Mortgages FAQs:

We’ve done our best to try and answer some of the most frequently asked questions about later life mortgages.

What age can I apply for later-life mortgages?

Later-life mortgages are generally available for ages 55 and above. Some products have a minimum age of 50. You’ll usually need to be retired and receiving pension income. Many lenders have removed maximum age limits when applying.

As you age, lenders become more concerned with your ability to repay debts in retirement. Without upcoming retirement or fixed incomes, they cannot easily assess your future pension funds. Older borrowers also have a higher risk of health issues before repaying the mortgage term.

 Yes, you can still get a mortgage over 60 but your options may be more limited. While criteria for new mortgages are stricter, later-life mortgage products allow borrowing against your existing home’s equity. These provide an alternative for retiree homeowners.

Later-life mortgage applications require financial details including pensions, savings, debts, insurance policies, and assets. Seeking professional mortgage advice can also help navigate suitable products. Documentation and home appraisal are also needed during the application process.

Ways to improve approval odds include showing steady retirement income streams, minimising existing debts, and working with a mortgage advisor familiar with over-55 products.

Reducing loan-to-value ratios also helps. Paying off debts and building home equity before applying are recommended. If you dont keep up repayments on your mortgage your property may be repossessed. Get an idea of how much you could borrow.

arial view of later life mortgage specilists
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