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Later Life Mortgages & Later Life Lending

Looking to borrow later in life or release funds from your home? Explore later life mortgages with Jones & Young and find a solution that fits your needs.

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      EXCELLENT  
   Based on 60 reviews 
    
 
 
 
   
 
 
       Posted on Google  
    David Simpson 
 14 July 2025
 
 
 Trustindex verifies that the original source of the review is Google. Dealt with Mark regarding a difficult situation i was in with 1 years accounts with my LTD company , he couldn't have been more helpful and was full of great advice and knowledge , i would 100% recommend Mark , will use him in the future and will recommend him to my friends
  
 
      Posted on Google  
    Allison Banks 
 14 May 2025
 
 
 Trustindex verifies that the original source of the review is Google. Mark was incredibly patient and helpful throughout the entire mortgage process. He took the time to understand my needs and always went the extra mile to find the best possible deal. His guidance made a complex process feel straightforward and stress-free. I highly recommend Mark for anyone looking for a dedicated and knowledgeable mortgage broker.
  
 
      Posted on Google  
    Lottie Brown 
 29 April 2025
 
 
 Trustindex verifies that the original source of the review is Google. Mark was extremely helpful with getting me and my partner our mortgage. My partner is self employed and Mark was able to get us our mortgage with no hassle at all! We would 100% recommend Mark. We really can’t thank him enough!☺️
  
 
      Posted on Google  
    Simon McClelland Morris 
 16 March 2025
 
 
 Trustindex verifies that the original source of the review is Google. We recently engaged with the J&Y team about a mortgage. We spoke to Mark who was very welcoming and friendly, getting to know us through conversation, and discussing the potential property we were looking at. This all helped confirm our interest in the house and gave Mark a good platform to be able to offer us advise on the correct mortgage for us as a family.
  
 
      Posted on Google  
    Megan-McKenzie Osborn 
 10 March 2025
 
 
 Trustindex verifies that the original source of the review is Google. Would recommend to absolutely everyone! Sheila was amazing at not only securing us our mortgage offer but also the process afterwards as we were first time buyers we did not know much but Sheila was more than happy to talk us through the steps, going above and beyond her job role! Sheila was always available to answer questions and put our worries at ease and as someone who stresses about everything this made the process so much more bearable. Very responsive and helped through the entire process!

Thank you so so much and we are so grateful. Highly recommend and will be referring to friends and family.
  
 
      Posted on Google  
    Kyle Layland 
 27 February 2025
 
 
 Trustindex verifies that the original source of the review is Google. I cannot express my gratitude enough to Richard Young. As a first time buyer I came into the house purchase process completely clueless and Richard helped me through every step of the way. From our first introductory call years back when I started saving through to today he's been exceptional and always gone above and beyond. We're now weeks away from completing on our home and Richard is continuing to help, from securing Home and Contents Insurance quotes to persistently searching to see if he can get us a lower interest rate before our mortgage goes live. If you are looking for a trustworthy, knowledgable and down to earth broker then look no further than Jones&Young. I guarantee you he will have your best interests at heart.
  
 
      Posted on Google  
    Samuel T 
 22 January 2025
 
 
 Trustindex verifies that the original source of the review is Google. Can't recommend these guys enough! From Mark in the initial stages to Sheila seeing it all through! Absolutely superb!
  
 
      Posted on Google  
    kobir khan 
 18 December 2024
 
 
 Trustindex verifies that the original source of the review is Google. Hands down one of the best service I have ever received. Sheila was and is amazing. Always there to help with any of my queries.(No matter how silly they can be)

Honestly don't think you will get a better mortgage broker than Shiela.
  
 
      Posted on Google  
    Charlotte Pearson 
 26 November 2024
 
 
 Trustindex verifies that the original source of the review is Google. We couldn't be happier with the service Jones&Young provided to  help us get a mortgage! This was a very long process, and Sheila our mortgage broker was thoughtful, hardworking and extremely knowledgable to achieve the mortgage we needed to get us started, as first time buyers, on the property ladder. Thank you so much!
  
 
      Posted on Google  
    Nidal Chehadeh 
 20 November 2024
 
 
 Trustindex verifies that the original source of the review is Google. I had the pleasure of working with Jones and Young Limited, and I can't recommend them enough. From start to finish, the experience was seamless, efficient, and stress-free.

Sheila Blacklaw was incredibly knowledgeable about the mortgage process and took the time to explain all of the options available to me. She truly listened to my needs and found a solution that perfectly aligned with my financial goals. What stood out the most was her clear communication and her dedication to going above and beyond to ensure I understood every step of the process.

She was always available to answer any questions, no matter how small, and her professionalism gave me the confidence that I was in great hands. Thanks to her hard work, I secured a fantastic rate and was able to close on my dream home faster than expected.

If you’re looking for a mortgage broker who truly puts their clients first, look no further than Jones and Young Limited (Sheila Blacklaw). I’ll definitely be recommending them to my friends and family!
  
 
  
  
 
     Verified by Trustindex  Trustindex verified badge is the Universal Symbol of Trust. Only the greatest companies can get the verified badge who has a review score above 4.5, based on customer reviews over the past 12 months. Read more

What is a later-life mortgage?

A later life mortgage is a type of loan secured against your property for homeowners aged 55 or over. It lets you release equity tied up in your home while continuing to live there.

These products are a form of equity release and come in two main types – the lifetime mortgage and the retirement interest only mortgage (RIO).

With a lifetime mortgage, you borrow money against your property’s value, and the loan plus interest is repaid when you sell the property, move into long-term care, or pass away.

A retirement interest only mortgage works slightly differently. You make monthly interest payments, and the loan balance is repaid at the end of the mortgage term. Both options allow older homeowners to access tax-free cash from their home equity, giving you more financial flexibility in retirement.

Why might I need a mortgage in later life?

As you approach retirement, you might find a gap between your savings and the lifestyle you want to maintain. A later life mortgage can help by releasing equity from your house, giving you access to extra funds without needing to move.

Common reasons to consider this type of borrowing include:

Replacing an existing mortgage that’s coming to an end
Managing monthly repayments that have become difficult to maintain
Supplementing pension or rental income
Funding home improvements or supporting family members

The Jones & Young team will assess your affordability and make sure each product suits your individual circumstances. We take account of your income, savings, and plans for retirement before recommending the most suitable option.

Types of later life lending

Later life lending gives you flexible ways to unlock the value in your home while staying in control of your finances. The two most common options are Lifetime Mortgages, which let you release tax-free cash without making monthly repayments, and Retirement Interest-Only (RIO) Mortgages, where you pay the interest each month and settle the balance when your home is eventually sold. At Jones and Young, we help you understand both options clearly so you can choose the solution that best fits your retirement plans.

Lifetime
Mortgage

A lifetime mortgage allows homeowners aged 55 and over to release tax-free cash from the equity in their property. It’s a popular option for those looking to supplement retirement income while continuing to live in their own home.

With this type of later life mortgage, you borrow against your home’s value based on your age and individual circumstances, and you can choose to receive the funds as a lump sum or through a drawdown facility.

There are several repayment options available:

Interest-only lifetime mortgages – you make monthly interest payments, keeping the loan balance the same throughout the term.
Payment lifetime mortgages – you pay both interest and part of the capital, helping you reduce the total amount repaid.
Drawdown lifetime mortgages – you access funds when needed and only pay interest on the money you’ve drawn.

The loan plus any unpaid interest is repaid when you sell the property, move into long-term care, or pass away. Your home may be repossessed if you don’t keep up with repayments. A lifetime mortgage can help later life borrowers manage their financial affairs, clear existing debts, or fund home improvements, all while staying in the property they love.

Retirement interest only mortgage

A retirement interest only mortgage (RIO) works much like a standard interest-only mortgage, but it’s designed for later life borrowers aged 55 and over. You make monthly interest payments, and the loan is repaid when you sell the property, move into long-term care, or pass away.

Key points to know:

A retirement interest only mortgage can help you supplement retirement income, manage existing debts, or fund home improvements, all while remaining in the home you love.

How Can Later Life Mortgages Be Used?

Later life mortgages give you the freedom to use the money released from your home in a way that supports your retirement plans.

Later life mortgages can help you:

Release tax-free cash to boost your retirement income
Fund home improvements or essential repairs
Clear existing debts or repay an interest-only mortgage
Support children or grandchildren with financial gifts
Cover rising living costs or unexpected expenses
Pay for care, healthcare needs, or lifestyle goals like travel
Stay in your home while accessing the equity tied up in it

Receive The Mortgage Deals You Deserve

We have over thirty years of experience in helping people like you find the mortgages they need. Even if you’ve struggled to find a mortgage through other channels, we may have access to many specialist lenders that may be able to help.

Important Considerations When Applying for Later Life Lending

Later life lending is a major financial decision, so it’s important to understand how each type of product works before applying. The right choice will depend on your income, long-term plans, family circumstances, and any impact on your estate.

Before applying, it’s important to think about:

Interest and repayment options – whether interest rolls up or is paid monthly
Impact on inheritance – reducing the value of your estate
Effect on benefits – released funds may affect means-tested support
Affordability checks – required for RIO mortgages
Eligibility – age, property type, and loan requirements
Long-term plans – moving home, downsizing, or future care needs
Professional advice – speaking to a specialist ensures you understand all risks and costs

Specialist Mortgage Advice to Help You Secure the Home You Deserve!

Whatever your circumstances, Jones & Young will work to find a mortgage solution that fits your goals and supports your long-term financial stability.

Why Choose Jones & Young

With over 30 years of experience as mortgage advisers, Jones & Young provide trusted, independent advice to business owners, the self-employed, and those planning later life borrowing. We take the time to understand your personal circumstances before recommending mortgage and protection solutions that genuinely fit your needs. With whole-of-market access, we’re able to compare a wide range of lenders to find the most suitable deal, whether you’re looking to borrow later in life or release funds from your home. Our focus is always on clear guidance, tailored recommendations, and long-term financial peace of mind.

Whole Of Market Access

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

30+ Years As Mortgage Advisers

Providing business owners and the self employed with mortgage advice

Advice For Mortgage & Protection

Expert advice recommended for your personal situation

Read What Our Recent Clients Say About Our Later Life Mortgage Broker Service

Our customers are at the heart of everything we do, and their feedback speaks for itself. Many describe our mortgage brokers as friendly, knowledgeable, and always willing to go the extra mile to help them secure the best deal.

Katie Porter

28/06/2026

Being so young and feeling so lost in the whole house movement progress can be very daunting. My partner and I were recommend Sarah to be our mortgage advisor and this turned out to be the best decision we made...

Natalia Dobrzanska

17/12/2025

Amazing service! I was looking for an experienced broker who would be able to help secure a mortgage for a CIS worker. While other brokers said no, or took their time to book us in Richard and his team guided...

Maria Morgan

01/07/2026

I was so lucky to get an introduction to Jones and Young, especially Richard. He has been outstanding in helping me finally getting the Equity Release I have needed and it was a pleasure to deal with him. In this...

Chris Watterson

17/06/2026

Top quality service - I needed help getting a mortgage due to being self-employed and a complex case. Richard and Mark have incredible knowledge of the market and were able to work out which providers would look favourably on my...

Christopher Hall

25/02/2026

Top service from Mark and Jane. Process was smooth and informative, Mark gave me a lot of confidence around what can be quite a difficult process, was available when I needed him and provided clear and concise information. Would 100% recommend...

What are the alternatives to borrowing in later life?

Before taking out a later life mortgage, it’s worth exploring alternatives:

Use savings or other investments
Downsize to a smaller property
Ask family for support
Check your eligibility for means-tested benefits or grants

These can sometimes reduce the need to borrow against your home. Speaking to a specialist adviser can help you decide if equity release is the right choice or a last resort.

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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?

Most mortgage lenders offer later life products to homeowners aged 55 and above, though some start from age 50. You’ll usually need to show a steady pension income or other reliable earnings.

Many lenders no longer apply a strict maximum age, giving existing customers more flexibility when they want to borrow money later in life.

How do later-life mortgages differ from regular mortgages?

Unlike standard residential mortgages, which help you buy a home on the property ladder, later life mortgages are designed to unlock equity in your existing home. Repayment typically happens when you sell, move into long-term care, or pass away.

They’re often more flexible than the standard range of residential products, allowing older borrowers to manage monthly repayments or roll up interest depending on their situation.

Why is it harder for older people to take out a mortgage?

As you get older, lenders focus more on assessing affordability and your ability to make monthly repayments in retirement. They’ll look at your income, savings, and overall financial affairs before offering mortgage lending.

Health, reduced earnings, or shorter payment terms can also affect eligibility.

Is later life lending the same as equity release?

Not exactly. Equity release usually refers specifically to lifetime mortgages, where interest can roll up over time. Later life lending is a broader term that includes lifetime mortgages, RIO mortgages, and other products designed for homeowners over 55.

Will I be able to get a mortgage when I’m over 60?

Yes, but your options may differ from standard capital repayment mortgages. Products like lifetime mortgages or retirement interest only mortgages are often more suitable.

They allow you to access funds while staying in your home. Some lenders even offer mortgage lending designed specifically for retirees with existing mortgages.

How do I apply for a mortgage in later life?

The process starts with a few simple questions about your income, savings, and property value. You’ll also need documents such as pension statements, insurance details, and proof of assets.

Your adviser will review your individual circumstances, explain the payment term lifetime mortgage options available, and highlight any potential early repayment charges.

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