Later Life Lending
Let us help you enjoy your retirement.
In recent years, later life lending has increased dramatically. This is for a variety of reasons including people living longer, not having the funds to when they wanted and periods where interest rates have been more competitive than before (although rates change regularly).
Later life lending products (or retirement mortgages) can be used to refinance an existing property or to purchase a new one. The proceeds are tax free with many products offering a rate that is fixed for life.
Lifetime mortgages are available for people aged 55 and over. The amount that can be borrowed is determined by age and the value of the property.
A lifetime mortgage is in place until the oldest borrower passes away or goes into care so not a commitment to be entered lightly.
Kerr & Watson can give you the advice you need to make an informed decision.
What is later life lending?
A later life mortgage is a mortgage for homeowners aged 55 or over and allows you to borrow money based on the value of your home, while continuing to live there. Later life mortgages include lifetime mortgages and retirement interest only mortgages.
Can I get a later life mortgage?
You could be eligible to get a mortgage in later life if you are aged 55 or over and have equity within your property.
Do I need to make monthly payments on a lifetime mortgage?
By default, monthly payments are not required with the interest being added to the mortgage. Some lenders, however, will allow you to make voluntary monthly payments to service the interest so the loan doesn’t roll up.
Your Mortgage In 3 Easy Steps…
Conversation
Schedule a call to talk to a mortgage advisor about your goals, challenges and vision for your mortgage.
Alternatively give us a call on 01252 224620 or email us on info@kerrandwatson.co.uk.
Research
We will take the information gained on the call and carry out some research before sending you a bespoke recommendation.
If you would like an agreement in principle, we’ll also arrange this for you.
Application
We will submit the full application to the mortgage lender, sending them the documents and liaising with the underwriters until the mortgage has been fully offered on the new interest rate.
We will also communicate with you at every stage, from application to completion.
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