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 generally available from age 50 or 55, depending on the provider. The amount available will typically depend on factors including the age of the youngest applicant, the value of the property and the lender’s criteria.
A lifetime mortgage is normally repaid when the last borrower dies or moves permanently into long-term care, although it may also be repaid earlier if the property is sold or the borrower chooses to redeem the mortgage.
Kerr & Watson can give you the advice you need to make an informed decision.
What is later life lending?
Later life lending covers a range of mortgage options designed for older borrowers, including lifetime mortgages, Retirement Interest Only (RIO) mortgages and conventional mortgages that extend into retirement.
Minimum ages and eligibility vary between lenders and products. Lifetime mortgages commonly have a minimum age of around 50 to 55, while some RIO mortgages may be available from age 50 or have different minimum-age requirements.
Can I get a later life mortgage?
You may be able to obtain a mortgage in later life depending on your age, income, property, existing borrowing and the type of mortgage required.
Eligibility varies considerably between standard mortgages, Retirement Interest Only mortgages and lifetime mortgages, so being under 55 does not necessarily prevent you from accessing later-life borrowing.
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
Send us an enquiry to arrange a call to speak to a mortgage adviser about your circumstances, borrowing requirements and property plans.
Alternatively give us a call on 01252 224620 or email us on info@kerrandwatson.co.uk.
Research
We will use the information you’ve provided to research suitable mortgage options across the market and explain our recommendation to you.
If you need an Agreement in Principle, we can also arrange this as part of the process.
Application
Once you’re ready to proceed, we will submit the full mortgage application and supporting documents to the lender.
We will liaise with the lender and its underwriters, respond to any additional requirements and keep you updated until the mortgage offer is issued and through to completion.
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