Borrowing in Later Life
Standard mortgages often end around retirement age, leaving some homeowners stuck on a lender's expensive standard variable rate or unable to borrow against their property. Later life mortgages are designed specifically for borrowers aged 55 and over.
Retirement Interest-Only
Pay the interest each month with the capital repaid when the home is sold.
Equity Release
Access the value tied up in your home with a lifetime mortgage.
Clear Guidance
Impartial explanation of benefits, costs and alternatives before you decide.
Equity release will reduce the value of your estate and may affect your eligibility for means-tested benefits. Our adviser partner's role is to explain the options and alternatives so you understand the full picture before making any decision. A fee of £995 applies to equity release or retirement interest-only cases.
Your Later Life Options
Retirement Interest-Only (RIO)
You pay the interest each month, keeping the loan balance flat, with the capital repaid when the property is sold - usually when you pass away or move into long-term care.
- Monthly interest payments keep the balance from growing
- Available to borrowers aged 55+
- No early repayment charges on some products
Lifetime Mortgage (Equity Release)
You release a lump sum or regular amounts from your home's value, with no monthly repayments required. Interest rolls up over time and is repaid from the sale of the property.
- No monthly repayments - interest is rolled up
- You retain ownership of your home
- Optional inheritance protection on some plans
How It Works
Simple, transparent process from start to finish
Understand Your Needs
Our adviser partner discusses why you want to borrow and reviews your income, savings and existing mortgage to check whether later life lending is suitable.
Compare Options
Our adviser partner explains retirement interest-only and equity release side by side, including costs, risks and alternatives such as downsizing.
Recommend & Arrange
If a later life mortgage is right for you, our adviser partner recommends a suitable product and guides you through the application to completion.
Later Life Mortgage FAQs
Understanding borrowing in retirement