Later Life Mortgages
Later Life Lending for those aged over 55
If you’re aged over 55 years old, our Later Life Mortgage Lending service allows you to consider options to safely release equity from your home without you needing to move out. We also arrange Lifetime and Retirement Interest Only mortgages if you’re looking to purchase a property.
Equity Release Council regulation body
Mortgages Made Simple Ltd is a proud member of the Equity Release Council, an organisation that was set up to regulate the later life lending market and to protect consumers. As a Later Life Lending Specialist, we are here to listen to your needs and provide suitable options which could include a Lifetime Mortgage (also known as Equity Release) or perhaps a Retirement Interest Only Mortgage might be more suitable. Other options are also available which many people are unaware of.
What is a Lifetime Mortgage?
If you have enough equity in your home, and want to release some capital for any reason, there are two options via a Lifetime Mortgage:
- Take out a lump sum: You must borrow a minimum of £15,000 and interest will be charged on the full amount of the loan for the full term.
- Spread the loan: A flexible Lifetime Mortgage allows you to borrow an initial lump sum of at least £10,000 and you can then create a reserve of at least £5,000 from which you can withdraw further funds when you need. With this option you will only be charged interest on the money you actually borrow.
Here to help every step of the way
A Lifetime Mortgage will not be suitable for everyone and may affect your entitlement to state benefit. At Mortgages Made Simple, our friendly team are knowledgeable and experienced, ready to provide all the advice you need and answer any questions you might have before and during the process of application. We offer as many face to face appointments as you need, and ensure that you only progress if you feel that a Lifetime Mortgage is the right option for you.
Your property may be repossessed if you do not keep up repayments on your mortgage.
A Lifetime Mortgage will reduce the value of your estate and may affect your entitlement to means-tested benefits and tax status. The impact of not servicing monthly interest payments on a Lifetime Mortgage is that the outstanding debt can grow rapidly, thus reducing the value of your estate. For example, if the interest rate was 7% a year, a £50,000 loan would double to £100,000 after 10 years assuming no repayments are made. This is an example for illustrative purposes only and personalised advice and recommendations should be sought from a qualified professional. You are strongly advised to register a lasting power of attorney. This will allow your affairs to be managed by somebody else if your mental abilities significantly decline.
To understand the features and risks, please contact a member of our dedicated team for a personalised illustration.
Whilst our initial consultation is at our cost, there will be a fee for later life lending mortgage advice once we’ve secured your mortgage and you have received your mortgage offer. The precise amount of our fee will depend upon your circumstances but we estimate that it may be £995.
Request a consultation at our cost