Equity Release

As a mortgage broker specialising in later life mortgage advice, we're here to help. Here are the main areas we assist with:

1. Equity Release Mortgages – If you’re unable to meet the affordability or criteria for the options above, equity release is available through a lifetime mortgage or home reversion plan. 

2. Retirement Interest Only Mortgages (RIOs) – Similar to an interest-only mortgage, RIOs are designed for customers aged 55+ and do not have a set end date for repayment. 

3. Hybrid Mortgages – A combination of capital repayment and interest-only mortgages can be an option for over-55s.

4. Capital Repayment Mortgages – Many lenders offer capital repayment mortgages up to age 80+ if you meet their criteria and pass affordability checks.
5. Interest-Only Mortgages – For the right person, an interest-only mortgage could be a suitable option. These loans have an end date when the capital will need to be repaid.

These choices can help you find the right solution based on your needs and circumstances.

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Your home may be repossessed if you do not keep up repayments on your mortgage

Equity Release Mortgages 

Equity release is a financial product that allows homeowners aged 55 and over to unlock the value tied up in their property, without the need to sell or move. It enables you to access a lump sum or a series of payments, which can be used for a variety of reasons, such as boosting retirement income, making home improvements, paying off debts, or supporting family members.

Lifetime Mortgages: You borrow money against the value of your home, and the loan, along with any interest, is repaid when the property is sold, usually after your passing or if you move into long-term care.

If you're considering releasing equity from your home, it's a good idea to speak with an equity release specialist. The most common reasons people choose equity release include:
• Supplementing Retirement Income: Boosting retirement income by unlocking funds from the value of their home.

• Home Improvements: Financing home renovations or upgrades to make the property more comfortable or accessible.

• Debt Consolidation: Paying off existing debts, such as credit cards, loans, or other financial commitments.

• Helping with Family Finances: Providing financial support to children or grandchildren, such as helping with house deposits or education costs.

• Paying for Care Costs: Covering the cost of home care or residential care, ensuring peace of mind in later life.



Retirement Interest- Only Mortgages  

Retirement interest-only mortgages are a fantastic solution for many customers. Here are some key facts about them:
• Available from age 55+

• You’ll pay monthly interest-only payments

• No mortgage term – they run for life

• You’ll retain 100% ownership of your property

• Sole or joint names options

• Fixed interest rate for life available 

• They are repaid upon death, moving into long-term care, or potentially through a lifetime mortgage in the future

• Leasehold or freehold properties are eligible

• Overpayments are allowed if within certain criteria

• The application process is similar to a traditional mortgage

Retirement interest-only mortgages offer great flexibility and act as a cost-effective bridge between traditional mortgages and equity release.
For those aged between 50 and 55, there are traditional mortgage products available, with both repayment and interest-only options.
Popular uses of a retirement interest only mortgage:

• Buying a new home or moving house age 55+.

• Repaying a mortgage that is ending soon.

• Releasing equity for debt consolidation or home improvements.

• Bad credit options.

• Separations/divorce settlements.

• A large purchase such as a motor home, or caravan etc.



Equity Release

This is a lifetime mortgage. To understand the features and risks please ask for a personalised illustration. Our typical advice fee would be £1,495.  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.