Later Life Lending & Equity Release
Later Life lending allows people over 50, whether working or retired, to obtain a mortgage.
Some examples of why you may wish to consider applying for Later Life Lending or Equity Release Loans include:
- Purchasing a new home or repay an existing mortgage
- Adapting and Improving a home so the owner can live independently for longer
- Paying off existing debts, such as mortgages, credit cards or personal loans
- Paying for additional care requirements due to ill health
- Buying a new car or other large capital purchases
- Improvements to lifestyle
- Helping a child or grandchild through university or with a deposit on a house
Later life lending can be arranged in a variety of forms from Equity Release “roll up” mortgages to Lifetime Mortgages, where you can elect to make payments and Retirement Mortgages.
Some of the key features of Later Life Lending are:
- You own your home and have the option to move in the future subject to lenders criteria
- Potentially, no contracted monthly repayments but options to make payments can be arranged
- Funds can be released as a one off lump sum or in stages of your choosing, to help provide an additional source of income.
There are several product types designed to help people over 50 raise money for the reasons above.
Please get in touch to find out more about the options available for your situation.
Pennywise and all our advisers are members of the Equity Release Council.
