Later Life Lending
At Solve Mortgages, we understand that the mortgage market is not one-size-fits-all.
As the UK’s population ages, the need for tailored financial solutions for older borrowers is growing. That's where our expertise in later life lending comes in.
We specialise in helping people aged 50 and above secure the right mortgage products to meet their needs, whether it's for retirement planning, home improvements, or simply improving their cash flow.
What is Later Life Lending?
Later life lending refers to a range of mortgage options available to borrowers aged 50 and over. As life expectancy increases, more people are looking for financial solutions that can help them live comfortably during retirement or unlock the value in their property to meet their financial goals.
At Solve Mortgages, we offer a variety of products designed to suit the unique needs of older homeowners, including:
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Lifetime Mortgage
A Lifetime Mortgage allows homeowners aged 55 and over to access the equity tied up in their property without the need to move. With a lifetime mortgage, you can unlock the value of your home and continue to live in it. The loan is repaid when the property is sold, usually when you pass away or move into long-term care.
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Retirement Interest-Only Mortgages (RIOs)
A RIO is a flexible mortgage option that allows you to borrow money secured against your home. You only pay the interest during the term of the mortgage, keeping monthly payments low. The capital is repaid when the property is sold, typically after you pass away or move into care. RIOs are ideal for older homeowners looking for a more affordable way to release funds without the burden of higher monthly repayments.
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Standard Mortgages for Older Borrowers
In the past, mortgages were often limited by age, with many lenders refusing to extend terms beyond retirement age. Today, however, many lenders are now more flexible, offering standard mortgages with terms that extend beyond your retirement years. This allows you to continue securing a mortgage well into later life, based on your income and affordability, rather than age alone.
Popular Reasons for Later Life Borrowing
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Home and Garden Improvements
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New Home
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Settle Existing Debts:
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Increasing Disposable Income
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Assisting Family
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Holidays
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New Car
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Separation
Why Choose Solve Mortgages for Later Life Lending?
At Solve Mortgages, we provide expert advice tailored to your unique circumstances. Whether you’re looking to release equity from your home, find a retirement interest-only mortgage, or secure a standard mortgage that suits your post-retirement plans, we’re here to guide you through the process.
Here’s why you should choose us:
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Expert Knowledge: We specialise in later life lending and are up-to-date with the latest products and regulations in the UK mortgage market.
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Personalised Service: We understand that everyone’s financial situation is different. We take the time to understand your needs and help you find the best mortgage solution for your goals.
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Access to a Wide Range of Lenders: We are an independent, whole of market broker giving us access to a wide range of mortgage products and competitive rates.
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Clear, Honest Advice: We pride ourselves on providing straightforward, honest advice, helping you make informed decisions about your mortgage options.
Plan Ahead: Property Wealth and Retirement
Incorporating your property wealth into your retirement and inheritance tax (IHT) planning is essential for maximising your financial security. If you own your home, it’s likely to be one of your most valuable assets. By considering how this asset can be used in your retirement planning, you can ensure a comfortable lifestyle and avoid financial stress later in life.
Additionally, property can play a significant role in your IHT planning. Without proper planning, your property wealth could be subject to high levels of inheritance tax, reducing the amount you can leave to your loved ones. Solutions like gifting, creating trusts, or using equity release can help you manage potential tax liabilities and pass on more wealth to your beneficiaries.
Get in Touch
At Solve Mortgages, we are here to help you navigate the later life lending market and unlock the financial opportunities available to you.
Whether you're interested in releasing equity from your home, exploring retirement interest-only mortgages, or securing a standard mortgage well into retirement, we’re here to help.
Contact us today to book a free, no-obligation consultation and take the first step towards a more secure and financially stable future.
Equity Release Council Guidelines
As a member of the Equity Release Council we will always adhere to the following guidelines
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For lifetime mortgages the rate must be fixed for each release or, if variable, the rate must be capped for the life of the loan.
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You must have the right to remain in your property for life or until you need to move into long-term care, provided the property remains your main residence and you abide by the terms and conditions of your contract.
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You have the right to move to another property subject to the new property being acceptable to your product provider as continuing security for your equity release loan.
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The product must have a “no negative equity guarantee”. This means that when your property is sold, and agents’ and solicitors’ fees have been paid, even if the amount left is not enough to repay the outstanding loan to your provider, neither you nor your estate will be liable to pay any more.
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All customers taking out new plans which meet the Equity Release Council standards must have the right to make penalty free payments, subject to lending criteria.
A lifetime mortgage is a loan secured against your home.
To understand the features and risks, ask for a personalised illustration.
Equity release will reduce the value of your estate and may affect your entitlement to means tested benefits.
Your home may be repossessed if you do not keep up repayments on your mortgage.