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Getting the most out of Your Retirement

As you get older, there comes a time where paying off your mortgage is so second nature, you don’t even remember that the payment is there. However, if you’re over the age of 55, you could be entitled to release a cash lump sum from your property that could really liven up your bank account without all the unwanted hassle of moving home. Whether you’re looking to pay off long-standing debts, help a family member, renovate your home or start ticking luxurious holidays off your bucket list, releasing equity from your home could be the perfect solution to you.

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Later Life Mortgages

these are basically a mortgage that allow people to borrow past their normal retirement age of 65-70. This will apply more to those that have taken out a mortgage close to their retirement age and may have a pension in place that will be able to cover the mortgage payments once into retirement.

Retirement Interest-only

these mortgages are very similar to later life mortgages however they do not have a fixed repayment date and as the title suggests you only make an interest payment each month and do not repay any of the capital. This might suit somebody who has had an interest only mortgage and has perhaps cashed in their endowment without paying back any capital on the mortgage or if there was a shortfall.

Lifetime Mortgages

These types of Mortgages have changed hugely over the last few years and there are several different options available to you, whether you require an upfront lump sum or perhaps a regular monthly sum paid to you for a period of time depending on the circumstances. Similarly, there are options to make payments or to let the interest “roll-up” into the mortgage. We will be able to advise you on the best way to make the most of your retirement.

Hear it from others just like you…

Interested in Later Life Lending?

Speak to one of our advisers today and see how we can help you with a stress free mortgage.

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01702 746811