Later Life Lending

UK’s over-55s own £1tn in housing wealth

You may find that some older customers fall outside of the typical high street lending criteria. Later life lending could create opportunities for these customers should they want to release equity in their homes or look to take out a new mortgage.

Some later life lenders offer conventional mortgages. Later life lending is not just Equity Release, and by looking at all the available options you might be able to assist your customers whether you are qualified to advise in this market or not.

Some customers are becoming increasingly aware of how far their incomes will stretch throughout their retirement and for some of these customers, options to increase their incomes are becoming much more attractive.

Later life lending can offer customers peace of mind. It can help with capital raising opportunities of their choice; whether that’s helping family members onto the housing ladder, purchasing a second property as a BTL or a sum of money to help with their enjoyment in retirement.

Lending choices have historically been hindered by age restrictions and affordability assessments. However opportunities and product innovation is making later life lending more prominent in the marketplace. We have seen mainstream lenders adapt their later life criteria and increase maximum lending ages. At the same time we have seen specialist later life lenders moving into the standard advice space for advisers, by developing more flexible products for interest only customers.

Retirement Interest Only Matrix

With the increase in the number of lenders now offering Retirement Interest Only Mortgages we are delighted to add a RIO Matrix to our existing suite to further assist advisers in their advice process with later life customers. For further information be sure to check out SmartrCriteria or speak to our Mortgage Support Services team via the Live Chat tab on the right of this screen or on 0345 0260092