Over 50s Mortgages
We offer later life mortgages to help you meet your client's needs throughout their retirement.
A later life mortgages is a loan secured against your client's home for ages over 55 (50 for our Payment Term Lifetime Mortgage). Our later life mortgages are made up of Lifetime Mortgages and a Retirement Interest Only Mortgage.
More people are using later life mortgages as part of their retirement planning. This isn’t surprising. A later life mortgage can support your clients’ retirement plans in a number of ways. It maybe used to provide a more comfortable retirement, or instead of taking income from pensions. This could mitigate income tax and reduce any tax payable on death.
A later life mortgage can help transfer money to children or grandchildren, perhaps to help buy a first home, or even pay off your client's existing mortgage. It can act as a backstop in case of unexpected expenses, or be used to fund care costs. It can even help if couples separate or divorce in later life.
Our products
Lifetime Mortgages
A lifetime mortgage is a loan secured against your client’s home. There’s no need to make monthly payments, unless they choose a Payment Term Lifetime Mortgage, where they have to pay the interest off monthly for an agreed payment term. As a last resort, your client's home may be repossessed if they do not keep up with payments on a Payment Term Lifetime Mortgage.
The amount borrowed and the added interest aren't usually repaid until they die or move out of the home into long-term care. However, there may be cheaper ways to borrow money.
Retirement Interest Only Mortgage
A Retirement Interest Only Mortgage is a loan secured against your client's home. They have to pay the interest off monthly, but the full amount of the loan isn't usually repaid until they die or move out of the home into long-term care. As a last resort, their home may be repossessed if they do not keep up repayments.
If your clients are looking to release some money from their home to pay off an existing mortgage, this is one of the options available to them.
Calculators
Lifetime Mortgage calculator
Demonstrate how much your client may be able to borrow with our Lifetime Mortgages.
RIO affordability calculator
See how much your client maybe able to borrow with our Retirement Interest Only Mortgage (RIO) affordability calculator.
Over 50s Mortgages distribution team
"We want to work even more closely to support our advisers and partners to enable them to offer outstanding advice, service and products to their clients, really embedding lifetime mortgages and retirement interest only mortgages as core elements of later life financial planning."
David Jones, Distribution Director, Home Finance
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