Later life mortgage advice
Interested in a later life mortgage but not sure where to start? Speak to one of our specialists for expert advice.
Explore later life mortgages
Whether you're looking to pay off an existing mortgage, or to release some equity from your home to spend on yourself, your home or your family, one of our later life mortgages could help
More about later life mortgages
Find out more about equity release and your other later life mortgage options.
Lifetime Mortgage
A type of equity release.
A lifetime mortgage is a loan secured against your home, available to homeowners aged 55 (or 50 for our Payment Term Lifetime Mortgage) or over.
Interest is charged on the loan plus any interest already added. This means that if you're not servicing any of the interest, the amount you owe will increase quickly over time. The loan is usually repaid when you die or move out of the home into long-term care.
If you're looking for a way to supplement your income in retirement, this could be an option for you. However, there may be cheaper ways to borrow money.
Retirement Interest Only Mortgage
A type of residential mortgage.
A Retirement Interest Only Mortgage is a loan secured against your home. You have to pay the interest off monthly, but the full amount of the loan isn't usually repaid until you die or move out of the home into long-term care. As a last resort, your home may be repossessed if you do not keep up repayments.
If you're looking to release some money from your home to pay off an existing mortgage, this is one of the options available to you.