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Retirement mortgages

Understand your options when it comes to later life mortgages

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What are retirement mortgages?

Retirement mortgages, or later life mortgages, are designed for those aged 50 or over and there are a few different options to choose from.

Retirement interest-only mortgage

  • Typically for people aged 50+

  • Only pay the interest monthly

  • Lower monthly repayments than repaying the capital
     

More on RIOs

Retirement repayment mortgage

  • Higher age limit than most mortgages

  • Remortgage in retirement

  • Pay both interest and capital monthly

More on repayment

Lifetime mortgage

 

  • For homeowners 55+
  • Typically no monthly repayments to make*
  • Choose lump sum or drawdown
More on lifetime mortgages

Why choose a retirement mortgage?

  • Live more comfortably: You could help boost your finances and enjoy the later life you deserve

  • Stay in your home: Avoid the hassle of moving and stay close to the things you love

  • Accessible finance: Retirement mortgages are designed for older customers which could help improve your chances of being accepted
     

How much could I borrow?

The amount you could borrow will depend on several factors, including:

  • The type of mortgage you apply for

  • Your age

  • The value of your home

  • Your affordability (retirement repayment and RIO only)

 

Mortgaging and remortgaging

There are many reasons why you may want a mortgage in later life. Perhaps you want to move home to be nearer to loved ones or downsize to something more manageable. Maybe equity release isn’t an option for you yet, due to your age. Or possibly your bank or building society cannot help with extending your existing mortgage.
 
Whether you’re looking for a conventional mortgage, interest only, or retirement option, our qualified experts will search the whole market to help you find a mortgage that’s right for your circumstances.

 

Independent, expert advice

Our dedicated team are here to help and give you the right advice. By speaking to one of our independent advisers, they can get to know you and find out what’s right for you. They’ll search the whole market and help with advice that’s right for your circumstances.

 

Things to consider

Retirement mortgages

  • A mortgage is a loan secured against your home

  • Your home may be repossessed if you do not keep up repayments

  • You should always think carefully before securing a loan against your home

  • If we refer you to a mortgage specialist within Key Group, and you take out a plan, the advice fee will be £1,299

Equity release - lifetime mortgages

  • Equity release will reduce your estate’s value and may affect your entitlement to means-tested benefits

  • A lifetime mortgage is a loan secured against your home and may result in limited or no property equity remaining and will reduce your financial options in the future

  • *The loan, plus compound interest, is typically repaid through the sale of the property when the last remaining applicant passes away or moves into long-term care

  • Our advice fee of £1,799 is only payable on completion

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