For many homeowners, the thought of their interest-only mortgage ending can be daunting. After years of monthly payments, the outstanding mortgage balance remains, and the question of how to repay it suddenly becomes very real. For some, downsizing has always been the plan. Selling up, moving somewhere smaller, and freeing up some money might [...]
There’s a little-known option in the mortgage market that could help some people aged 55 and over buy a new property – and surprisingly, many people, including some estate agents, aren’t aware that it exists. Lifetime mortgages can potentially be used to purchase a property, rather than simply releasing money from an existing home. [...]
Borrowing in later life is becoming increasingly relevant as people live and work for longer, retirement plans change and more homeowners look to the wealth tied up in their property. Now, the Financial Conduct Authority (FCA) is taking a closer look at the later-life mortgage market. (Source: FCA) In March, the FCA launched a [...]
There's a lot of noise around Later Life Lending, headlines about rates, regulation, and market data. But behind every number is a real person making a real decision about their home and their family. The Equity Release Council keeps a case study archive [1] of stories shared by real customers through their advisers, and [...]
For most of the last century, the mortgage journey followed a fairly predictable path. You bought your first home in your mid-to-late twenties, paid it off over 25 years, and entered retirement debt-free with the house as your reward for decades of hard work. That story is changing, and faster than most people realise. [...]
Summer is just around the corner, and we are looking forward to Pimm’s in the garden. A couple of clients have asked us if they can use Later Life Lending to spruce up their alfresco dining this summer? It’s a great question! We thought you might be interested to hear as well, so we’ve [...]
As a later life lending broker, one of the most meaningful conversations I have with clients isn't about mortgage rates or later life lending products, it's about what comes next. Specifically, how to plan ahead so that if care is ever needed, families aren't scrambling to find answers at a stressful time. The reality [...]
Have you heard of Later Life Lending? Also known as a lifetime mortgage, this product is designed for over-55s who need to free up cash from their property. The number one advantage is that you can stay in your own home but afford renovations, say for mobility, or take that dream holiday now you’ve [...]
You might have heard of equity release, but did you know it’s a practical and increasingly common way for parents or grandparents to help a first-time buyer get onto the property ladder? Particularly where savings alone aren’t enough. Which, in this market, is more and more likely. How does it work? Equity release allows [...]
January is often a time for reflection and forward planning. For homeowners in later life, it can also be an opportunity to review how their property fits into their overall financial picture. Equity release is one option that can form part of this broader conversation, particularly when looking to rebalance income, reduce financial pressure [...]
