Later Life Lending (for over 55’s only!)
As mortgage brokers we will initially assess all standard residential borrowing options – such as extending your term, perhaps with a different lender. If this does not suit then we look at the new style Retirement Interest Only Mortgages. These are still affordability assessed and require a monthly payment. The good news though is that the total amount you owe never increases, should you maintain your payments.
If the above 2 options don’t work out for you, then we also look at Lifetime Mortgages for our clients. In fact, we’ve become quite the specialists in ‘Later Life Lending’ options and Stuart here keeps mortgages for the over 55’s as his main focus.
As an active member of the Equity Release Council and the ‘Later Life Lending Adviser of the year 2023’, awarded by Air Group, you can be reassured that Stuart is always looking out for your best interests and doing his utmost to ensure that you receive the most suitable outcome for your needs.
There are no busy call centres with us. It is Leanne and Stuart all the way. You get looked after from start to finish by us, offering bespoke advice that is easy to understand and always meets you needs.
What is a Lifetime Mortgage?
Simply put this is a non income assessed mortgage which is only repayable when the 2nd applicant (if it is a joint application) either passes away or enters long term residential care.
It is secured as the first charge on your main residence. You always remain the owner. You can choose to protect some of the value of your home as inheritance for your family. You can choose to make repayments voluntarily, monthly or annually or simply let the interest roll-up and make no contribution to the interest accrual at all. The loan amount and any accrued interest is then paid back at the end of the mortgage.
As long as your house (or the one you are purchasing) is worth more than £70,000 and you (or the youngest of you) is over 55, then you qualify to apply.
Poor credit history and low incomes do not make any difference when it comes to this type of product, unless you are currently Bankrupt.
You worked hard to get it. Now go enjoy it!
Why borrow in your later life?
Releasing money from your home can be a suitable option in many circumstances whether it be for:-
-Increasing your income or replacing your pension (if you were one of the many who had their retirement date moved…)
-Much needed home improvements
-Clearing an existing mortgage
-Assisting your children or a family member with a deposit for a House Purchase
-Or spending on whatever you want… (New Holiday Home, Caravan, Motor Home, Boat, Static Caravan etc)
As members of the Equity Release Council our purpose is to ensure you get the most suitable plan for your situation and ensure that we have considered all other options for you too.
As part of our service we will:
-arrange a meeting with you either in your home, via the internet or over the phone, whatever you prefer, provided we can get to you easily.
-complete a financial review with you to be sure we have looked at all alternatives and options.
-carry out a benefit assessment to ensure you know what means tested income you may or may not be entitled to before and after your mortgage completes
-advise and recommend the most suitable product for you from a comprehensive range of lenders, but not those with direct access only.
-Issue you with a suitability letter explaining what we discussed and why we recommended the route we did
Releasing money from your house in whatever format can be quite a draining subject so it is important to include your family in any big decisions regarding the family home and their potential inheritance.
We have a number of connections with Solicitor firms across the country and can help you to arrange your legal adviser too. Believe us when we tell you that your choice of Solicitor/Conveyancer can really make or break how easy or challenging securing any form of mortgage can be!
Give us a call on 01822 615502 or email stuart@dartmoorfinancial.co.uk to find out more about how we might help you with borrowing money in your later life.