This is a Lifetime Mortgage. These are only applicable to those 55 and over, and it could affect eligibility to state means-tested benefits and the inheritance you may leave. To understand the features and risks, ask for a personalised illustration.
Equity release includes Lifetime Mortgages and Home Reversion Schemes. We can advise and arrange Lifetime Mortgages and will refer to an approved specialist for Home Reversion schemes
Later Life Lending
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 so 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.
He is an active member of the Equity Release Council, was a Finalist for the British Later Life Lending Awards in 2026 and was also awarded the ‘Later Life Lending Adviser of the year 2023’, by Air Group.
There are no busy call centres with us. We are a small 2 person business so you get a personalised service from start to finish.
What is a Lifetime Mortgage?
A Lifetime Mortgage is just like a traditional interest-only mortgage, but without a fixed ‘term’, so continues until the 2nd applicant (if it is a joint application) either passes away or enters long term residential care. The interest either rolls up and is added to the balance attracting ‘compound interest’ OR you can pay the interest, should you wish to do, either monthly or on an ad hoc basis. The loan amount and any accrued interest is then paid back at the end of the mortgage.
Note that:
• It is secured as the first charge on your main residence.
• You always remain the owner.
• Your property needs to be worth a minimum of £70,000
• A lifetime mortgage may impact your benefit entitlement
• Lifetime Mortgages reduce inheritance
• The interest accrued can roll up rapidly
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
• 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 which include considering ‘downsizing’ to a smaller property
• 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 as Lifetime Mortgages can impact benefit income
• 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.
