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You are here:
  1. Retirement
  2. Later Life Mortgages
  3. Which later life mortgage?

Which later life mortgage is right for you?

This tool will ask a few questions to help determine eligibility and product options based on how you want to receive the money and pay interest.

This tool should not be considered advice. Other providers may use different minimum ages and property values. A later life mortgage is a loan secured against your home and can only be purchased through qualified financial advisers. Your adviser will help you choose the best product for you.

1

Eligibility criteria

Do you own, or are you in the process of buying, your own home? Select one option from Yes, No

Yes No

Is your home worth £70,000 or more? Select one option from Yes, No

The value of your property must be at least £70,000 or £100,000 for flats, maisonettes, ex-council, ex-housing association or ex-Ministry of Defence properties.

Yes No

Are you or your partner employed? Select one option from Yes, No

Yes No

What is your age? Select one option from Under 50, 50-55, 55 or over

Under 50 50-55 55 or over

Are you aged 55 or over? Select one option from Yes, No

Yes No

Sorry, you're not eligible for one of our later life mortgages

In order to take out one of our later life mortgages, you must be aged 55 (or 50 for our Payment Term Lifetime Mortgage) or over, and own or be in the process of buying a home worth £70,000 or £100,000 for flats, maisonettes, ex-council, ex-housing association or ex-Ministry of Defence properties. If you're aged between 50-54 you or your partner would also need to be employed.

Other providers may use different minimum age or house value limits.

If you need support finding ways to improve your retirement income or paying off an existing mortgage, we recommend taking financial advice. Use Unbiased.co.uk to find a financial adviser in your area.

Visit Unbiased

Consider our Payment Term Lifetime Mortgage

Payment Term Lifetime Mortgage

workshop

Our Payment Term Lifetime Mortgage, a type of equity release for people aged 50 and over who are in employment and is a loan secured on your home which allows you to borrow against the value of your home while continuing to live there.

It provides you a tax-free cash lump sum with set monthly interest payments you must pay for an agreed payment term, which can end no later than your planned full retirement date, or you reach age 75, which ever is sooner. 

You must make a monthly interest payment until the end of your chosen payment term. Any unpaid interest is charged on the loan, plus any interest already added. So, once the payment term has finished, the amount you owe will increase quickly over time. There may be cheaper ways to borrow money.

As a last resort, your home may be repossessed if you do not keep up with payments.

This suggestion is based on the information you've provided so far. It is not financial advice. Our later life mortgages can only be bought through a qualified financial adviser. Your adviser will help you find the right product for your needs.

Next steps

Once you've explored your later life mortgage options, give our advice team a call and we'll help you understand which product could be right for you.

For later life mortgage advice freephone 0808 301 7044

Monday to Sunday, 8:30am to 8:00pm
We may record and monitor calls.

Find out more about our Payment Term Lifetime Mortgage

2

Receiving the money

How do you want to receive the money? Select one option from A one-off lump sum, A series of lump-sums

Depending on the product, you can choose to receive the money as a one-off lump sum or as a series of lump sums.

A one-off lump sum A series of lump-sums

How do you want to receive the money? Select one option from A one-off lump sum, A series of lump-sums

Depending on the product, you can choose to receive the money as a one-off lump sum or as a series of lump sums.

A one-off lump sum A series of lump-sums

3

Paying the interest

Do you want to pay off all, some or none of the monthly interest? Select one option from I want to pay off all of the monthly interest, I want to pay off some interest, I don't want to pay off any interest

Different later life mortgages provide different options for paying off the monthly interest. You can commit to paying off the interest for an agreed payment term or for the life of the loan, or you can choose to pay off some or all of the interest but stop the payments at any time, or you don't have to make any payments at all. Paying off interest will reduce the overall cost of the loan. Whatever you choose, the loan is repaid from the sale of your house when you die or move permanently out of the home and into long-term care.

I want to pay off all of the monthly interest I want to pay off some interest I don't want to pay off any interest

Do you want to pay off all, some or none of the monthly interest? Select one option from I want to pay off all of the monthly interest, I want to pay off some interest, I don't want to pay off any interest

Different later life mortgages provide different options for paying off the monthly interest. You can commit to paying off the interest for an agreed payment term or for the life of the loan, or you can choose to pay off some or all of the interest but stop the payments at any time, or you don't have to make any payments at all. Paying off interest will reduce the overall cost of the loan. Whatever you choose, the loan is repaid from the sale of your house when you die or move permanently out of the home and into long-term care.

I want to pay off all of the monthly interest I want to pay off some interest I don't want to pay off any interest

Do you want to pay off all, some or none of the monthly interest? Select one option from I want to pay off all of the monthly interest, I want to pay off some interest, I don't want to pay off any interest

Different later life mortgages provide different options for paying off the monthly interest. You can commit to paying off the interest for an agreed payment term or for the life of the loan, or you can choose to pay off some or all of the interest but stop the payments at any time, or you don't have to make any payments at all. Paying off interest will reduce the overall cost of the loan. Whatever you choose, the loan is repaid from the sale of your house when you die or move permanently out of the home and into long-term care.

I want to pay off all of the monthly interest I want to pay off some interest I don't want to pay off any interest

How long do you want to pay off the monthly interest for? Select one option from I can pay off the monthly interest for the life of the loan, I want to be able to stop making payments

Depending on the product, you may be required to pay off the monthly interest for the duration of the loan. Other options allow you to stop making payments.

I can pay off the monthly interest for the life of the loan I want to be able to stop making payments

How long do you want to pay off the monthly interest for? Select one option from I can pay off the monthly interest for the life of the loan, I can pay of the monthly interest until I retire, I want to be able to stop making payments

Depending on the product, you may be required to pay off the monthly interest for the duration of the loan. Other options allow you to stop making payments.

I can pay off the monthly interest for the life of the loan I can pay of the monthly interest until I retire I want to be able to stop making payments

Consider our Flexible Lifetime Mortgage

Flexible product image

Our Flexible Lifetime Mortgage allows you to take the money released from your home as a lump sum, or a series of lump sums, and pay nothing until you die or move into long term care.

Remember, with a lifetime mortgage interest is charged on the loan, plus any interest already added. So, the amount you owe will increase quickly over time. There may be cheaper ways to borrow money.

This suggestion is based on the information you've provided so far. It is not financial advice. Our later life mortgages can only be bought through a qualified financial adviser. Your adviser will help you find the right product for your needs.

Next steps

Once you've explored your later life mortgage options, give our advice team a call and we'll help you understand which product could be right for you.

For later life mortgage advice freephone 0808 115 8129

Monday to Sunday, 8:30am to 8:00pm
We may record and monitor calls.

Find out more about our Flexible Lifetime Mortgage

Consider our Retirement Interest Only Mortgage

Our Retirement Interest Only Mortgage allows you to take the money as a lump sum. You have to pay the interest each month, which means the amount you owe doesn’t increase over time.

Remember, with a Retirement Interest Only Mortgage the interest due is payable in full by you each month. As a last resort, your home may be repossessed if you fail to keep up repayments.

This suggestion is based on the information you've provided so far. It is not financial advice. Our later life mortgages can only be bought through a qualified financial adviser. Your adviser will help you find the right product for your needs.

Next steps

Once you've explored your later life mortgage options, give our advice team a call and we'll help you understand which product could be right for you.

For later life mortgage advice freephone 0808 115 8129

Monday to Sunday, 8:30am to 8:00pm
We may record and monitor calls.

Find out more about our Retirement Interest Only Mortgage

Consider our Optional Payment Lifetime Mortgage

having lunch

Our Optional Payment Lifetime Mortgage allows you to take the money released from your home as a lump sum, or a series of lump sums, and pay off some or all of the interest. You can stop interest payments at any time, but you won’t be able to restart them. Paying off interest will reduce the overall cost of the loan.

Remember, with a lifetime mortgage interest is charged on the loan, plus any interest already added. So, if you don’t pay some or all of the monthly interest, the amount you owe will increase quickly over time. There may be cheaper ways to borrow money.

This suggestion is based on the information you've provided so far. It is not financial advice. Our later life mortgages can only be bought through a qualified financial adviser. Your adviser will help you find the right product for your needs.

Next steps

Once you've explored your later life mortgage options, give our advice team a call and we'll help you understand which product could be right for you.

For later life mortgage advice freephone 0808 115 8129

Monday to Sunday, 8:30am to 8:00pm
We may record and monitor calls.

Find out more about our Optional Payment Lifetime Mortgage

Consider our Payment Term Lifetime Mortgage

workshop

Our Payment Term Lifetime Mortgage, a type of equity release for people aged 50 and over who are in employment and is a loan secured on your home which allows you to borrow against the value of your home while continuing to live there.

It provides you a tax-free cash lump sum with set monthly interest payments you must pay for an agreed payment term, which can end no later than your planned full retirement date, or you reach age 75, which ever is sooner. 

Any unpaid interest is charged on the loan, plus any interest already added. So, once the payment term has finished, the amount you owe will increase quickly over time. There may be cheaper ways to borrow money.

As a last resort, your home may be repossessed if you do not keep up with payments.

This suggestion is based on the information you've provided so far. It is not financial advice. Our later life mortgages can only be bought through a qualified financial adviser. Your adviser will help you find the right product for your needs.

Next steps

Once you've explored your later life mortgage options, give our advice team a call and we'll help you understand whether this product is right for you.

For later life mortgage advice freephone 0808 301 7044

Monday to Sunday, 8:30am to 8:00pm
We may record and monitor calls.

Find out more about our Payment Term Lifetime Mortgage

Consider our Payment Term Lifetime Mortgage

Payment Term Lifetime Mortgage

workshop

Our Payment Term Lifetime Mortgage, a type of equity release for people aged 50 and over who are in employment and is a loan secured on your home which allows you to borrow against the value of your home while continuing to live there.

It provides you a tax-free cash lump sum with set monthly interest payments you must pay for an agreed payment term, which can end no later than your planned full retirement date, or you reach age 75, which ever is sooner. 

You must make a monthly interest payment until the end of your chosen payment term. Any unpaid interest is charged on the loan, plus any interest already added. So, once the payment term has finished, the amount you owe will increase quickly over time. There may be cheaper ways to borrow money.

As a last resort, your home may be repossessed if you do not keep up with payments.

This suggestion is based on the information you've provided so far. It is not financial advice. Our later life mortgages can only be bought through a qualified financial adviser. Your adviser will help you find the right product for your needs.

Next steps

Once you've explored your later life mortgage options, give our advice team a call and we'll help you understand which product could be right for you.

For later life mortgage advice freephone 0808 301 7044

Monday to Sunday, 8:30am to 8:00pm
We may record and monitor calls.

Find out more about our Payment Term Lifetime Mortgage

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