Lending into later life
Borrowing into later life is becoming more and more popular following the introduction of a range of products designed specifically to meet the most common needs of those over 55.
If you would like to stay in your home or even buy a new home for later life, our advisers are on hand to do a full consultation and advise the best route.
Various later life mortgage options are detailed below as well as equity release. Book a no obligation mortgage consultation if you’d like to discuss your options with one of our advisors.
RETIREMENT INTEREST ONLY
A Retirement Interest Only Mortgage is where your monthly payments only pay off the interest on the mortgage. The capital is usually repaid when the last borrower moves into long-term care or dies, and your home is sold. If there is any money left over, this is usually passed on to the people you name in your will.
CAPITAL REPAYMENT OR INTEREST ONLY
Sometimes it is possible to extend the mortgage term of a traditional capital repayment Mortgage past retirement age to meet the needs of later life. Depending on the lender’s criteria, it may also be possible to arrange a traditional Interest Only Mortgage where your monthly payments would only cover the interest of the mortgage.
EQUITY RELEASE & LIFETIME MORTGAGES
Equity release is a lifetime mortgage. This type of mortgage is typically used to unlock the value built up in your home and release it as a tax-free lump sum. It’s important to note that Equity Release will reduce the value of your estate and may affect your entitlement to means-tested benefits.
Equity Release services are referred to a third party. Millennium Mortgages are not responsible for the service received.
A Lifetime Mortgage will reduce the value of your estate and may affect your entitlement to means-tested benefits and tax status. The impact of not servicing monthly interest payments on a Lifetime Mortgage is that the outstanding debt can grow rapidly, thus reducing the value of your estate. For example, if the interest rate was 7% a year, a £50,000 loan would double to £100,000 after 10 years assuming no repayments are made. This is an example for illustrative purposes only and personalised advice and recommendations should be sought from a qualified professional. You are strongly advised to register a lasting power of attorney. This will allow your affairs to be managed by somebody else if your mental abilities significantly decline.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Book a Mortgage Appointment
If you’re ready to talk to one of our mortgage specialists you can book an online video call or a phone appointment at a time to suit you. Please allow 45 minutes for your mortgage appointment. Following the mortgage consultation there’s no obligation to use our services.
BOOK APPOINTMENT
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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
For our advice services, we will charge a fee of between £199 and £999. (Range of fees available on request)
Our typical fee is £399.
We will also be paid commission from the lender.
We will provide you with full written details of the basis upon which we will be paid for the Services we provide. This could include a payment from your mortgage provider and/or a fee we will charge you.
We will not commence any substantive work for which we will charge you a fee until we have agreed the applicable fee with you and such fee is recorded in a binding Client Fee Agreement.
We will not exceed any limits on any fee set out in the Client Fee Agreement without your Agreement.
We will advise if it is appropriate to pay fees or charges in connection with the mortgage up front as opposed to adding them to the sum advanced under the mortgage contract. We will not commit you to an application for a mortgage where a fee or charge of any kind (receivable by our Firm or another party) is to be added to the sum advanced, unless you have made a positive choice to add the fee or charge to the sum advanced.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Our fees and charges vary depending on the Services we provide to you.
We charge an upfront fee of £99 and a further fee of up to £400 payable upon completion.
Our typical fee is £399.
We will also be paid commission from the lender.
We will provide you with full written details of the basis upon which we will be paid for the Services we provide. This could include a payment from your mortgage provider and/or a fee we will charge you.
We will not commence any substantive work for which we will charge you a fee until we have agreed the applicable fee with you and such fee is recorded in a binding Client Fee Agreement.
We will not exceed any limits on any fee set out in the Client Fee Agreement without your Agreement.
We will advise if it is appropriate to pay fees or charges in connection with the mortgage up front as opposed to adding them to the sum advanced under the mortgage contract. We will not commit you to an application for a mortgage where a fee or charge of any kind (receivable by our Firm or another party) is to be added to the sum advanced, unless you have made a positive choice to add the fee or charge to the sum advanced.