Later Life Lending Advice

Designed to give flexibility to older borrowers

If you’re approaching retirement, or are already retired, your mortgage options aren’t completely limited. Many more lenders now have mortgage options for older borrows. Speak to one of our advisers to check your eligibility.

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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.

Your home may be repossessed if you do not keep up repayments on your mortgage

Full market search

Going directly to a bank or building society means you’ll only hear about the products they have to offer, we search from a comprehensive panel which represents the whole of the market.

We’ll do the talking

We’ll do all of the heavy lifting and speak directly with your lender, solicitor and surveyor so you don’t have to worry about the logistics.

No paperwork to fill in!

The best bit is, we’ll fill in all of the forms and paperwork so you can concentrate on the exciting bits of buying your first home.

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Detailed Credit Report

Get accurate mortgage advice based on a thorough credit report, ensuring lenders offer the best options for your financial profile.

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A leading provider of comprehensive credit reports, offering a full view of your financial history for better decision-making.

Accurate Mortgage Assessment

Obtain a detailed credit report to ensure tailored mortgage advice based on your financial standing and history.

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.

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.

Need to know how much you can borrow?

Try our free mortgage calculator to see how much it could cost you each month.

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