Later Life Lending

Woods Mortgages provides independent equity release advice from the whole of the market. This includes Lifetime Mortgages, Retirement Interest Only Mortgages (RIO) and Home Reversion Plans.

The later life lending market has seen a lot of change in recent years with many new and innovative products. In addition, many standard mortgage lenders are moving into the later life area by offering mortgages that run past retirement age.

We pride ourselves on our ethical approach and with an initial review free of charge, we are able to explain the different options and let you know how we may be able to help you before you are committed to any fees. We will use our expertise to fully understand your situation and requirements before researching the marketplace and bringing the results to you. Carefully, we explain your options, building up your understanding and empowering you, so that are able to make key decisions supported by us all the way.  

If you are over age 55, Equity Release can allow you to take out equity (cash) from your property. This cash can be used for many purposes such as home improvements, topping up your income, one off items of expenditure, gifting money to relatives, covering health bills and many other things besides.

When used correctly, these products can provide an enormous sense of freedom and security, allowing people to remain living in the homes they love for longer than they otherwise would have been able.

TO UNDERSTAND THE FEATURES AND RISKS OF LATER LIFE LENDING, PLEASE ASK FOR A PERSONALISED ILLUSTRATION.

Equity Release and Later Life Lending in general is an area where good advice is essential because there are risks and it is vital that you fully understand not only the benefits that a product provides but also the harms. For example, if you select a lifetime mortgage, you are able to borrow an amount of money, make no monthly payments and only pay it back upon your death, or on a jointly owned property the last death. However, the amount that then needs to be paid back can be considerably more than was borrowed and could significantly reduce the amount of money you are able to pass on to your family to inherit.

However, through careful planning, these harms can be identified and lessened. For example, by only borrowing what you need and utilising a draw down features if you may need more later. If affordable, you can also make voluntary payments to pay the interest that otherwise would have been added on to the mortgage. You might be to delay taking out a lifetime mortgage until you are older and really need it or to take out your lifetime mortgage now, but with the intention of selling your property and downsizing when you no longer want to live in your house, enabling you to repay the mortgage.  

We will also explore alternative methods of raising the money you need, such as downsizing now or using up some of your savings. If Equity Release is not the best option or is not suitable for you, we will tell you.

So, if you are looking to obtain a mortgage, please contact us using the form below or feel welcome to email jonny@woodsmortgages.co.uk or call us on 01962 656431

For full detail of how we work and the fees we charge, please see our Terms and Conditions for Mortgages, Equity Release and Protection including our charges.