A Later Life Mortgage works much like a conventional mortgage, but it’s specifically tailored for people aged 55 and over. It’s designed to help you unlock the value in your property or fund life plans in retirement, whether that’s home improvements, debt consolidation, or supporting loved ones.
Later Life Mortgages are available to those aged 55+ and can be taken out either individually or jointly. In joint applications, we take into account both earned and pension income, making the assessment process similar to that of a standard mortgage.
Choose between interest-only or repayment mortgages, often up to 70% loan-to-value (LTV), subject to lender criteria.
Earned income is typically accepted up to the age of 75 (varies by lender) and are generally subject to an income multiple of up to 4.5× your annual income.
Minimum property value of £150,000 with at least the same amount in equity (many lenders require more).
Selling your home and moving to a smaller property can be used as a repayment vehicle.
We discuss your goals, income, and retirement plans to see if a later life mortgage is suitable.
We explain all later life mortgage products—retirement interest-only, lifetime mortgages, and alternatives—ensuring you understand the features and implications.
We review your income, property value, age, and other factors to confirm eligibility and borrowing amount.
We help prepare and submit your application, handle documentation, and work with your lender and solicitor.
The lender will arrange a valuation on your property. If approved, you’ll receive a formal offer detailing all terms and conditions.
Independent legal advice is required for equity release/lifetime mortgages, and your solicitor will confirm you understand all aspects. On completion, your funds are released, or your mortgage is transferred.
We’re available for annual reviews, future needs, or questions about your later life mortgage.
Typically, homeowners aged 55 or over with enough equity in their property. Specific age and income criteria depend on the product and lender.
The amount depends on your age, property value, income, and the type of mortgage. We provide tailored illustrations based on your situation.
Taking cash from your home may impact means-tested benefits. We’ll provide clear advice on any effects before you proceed.
Lifetime mortgages reduce the value of your estate, but you can protect a portion for your heirs. We’ll help you balance your needs and inheritance wishes.
Yes, but some products have early repayment charges. We’ll highlight these and find flexible options if needed.
With RIO mortgages, you must keep up with interest payments to avoid repossession. Lifetime mortgages usually only need repaying when you leave the property.
Yes. We are authorised and regulated by the FCA to ensure you get ethical, safe, and fully explained advice.
Later Life Mortgages give you the flexibility to make the most of your retirement years without having to compromise on your lifestyle. Whether you’re looking to free up cash for travel, home renovations, or simply to enjoy life more comfortably, this type of mortgage could be an ideal solution.
Before you apply for a later life mortgage, make sure you have all the essentials in place.
Define your reason for releasing funds Consider how much money you need and for how long, Decide whether you want to make monthly payments, interest-only payments, or no payments at all
Review your current mortgage (if any) and outstanding balance Calculate your home’s estimated value Gather proof of your income, pension statements, and details of other savings/investments Review your monthly outgoings and any other debts
Confirm you are at least 55 years old, Ensure your property is eligible (standard construction, minimum value, UK location) Prepare identification documents, Collect any existing mortgage or loan agreements
Discuss your plans with family or potential heirs, Consider whether you want to protect part of your home’s value for inheritance, Make a will or update your estate planning if needed
Check if releasing equity could affect any means-tested state benefits Appoint a solicitor experienced in later life mortgages/equity release Arrange an independent legal advice appointment (required for equity release)
Book a consultation with a regulated later life mortgage adviser (like FPM Advice Centre!) Review and compare different products, Ask about all features: drawdown vs. lump sum, flexible repayment, portability, early repayment charges
Complete the full application and supply supporting documents, Arrange a property valuation, Read your mortgage offer carefully and discuss any concerns, Attend your legal advice appointment, On completion, funds are released, and your new mortgage begins
Explore your later life mortgage options with independent, regulated advice from FPM Advice Centre.
Book your later life mortgage consultation today!
