Scottish Housing Day: Supporting "Homes for Life" Through Later Life Lending

Changing Housing Needs for an Ageing Population

Scotland’s population is ageing faster than the rest of the UK, and with that shift comes a growing need for thoughtful financial planning that supports changing lifestyles, health needs, and priorities - without forcing unnecessary upheaval or relocation.

For many people, later life brings changes that can place new demands on both housing and finances. This may include adapting a home to improve accessibility, funding care or support services, supplementing retirement income, or helping family members financially.

Age Scotland’s National Housing Survey 2023 highlights the scale of this challenge:

• 37% of respondents felt their current home would not be suitable within the next ten years

• 20% required adaptations, with more than half waiting over four months for them to be completed

These figures underline the importance of early planning, not just in terms of housing suitability, but also how those changes are funded. Too often, people only explore their options when circumstances become urgent, limiting choice and increasing stress.

Financial Planning for Living Well at Home

Many homeowners in later life are asset-rich but cash-poor, with a significant proportion of their wealth tied up in their property. While selling a home has traditionally been seen as the primary way to release capital, this is not always desirable or necessary.

Increasingly, people want solutions that allow them to remain in the home they know and love, while still accessing funds to support their quality of life.

Unlocking Flexibility Through Later Life Lending

Rettie Financial Services is developing a dedicated Later Life Lending offering, designed to support homeowners aged 50 and over in accessing the equity in their property, without needing to sell or move.

Later Life Lending products, such as Lifetime Mortgages and Retirement Interest-Only (RIO) Mortgages, can provide flexible funding options for a wide range of needs, including:

• Home adaptations or improvements

• Supplementing retirement income

• Funding care or support services

• Managing unexpected expenses

• Supporting children or grandchildren financially

These products are designed to work alongside retirement planning, offering tailored solutions that reflect individual circumstances, long-term goals, and affordability.

A Guided, Regulated Approach

Later Life Lending is not a one-size-fits-all solution. That’s why professional advice and careful product selection are essential. Rettie Financial Services will provide clear, regulated guidance, helping clients understand:

• How different later life lending products work

• The long-term implications for their estate

• Repayment options and interest structures

• How lending fits within their wider financial and retirement plans

Planning Ahead for a True “Home for Life”

Scottish Housing Day 2024 encourages us all to think proactively about how homes can continue to support people throughout their lives. Financial planning plays a critical role in making that possible.

By exploring Later Life Lending early, homeowners can retain control, widen their options, and make informed decisions that protect both their lifestyle and their future security.

Rettie Financial Services is committed to helping clients navigate later life with clarity, confidence, and compassion. Ensuring their home continues to be a place of comfort, independence and stability for years to come.

Contact Rettie Financial Services to discuss your requirements.

Rettie Financial Services charges a fee for later life mortgage advice. The fee is up to £995.

You should always think carefully before securing a loan against your property.

A lifetime mortgage will reduce the value of your estate and may affect your entitlement to means tested benefits.

Clearing existing mortgage with a lifetime mortgage may result in higher cost of borrowing.

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

There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.

Rettie Financial Services Ltd is an appointed representative of Mortgage Advice Bureau Limited and Mortgage Advice Bureau (Derby) Limited which are authorised and regulated by the Financial Conduct Authority.

Rettie Financial Services Ltd. Registered Office Address: Deuchrie, Dunbar, East Lothian, United Kingdom, EH42 1TG. Registered in Scotland Number: SC711925.