Are you aged 50 or over and looking to access the equity in your home without selling or moving? Our Later Life Lending options, including Standard Residential Mortgages, Lifetime Mortgages, and Retirement Interest-Only (RIO) Mortgages, offer flexible ways to release equity while staying in your home.

Whether you need to repay your current mortgage, buy a new property, support your family, or free up cash for a better retirement lifestyle, our range of later life mortgage products can help you meet your goals. Speak to an advisor today to explore the right retirement mortgage options for you.

Book a free LATER LIFE consultation

Before you take a loan against your property, be sure to weigh up your options. A lifetime mortgage will reduce the value of your estate and may affect your entitlement to means-tested benefits.

  • "Rettie FS provided exceptional service to assist us with our mortgage application. The attentive and helpful staff guided us through the complex process, explaining mortgage options thoroughly, making it remarkably smooth and stress-free. Their dedication to customer satisfaction set them apart as they took the time to understand our needs. Their personalised approach, went above and beyond, ensuring our confidence throughout. I highly recommend Rettie for reliable and trustworthy financial services. Thank you."

    Fiona Hall

  • "Excellent support and guidance from Stephen and his colleagues in relation to our recent mortgage application in testing market circumstances recently! Calm and considered advice throughout and provided swift responses when we posed additional questions. Would definitely recommend and we will certainly be back when we need to get a new product!"

    Stuart Dunbar

  • "Stephen and Rajinee assisted me with arranging my mortgage and I am so glad that I came across them when searching for a mortgage advisor. They were so helpful, open and honest and gave me an insight into the best deals available and help me find the most appropriate mortgage tailored to my needs. There was no pressure at all to commit and once selected a mortgage, they did all the work from there on out! They made it a stress free process and I thank them sincerely for it."

    Tom Williamson

  • "We are so happy we used Rettie Financial Services Glasgow team for our mortgage. They supported us every step of the way and when things got complicated they swiftly resolved issues and gave us every confidence. Their knowledge of the market and contacts are excellent adding huge value to their services."

    Victoria Smith

    Types of Later Lending Mortgage Options

    Standard Residential Mortgage

    A standard mortgage involves lenders performing affordability checks based on income and expenses. It enables homeowners over 50 to access equity for retirement needs without selling their property, offering the flexibility to repay existing debt, enhance their lifestyle, or financially support family members.

    Retirement Interest-Only Mortgages (RIO)
    • Interest-Only Payments: Pay only the interest each month, keeping the loan balance unchanged. Repayment occurs upon property sale.
    • Flexible Borrowing Terms: Available to homeowners 55+, Retirement Interest-Only (RIO) mortgages can fund home improvements, debt consolidation, or retirement income.
    • Repayment Flexibility: Most Retirement Interest-Only mortgages offer no early repayment charges for added flexibility.
    Keep in mind that paying off an existing mortgage using a lifetime mortgage can make it more expensive.
    Clearing existing mortgage with a lifetime mortgage may result in higher cost of borrowing.
    Rettie Financial Services charge a fee of up to £995 for later life mortgage advice.
    Arrange a Financial Services Consultation.

    As well as supporting you to secure the perfect mortgage, Rettie Financial Services can help you with a full range of protection products. Book your free initial financial services consultation today with one of our Mortgage and & Protection Advisors.

    Frequently Asked Questions About Later Life Lending

    • Why choose Later Life Lending?Chevron-down

      Later life lending allows you to unlock the value in your home to meet your financial needs, whether it's for retirement, home improvements, or other purposes—all without having to move. With options like Lifetime Mortgages and Retirement Interest-Only (RIO) Mortgages, you can maintain ownership of your property while accessing the cash tied up in its value. These solutions offer flexible repayment options: Lifetime Mortgages have no mandatory monthly repayments, while RIOs provide the flexibility of interest-only payments. This allows you to tailor your plan to suit your financial situation, giving you greater control and peace of mind in your retirement years.

    • How much can I borrow?Chevron-down

      The amount you can borrow is primarily determined by several key factors: your age, health, the value of your property and its location. Unlike traditional loans, this type of lending does not rely on a standard affordability assessment, meaning your income and monthly expenses are not the focus. Instead, the loan amount is calculated based on the characteristics mentioned above.

    • What is the eligibility criteria?Chevron-down

      To be eligible, you must be over the age of 55, reside in the UK, and own your home. These are the foundational requirements. Once these criteria are met, we conduct a thorough assessment to determine the best option for you—whether a Standard Residential Mortgage, RIPO (Retirement Interest-Only mortgage) or an Enhanced Lifetime Mortgage might better suit your financial needs and personal circumstances.

    • Do I have to make regular repayments, or can I pay off the loan early?Chevron-down

      No, you are not required to make regular monthly repayments with this type of loan. However, if making payments is important to you, many plans offer the flexibility to make voluntary payments towards the loan balance, which can help manage the interest over time.

      If you choose to repay the loan in full before the end of its term, be aware that early repayment charges (ERCs) may apply, similar to many traditional mortgages.

    • When do I have to repay the full amount of the loan?Chevron-down

      The full amount of the loan typically becomes due when the last remaining homeowner passes away or moves into long-term care. At that point, the property is usually sold to repay the loan balance.

      If the loan is held jointly by two people, repayment is only required after both parties have either passed away or entered long-term care. This structure allows homeowners to stay in their property for as long as they wish or are able, without worrying about making full repayment during their lifetime as long as they continue living in the home.

    • What's the difference between a Lifetime Mortgage and Retirement Interest-Only Mortgages?Chevron-down

      Lifetime Mortgages, allow older homeowners to access cash from their property while continuing to live in it. The loan is repaid when the homeowner passes away or moves into long-term care.

      On the other hand, Retirement Interest-Only Mortgages (RIOs) let retirees borrow funds with monthly interest payments. The loan is repaid through the sale of the property at the end of the mortgage term.

      Both options enable homeowners to access the value of their property without needing to move, but they differ in repayment terms and ongoing payment requirements.

    • Who are Retirement Interest-Only Mortgages for?Chevron-down

      RIO mortgages are ideal for homeowners over 55 who can comfortably afford monthly interest payments and wish to maintain ownership of their home while accessing funds in retirement.

    • Will I retain my property?Chevron-down

      Yes, with this type of loan, you retain full ownership of your property. You will continue to live in and maintain your home as you always have, without transferring ownership to the lender. This type of loan is designed to allow you to access funds without giving up your rights as a homeowner.

      In contrast, a home reversion plan - where you sell a portion or all of your property to a third party in exchange for a lump sum or regular payments - does involve transferring ownership. However, this is a separate financial product and not one we advise on.

    • Can I use Later Life Lending to cover long-term care costs?Chevron-down

      Yes, later life lending can be a flexible way to access the equity in your property to help cover the costs of long-term care, allowing you to remain in your home while receiving the support you need. This option can provide funds to pay for in-home care services, modifications to improve accessibility, or other care-related expenses, making it possible to stay in familiar surroundings without needing to sell or move.

    • Can I use later life lending for home improvements or buying a new home?Chevron-down

      Yes, later life lending can provide you with the flexibility to use the funds for a wide range of purposes, including home improvements or even purchasing a new home. This type of financing is designed to help you achieve your lifestyle and financial goals in retirement, so you can use the funds for anything that aligns with your needs and priorities, as long as it is legal and ethical.

    • Will it affect my estate?Chevron-down

      Yes, this type of lending will impact your estate, as any outstanding loan balance will need to be repaid from the value of your property, reducing the amount ultimately passed on to your beneficiaries. Since this decision affects your financial legacy, we take steps to ensure you fully understand the implications before proceeding.

      As part of the process, we require you to seek Independent Legal Advice (ILA), and we encourage you to update your will and consider establishing a Lasting Power of Attorney (LPA) if you haven’t already. These measures ensure you have a clear picture of how this choice may impact your estate and protect your intentions for the future.

      We also strongly recommend informing your family or beneficiaries about your decision, and they are welcome to attend any of our meetings with you if you would like their support or input. This helps provide transparency and reassurance for everyone involved.

    At Rettie we understand.

    At Rettie Financial Services we understand that everybody’s situation is unique. That’s why we’re with you every step of the way. Whatever your mortgage, insurance or other financial needs, and however complex your challenges, we have the expertise and experience to provide a tailored service that will deliver for you.

    Outstanding Customer Service

    At Rettie Financial Services we excel in speed, expertise and customer satisfaction. Our commitment to you extends beyond transactions, providing both financial and emotional support throughout your journey.

    Personalised Solutions

    We bring a personal touch to every interaction, taking time to understand and address your unique financial requirements. No matter how complex and intricate your needs, we have the experience and know-how to identify and deliver an innovative personal solution that’s right for you.

    A Proven Approach

    Our highly experienced Mortgage & Protection Advisors have a proud track record in delivering a supportive, quick and hassle-free service, evidenced by a constant stream of 5 star reviews from our satisfied clients.

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    A short guide to Later Life Lending with Rettie Financial Services.

    Planning for your later life can open up a world of opportunities, and at Rettie Financial Services, we’re here to help you explore them. This guide is designed to provide you with all the essential information you need to make confident decisions about Later Life Lending. Whether you’re looking to repay an existing mortgage, purchase a new property, release equity, or support your loved ones, this guide will walk you through the options available to help you achieve your goals.

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    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.

     
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