Learn More About Later Life Mortgages in Surrey

More About Later Life Mortgages

The times they are a changing. With inflation and the cost of living continuing to rise, we are finding more and more people are struggling to make ends meet in later life. This might be because your pension income isn’t enough, or you simply don’t have enough savings to draw upon.

That’s where Later Life Mortgages come in. Put simply, these products can help you free up some cash whilst allowing you to stay comfortably in your home. They can take away stress, sleepless nights and the anxiety that comes with money worries.

There are several different types of Later Life Mortgages – all of which are largely based around equity release. Lifetime Mortgages allow you to unlock a tax-free lump sum of money, which you can then use to supplement your daily life.

These mortgages can vary. Some products don’t require any monthly payments, some require you to pay the monthly interest only, and some will see you paying capital and interest each month. With the latter, the benefit is that you can borrow up to a higher age than a normal mortgage.

Later Life Mortgages are generally aimed at those nearing or in their retirement years. Usually, you will need to be receiving a pension, and the property in question must be your main home.