Later Life Lending

Later Life Lending

Later life lending is aimed at people who are approaching or are already in retirement. The lending can be for any number of reasons including.

  • Buying a new home where maybe you are downsizing or moving to a bungalow and do not have enough funds to complete the purchase.

  • Pay off an existing mortgage including an interest-only mortgage coming to the end of the term.

  • Pay off debt.

  • Increase your monthly income.

  • Fund your later life care requirements.

  • Home improvements

  • Help your children or grandchildren buy their first home gifting them a deposit.

Here at Probity Mortgage Services, we specialise in later life lending and will consider all the standard residential options available, including.

  • extending your existing mortgage term with the same or a different lender.

  • We will also consider a Retirement Interest Only mortgage, which is assessed on your affordability and does require a monthly mortgage payment. The good news about this option is that the total amount you owe never increases.

Did you know that one of the Equity Release solutions is called a lifetime mortgage? So, like any other standard mortgage, you can take one out on your own home or on a buy to let property. If you are over 55 you may be able to release some cash (equity) tied up in the value of your home.

A lifetime mortgage gives you flexibility depending on your financial needs. You can decide whether you want to make monthly payments or not. You can also choose a mortgage that has a cash reserve facility for later use.

The benefits:

  • You still own your home, and you can stay in it for the rest of your life.

  • The money you release is tax-free.

  • You will never owe more than the value of your home because of the “no negative equity” guarantee.

  • Interest rates fixed for life.

Our standard service includes personal face to face appointments at a time and place that is comfortable and convenient for you.

We will complete a full financial review and consider all your alternatives. We will also complete a full benefit assessment to ensure that you know exactly what means tested benefits you may or may not be entitled to.

We will then advise and recommend the best solution for you.

We will only charge you our advice fee on completion so if your loan never completes, you won’t owe us anything.

As the entire process can be stressful, we do strongly recommend that you include your family in any big decisions regarding the family home and potential inheritance.

To understand all the features and risks ask for a personalised illustration.

To arrange your no-obligation appointment at our cost, give us a call on 01902 851181 or email tandi@probitymortgages.co.uk to see how we might help with lending in your later life.

Always look out for the Equity Release Council logo when seeking advice on equity release to ensure you are dealing with a council member.

Equity Release

Equity Release

Probity Mortgages is a proud member of the Equity Release Council

Home Reversion Plan

Home Reversion Plan

This is where you sell part or all of your home for a lump sum of cash. This amount is usually significantly less than the actual market value of your home and so for this reason is not as popular as the lifetime mortgage.

Disclaimer - Equity release includes Lifetime Mortgages and Home Reversion Schemes. We can advise and arrange Lifetime Mortgages and will refer to an approved specialist for Home Reversion schemes.

Follow the links below for a bit more information: