Later Life Lending

Later Life Lending Explained

We are all living and working longer, property prices have gone up more than many ever expected, and some are helping their children financially amidst rising education and property costs. A lot can happen over our lifetimes, and sometimes things don’t always go to plan. Many have pensions larger than they might have thought and want to pursue a higher quality of life in retirement.

Whatever your personal situation, we can help advise you on the different options available if you’re looking for a little extra money, time to pay off your mortgage, or both.

Lending Up To Retirement

Traditionally mortgages had to be repaid by the time you retire. This age itself has been rising along with the state pension age. Depending on your occupation, many lenders are accommodative to the fact that many people are willing and able to work beyond this point. Several lenders are happy to offer mortgage terms up to age 70, or even 75.

These extra few years can often make all the difference in helping people get back on track, if you’ve fallen behind, helping them to build up necessary pensions and pay off their mortgage by the time they eventually retire.

Lending Beyond Retirement

For those with strong pension provisions or other sources of income like buy to let income, there are options to extend your mortgage into your late 70’s or even into your 80’s. This can be helpful if there is a planned downsize in the future. In the case of large pensions spreading pension repayments out over a longer time can be more tax efficient.

Lending for Life

The equity release market has matured a lot in recent years and for those that know they will never be able to pay off their mortgage, or simply don’t want to, then equity release might be a viable solution.

Eclipse Financial Planning does not offer advice on Equity Release but can introduce you to a trusted partner who can assist. We can ensure any equity release advice you receive supports your overall financial plans.