Over 55 Mortgage Advice - Later Life Specialists

0800 464 3677

Whole-of-Market Advice

Our equity release experts find you the best equity release or later life mortgage plan that suits you from a panel of trusted providers.

5-Star Rated

Our service has achieved a 5-star rating on Feefo. Clients love our communication and how our team works together to achieve your goals.

Award Winning Service

We’re part of the UK’s leading mortgage intermediary brand and have collectively won over 200 national awards for the quality of our advice and service.

Our Services

Faultless service throughout. Very professional company. Everything explained thoroughly step by step. I highly recommend them
Mr Speller

Standard Residential Mortgage for Over 55

If you’re over 55, you may still qualify for a standard residential mortgage, provided you meet the lender’s criteria, including proof of consistent income to cover repayments. Remember that these mortgages often have shorter terms, leading to higher monthly payments.

Later Life Mortgage Advice

Retirement Interest-Only Mortgage (RIO)

A retirement interest-only mortgage lets you borrow a tax-free lump sum while making monthly payments only on the interest. This option is designed for those aged 50 and above, offering a solution for older borrowers who may find it difficult to secure a standard mortgage.

Lifetime Mortgages

A lifetime mortgage is a way to release cash tax-free from your property whilst retaining ownership. Interest can be rolled up or serviced.

Lifetime Mortgage Advice

Equity Release

Equity release is an area of specialist later-life lending available to homeowners aged 55 and over. It enables money to be released tax-free with no monthly payments whilst retaining the right to live in your property.

Equity Release Advice

Will Writing/LPAs

As equity release will affect your estate, it is worthwhile to review your Will and conduct further estate planning.

Will Writing Services

Life Cover/Protection

Plans that provide for you and your family should the unexpected occur.

Cover & Protection Services

Why Us?

The Lifetime Finance Bureau provides specialist advice for people who want to unlock their home’s value.

Our friendly and professional advisors are here to answer all your questions and ensure you have all the information you need before deciding. All our advisors are members of the Equity Release Council, providing you with added protection and peace of mind.

Equity release via a lifetime mortgage is not for everyone; we’ll explain the risks and tell you if it’s not suitable for your circumstances and if a different type of later-life mortgage is right for you.

Equity Release: We only advise on lifetime mortgages and never home reversion. To understand the features and risks, please ask for a personalised illustration. An equity release product will reduce the value of your estate. Check that this mortgage will meet your needs if you want to move or sell your home or you want your family to inherit it. If you are in any doubt, seek independent advice

Case Study: Releasing Equity for Home Modifications Due to Health Needs
For homeowners facing health challenges, staying in their home may require significant modifications, such as installing stairlifts or converting rooms… Read more: Case Study: Releasing Equity for Home Modifications Due to Health Needs
Case Study: Couple Secures a Lifetime Mortgage to Replace Income for Retirement
As retirement approached, a couple with minimal savings sought a way to generate a steady income. Their primary asset was… Read more: Case Study: Couple Secures a Lifetime Mortgage to Replace Income for Retirement
Case Study: Clearing an Existing Mortgage to Eliminate Monthly Payments
Many homeowners nearing retirement face the challenge of ongoing mortgage payments, which can strain their finances. By using a lifetime… Read more: Case Study: Clearing an Existing Mortgage to Eliminate Monthly Payments

Most Common Later Life Mortgage Questions

Common myths and misconceptions about equity release are sometimes based on stories about older home reversion products. New lifetime mortgage plans are quite different from these old schemes; it’s crucial to understand how they work.

Below, you’ll find answers to our client’s most common questions about releasing equity from their homes.

Your question not answered? Head on over to our Equity Release Advice page for more in-depth information.

What is equity release?

Equity release refers to an area of specialist lending which allows a homeowner to access cash from their property tax-free. Read more about on Equity Release.

Is equity release safe?

Equity release is regulated by the FCA, both the products and advice. The Equity Release Council is the industry body with a strict code of conduct for the products and services we offer. Part of this is a ‘no negative equity’ guarantee, which ensures there is no debt to settle upon death.

Am I eligible for equity release?

If you are a homeowner over 55, you may be eligible for equity release. If it’s a joint application, both applicants need to be over 55. The minimum cash amount released varies by lender but is usually £10,000-£20,000. The minimum property value also varies and is usually around £75,000 to £100,000.

How does equity release work?

You can think of equity release as a reverse mortgage. You are receiving your equity in the form of tax-free cash. You would have previously paid for this equity with your standard mortgage, or the property may have increased in value.

The loan is paid back to the lender upon the homeowner’s death or when entering long term care. In most cases, a lump sum will be paid with the option for additional withdrawals if needed.

It is also possible on some products to repay the mortgage interest. Homeownership is retained with a ‘lifetime mortgage’ until the property needs to be sold. 99% of equity release cases consist of lifetime mortgages.

How much equity can I release?

The amount of equity you can release depends upon the age of the youngest applicant, property value and the equity in the property. The amount varies by lender, but we can offer a basic calculation. One of our experienced advisors would need to complete a fact-find to get the most accurate figure.

Learn More About Equity Release

Things to remember

Lifetime Mortgage products enable homeowners aged 55 and over to utilise what could be their biggest asset – their home – to access wealth.

Common reasons for releasing equity are paying off existing mortgages, home improvements, one-off expenses, consolidating debts, paying for later life care, or assisting family members by gifting a ‘living inheritance’.

Every customer must follow an FCA regulated process of financial advice and independent legal advice to determine whether such a product suits their circumstances and long-term needs.

We are members of the Equity Release Council and abide by their rules and principles.

All the lifetime mortgages we recommend to clients meet the following criteria:

The interest rates of a Lifetime Mortgage are fixed for the life of the loan.
You have the right to remain in your home for life or until you move into long-term care.
You have the right to move to another property, subject to the property being acceptable to your product provider.
The products have a ‘no negative equity guarantee’, which means you’ll never owe more than the value of your home.

Lenders we work with:

Legal

Over 55 Mortgage is a trading name of Mortgage Advice Bureau Limited and Mortgage Advice Bureau (Derby) Limited which are authorised and regulated by the Financial Conduct Authority.

Mortgage Advice Bureau Limited. Registered Office: Capital House, Pride Place, Derby. DE24 8QR. Registered in England Number: 3368205
Mortgage Advice Bureau (Derby) Limited. Registered Office: Capital House, Pride Place, Derby. DE24 8QR. Registered in England Number: 6003803

The Financial Conduct Authority does not regulate some investment mortgage contracts. Calls may be recorded for training and compliance purposes. Your property may be repossessed if you do not keep up repayments on your mortgage.

To understand the features and risks of a Lifetime Mortgage, ask for a personalised illustration. AN EQUITY RELEASE PRODUCT WILL REDUCE THE VALUE OF YOUR ESTATE, WILL NOT BE SUITABLE FOR EVERYONE AND MAY AFFECT YOUR ENTITLEMENT TO STATE BENEFITS.

Under no circumstances should any of the information contained within this website be construed as “advice”. You should seek professional advice in respect of your own circumstances. Check that this mortgage will meet your needs if you want to move or sell your home or you want your family to inherit it. If you are in any doubt, seek independent advice.

The information contained in this website is subject to UK regulatory regime and is therefore intended for consumers based in the UK.

Equity Release Mortgage Fees

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. Mortgage Advice Bureau charge a fee for later life mortgage advice. The fee is up to £995.

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