Later Life Borrowing

Our dedicated Equity Release team are here to help you understand if Equity Release is right for you. We use our expertise to help guide you through the process, from determining if Equity Release is suitable for you and your family, right the way through to recommending the most appropriate products. Call us today for a no obligation chat about how we might be able to help.

What is equity release?

Equity release is a way for people to use the equity held in a property to release cash. This can be for a range of reasons, including home improvements, clearing outstanding mortgages, holidays and even gifts to family members.   Equity release is taken out as a loan secured against your property. The loan amount and any addition interest that has been accrued is paid back when you die or move into long-term care.   The size of the loan you can take out is determined by your age and health, with maximum borrowing levels at around 60% of the value of your property.
We ensure Equity Release is right for you
Our advisers are all Equity Release qualified
We only use 'no negative equity guarantee' lenders

Case studies

Read through these equity release case studies to see how releasing value from their property has helped others in a whole range of situations.

Services

We've the specialists to help you with your later life lending requirements. Learn more how the Later Life Borrowing team can help you below...
Equity Release
Helping over 55s release equity from their properties, whether that's to improve lifestyle, gift family, or move home.
Retirement Interest Only Mortgages
Helping older borrowers take an interest only loan into retirement.
Mortgage Advice
We help customers with a whole range of mortgage advice too, no matter what your needs.

About Equity Release

Here's our thoughts on a few commonly asked Equity Release questions. Don't forget, you can always get in touch with our team for a no obligation chat about how we can ensure Equity Release is right for you.
Who is equity release for?

Typically, you have to be at least 55 years old to be able to use an equity release product.

It’s a way to help those who own their own home but may need more cash. You don’t need to have paid off your mortgage.

Bear in mind, it can affect any benefits that you might be receiving, so always disclose these upfront with your adviser.

It’s always important that you’ve considered all options first, such as downsizing. Our advisers will make sure that they’re confident equity release is right for you, before talking through any equity release products with you.

Is equity release safe?

All the lenders we work with at Later Life Borrowing are members of the Equity Release Council.

They promote the highest standards regarding providing equity release advice and crucially they ensure all their lenders sign up to a ‘no negative equity guarantee’. This means that you can never be kicked out of your own home.

All our advisers at Later Life Borrowing will sit down with you to ensure that you fully understand all the implications of what you’re doing. They’ll only recommend an equity release product if they’re confident it’s right for you.

How much does equity release cost?

There are two main ways of doing equity release.

Firstly, is where the interest charged rolls up. This very broadly means that the money you owe by taking it out of your home will double every 10-12 years or so.

As an example, if you take out £20,000 from a £200,000 property today, you have £180,000 left to go to your estate. In 10 years’ time that will, £20,000 will have doubled to £40,000, meaning that there will be £160,000 to go to your estate, assuming house prices haven’t moved at all.

That’s a very rough example, but hopefully helps to illustrate things.

Secondly, you have the option to make repayments.

This will help manage the debt that is secured against your home, either by making payments that purely cover the interest (therefore the debt isn’t increasing) or by actually repaying the loan and therefore reducing the size of the debt to be left against your estate.

If you do want a product that allows you to make payments, this may be affected by your income as lenders need to be sure it’s affordable for you.

Either way, interest rates will be fixed or have a maximum cap that they cannot exceed for the entirety of the loan.

We typically charge a fee of £695 for our equity release service. This will always be discussed with you upfront.

 

Our team

Meet the people that will be helping you with your equity release needs. The Later Life Borrowing team all hold the relevant mortgage and equity release qualifications, and are here to do right by you.
Mark Stallard
Mark Stallard

Equity Release Specialist

With over 38 years' industry experience, Mark has a wealth of experience and always does the best for his clients.

Joseph Stallard
Joseph Stallard

Mortgage Adviser

Joe spends the time to really listen to his clients' needs and wants, and advises accordingly.

    Contact us

    Get in touch with us today for a no obligation chat about how we might be able to help.
    Get in touch
    E-mail: team@laterlifeborrowing.com Phone: 01453 887179