If you can't find a conventional mortgage to meet your needs, a retirement repayment mortgage could help you reach your later life goals
A retirement repayment mortgage is similar to a traditional mortgage you may have had on your home in that you repay the loan plus the interest in full.
Mortgages are available to borrowers aged 50+
Higher age limit than most mortgages, letting you remortgage in later life
It's a loan secured against your home
Mortgages can be used to buy a new property, re-mortgage an existing one, or release additional funds
You will also need to think about which type of interest rate would work best for you: fixed or variable.
Fixed interest rate
A fixed-rate mortgage means your repayments will be the same for a fixed length of time, no matter how interest rates change across the market – this is normally between two to five years, though it can vary depending on the mortgage provider.
Variable interest rate
A variable interest rate means the interest rate and your repayments may go up or down depending on a number of factors. There are different variable-rate mortgages you can apply for from a number of different mortgage providers.
See what other later life lending options you have