Later Life Lending

If you’re a homeowner aged 55 or over, did you know that you can tap into the equity that’s tied up in your property? What’s more, you can release this money tax-free. The exact amount you can access will depend upon your age and just how much your home is worth with some options allowing you to benefit from lump sums or regular smaller payments also offering an option to drawdown further future sums.

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What can I use later life lending for?

The thing with later life lending is that you’re accessing funds that are already yours. This means that these can be used for absolutely anything that you want them to be. Some of the common uses that we come across include:

Bumping a retirement fund so that trips, holidays, and anything else can be enjoyed
Clearing other, more expensive, loans
Assisting children, or grandchildren, to get onto the property ladder
Adapting your home so that it’s suitable for any further needs that you may develop
Paying for care
Purchase a property

This is a lifetime mortgage. To understand the features and risks, please ask for a personalised illustration. 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.

Here at Campden Financial, we can ensure that you can protect a family inheritance if that is something that you want to do. This simply means that a set part of the equity won’t be used when calculating how much you’re able to release.

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What can I use later life lending for?

Bumping a retirement fund so that trips, holidays, and anything else can be enjoyed
Clearing other, more expensive, loans
Assisting children, or grandchildren, to get onto the property ladder
Adapting your home so that it’s suitable for any further needs that you may develop
Paying for care
Purchase a property

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The risks of later life lending

Some of the risks involved with later life lending include:

Are not suitable for everyone
Will reduce the value of your estate
Early repayment charges
No other loans can be taken using the property as security

If you’d like to explore how later life lending could affect you, why not get in touch so that we can talk you through these?

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The benefits of later life lending

Just some of the benefits offered by later life lending include:

The funds released are tax-free
There are ways of protecting any inheritance
There’s no need to repay any loan until the last homeowner on the deeds has died or entered long-term care.
Total flexibility to make ad hoc, regular or no repayments

If you’d like to explore the other benefits of later life lending, why not get in touch so that we can talk you through these?

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