Retirement should be a time when you can enjoy the fruits of your labour. With more time on your hands, you should be ready to enjoy life, support your family, or make some well-earned upgrades. Sadly, there are often ageist barriers that stand in the way. This can certainly be the case when it comes to borrowing.
At Brighton and Hove Financial Consultants, we believe your age shouldn’t be a barrier to borrowing. In fact, we think later life is the perfect time to work a little financial alchemy, freeing up capital, increasing flexibility, and putting you in control.
WHAT IS A LATER LIFE LOAN?
Later life lending refers to a range of mortgages and loans available to people over the age of 55.
These can be used for many purposes, including:
- Topping up retirement income
- Funding home renovations or adaptations
- Helping children or grandchildren onto the property ladder
- Consolidating existing debt
- Travelling
- Investing, or simply
- Enjoying life
TYPES OF LATER LIFE LOAN
There’s no one-size-fits-all spell here. The right product depends on your age, income, property, and plans for the future. Here are the main types:
RETIREMENT INTEREST-ONLY MORTGAGES (RIOS)
A mortgage where you pay the interest monthly, and the loan is repaid when you sell your home, move into care, or pass away.
Pros:
- No decline in home equity
- Monthly payments are interest-only, so affordable
- You retain 100% ownership of your property
Cons:
- You must prove you can afford the interest long-term
- Fewer lenders than with standard mortgages
QUITY RELEASE
(LIFETIME MORTGAGES)
Borrow a lump sum or take regular payments against the value of your home. No repayments are usually required until you die or sell.
Pros:
- No monthly repayments
- Tax-free cash to spend as you like
- Can include inheritance protection
Cons:
- Interest compounds over time, reducing the value of your estate
- May affect benefits and inheritance
STANDARD MORTGAGES INTO RETIREMENT
If your income allows, some lenders will offer standard capital repayment mortgages that extend beyond retirement, especially if downsizing is part of your plan.
Pros:
- Often cheaper than equity release
- Suitable if you still have strong earnings or pension income
Cons:
- You must pass affordability tests
- Monthly payments can be higher
WHY CAN IT BE DIFFICULT TO BORROW IN LATER LIFE?
You would think a lifetime of financial responsibility would open doors but, often, the opposite is true. Traditional lenders tend to tighten their criteria for borrowers over 55 or 60, and many won’t lend at all past age 70 or 75.
Here’s what can make it tricky:
- Income drop after retirement
- Concerns about loan repayment timescales
- Inheritance and estate planning complexity
- Misconceptions around age and risk
Many people give up after being turned down by one lender, not realising they simply need a different route, or a specialist adviser who knows where to look.
HOW BRIGHTON & HOVE FINANCIAL CONSULTANTS CAN HELP
We love helping clients in their 50s, 60s, 70s (and beyond!) take control of their finances and live life on their terms. Here’s what makes our later life lending service special:
WE’RE LATER LIFE EXPERTS
We work with specialist lenders who understand the realities of later life finance.
WE TAILOR EVERYTHING TO YOU
Want to protect an inheritance? Prefer to make monthly payments? Need a drawdown facility instead of a lump sum? We’ll build the right solution.
WE THINK STRATEGICALLY
Later life lending isn’t just about unlocking cash – it’s about protecting wealth, supporting families, and ensuring long-term comfort.
WE MAKE IT EASY
We’ll explain your options clearly, handle the paperwork, and support you from first chat to final completion.
THE ADVISER’S ADVICE:
QUESTIONS TO ASK YOURSELF
Before we start searching for lenders, we’ll help you explore what really matters:
- Do you want to leave an inheritance—or maximise your lifestyle now?
- Are you comfortable making monthly payments, or prefer no repayments at all?
- Do you plan to downsize or stay put?
- Is your income from a pension, rental property, investments—or a mix?
The answers to these questions will shape the right solution for you.
YOUR WEALTH, YOUR WAY
Later life lending doesn’t mean borrowing recklessly. Use your existing wealth wisely to improve your life or support those you love. With the right advice and the right lender, it can be transformational.
Speak to the specialists at Brighton and Hove Financial Consultants today and let’s unlock the value you’ve already created. After all, there’s no age limit on financial wizardry.
Brendon Kruger
Adviser
With over 50 years of combined experience in Financial services B&H Financial Consultants can offer a free initial review of your personal circumstances to ascertain if Equity release is right for you and your family, if not we are also mortgage advisers so can offer alternatives if we feel it is a better option. Please give us a call on 01273 741115 for an initial chat or contact us on email b.kruger@bh-fc.co.uk.
We are part of the Equity Release Council.