Later Life Lending
Broadly speaking Later Life Lending encompasses mortgages which are taken out by people over 55 when the borrowing is either taken out in retirement or will still be in place when retirement occurs.
Acorn Mortgages
Tailored Later Life Lending Advice
At Acorn we will take the time to look at what you seeking to achieve and advise on which product suits you best both for now and in the future whether that be Equity Release, Retirement Interest Only (RIOs) or a standard term mortgage.
Equity Release/Lifetime Mortgages: 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.
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Equity Release
Equity release refers to a range of products letting you access the equity (cash) tied up in your home if you are older. You can take the money you release as a lump sum or, in several smaller amounts or as a combination of both.
Most people who take out equity release use a lifetime mortgage. Usually you don’t have to make any repayments while you’re alive. Instead, interest is ‘rolled up’, which means the unpaid interest is added to the loan. This means the debt can increase quite quickly over a period of time. However, some lifetime mortgages do now offer you the option to pay all or some of the interest, and some let you pay off the interest and capital. In the same way ordinary mortgages vary from lender to lender, so do lifetime mortgages.
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Retirement Interest Only
A retirement interest only (RIO) mortgage is a loan secured against your where making the monthly interest payment is a contractual obligation. They’re similar to standard interest only mortgages, but with key differences. With most RIO mortgages in the UK, you only repay the loan when you sell your property, move into full-time care, or pass away.
Similar to a standard mortgage, you’ll have to prove you can afford the monthly interest repayments. To take out a retirement interest only mortgage, it’s vital to get expert advice from a qualified mortgage adviser. That’s where the experienced team at Acorn can help
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Term Mortgage
Many lenders now offer fixed term mortgages when the borrowers are retired. As there is a monthly payment to be made the loan amount is based on affordability, so we’ll calculate how much you can borrow based on your circumstances and see what payments you can make each month.
As a minimum, you’ll need to be able to prove your income through employment and/or pension to show you can afford the monthly repayments.
Customer Testimonials
What People Are Saying?
Approachable & Helpful
Lee is very approachable and has been very helpful for me and my husband, I would recommend him 100%. Very easy to get in contact with and can explain everything thoroughly, and its with you every step of the way.
Christine & Ron
Great To Work With
Lee was really great to work with! Kept things simple and easy to understand when explainging things to us which was really important due to us being first time buyers. Would recommend to anyone, absolute 5 star service.
Amy
Cleary Explained
Lee was recommend by a family member and he and his team have been incredibly from start to finish. As first time buyers the process felt a bit daunting, but Lee explained all of our options and made the entire experience a pleasure. We had plenty of questions and Lee was always happy to answer. I couldn’t recommend him enough!
Toni-Leigh
Very Clear & Concise
Lee was very knowledgable about the wide range of products available. He was very clear, concise and patient. He explained everything in clear understandable language. He was always willing to address any of our concerns at any time. Even after completion of the mortgages he advised that he would be available to me.
Jannette
Happy Homeowners
We found out about Lee through a family member and honestly could not of found anyone better! He was so helpful from start to finish and was available anytime we needed him. He helped myself and my partner get our mortgage and now we’re happy home owners ! Can’t thank Lee enough for everything he’s done for us!
Keely
Above & Beyond
Lee was fantastic from start to finish. Ours was a difficult case and we knew this before we met Lee, he talked us through every step and we were reassured throughout the whole process. He went above and boynd finding us a solictor that would assist us, when we were let down which made thing less stressful.