Later life lending

Do you have clients who were turned down by high street lenders simply because of their age?

We know that not every client is a straightforward case and don't believe in a 'one size fits all' approach to lending. We'll always take the time to listen to those people who are not well served by the mass market, such as those approaching or in retirement.

We lend in retirement
We've helped many borrowers remain in their home by allowing them to have a mortgage with us well into their retirement. We've also helped Interest-Only borrowers who have found themselves trapped on high interest rates. Your client should have the choice to downsize when they want, not when their current lender says they should.

See how much your owner occupier client
may be able to borrow
Affordability Calculator

What makes us different?

  • We have a personal approach to lending and manually underwrite all our mortgages
  • We offer generous mortgage terms for older borrowers:
    • Owner Occupier Repayment mortgages – up to a maximum age of 95 at the end of the term
    • Owner Occupier Interest-Only and Buy to Let mortgages – up to a maximum age of 89 when the loan commences
  • We’ll take into account earned income up to the age of 70, plus fixed pensions and pension pots beyond that
  • We can also accept rental and investment income that can be evidenced on an SA302.

 

Find out more about our range of Owner Occupier mortgages

Or see our Owner Occupier lending criteria

 

RETIREMENT INTEREST ONLY (RIO)

Our RIO mortgages do not have a term end date, giving your clients the flexibility to enjoy their home until a specific life event, such as moving into long-term care or passing away, triggers the repayment of their mortgage.

  • Available for clients aged 55 and over (for joint borrowers both clients must be 55 or older)
  • Maximum LTV of 50%
  • Borrowers must continue to make monthly payments for an undefined term.

 

 

View more information about our Retirement Interest-Only

JOINT MORTGAGE SOLE OWNER (JMSO)

Our JMSO arrangement can also be an option for older borrowers. This arrangement is designed to enable family members to help support each other with affordability when applying for a mortgage, so older borrowers can be supported by their children's income.

 

View more information about our  JMSO arrangement

RETIREMENT LIFESTYLE BOOSTER

Our Retirement Lifestyle Booster is a 10 year standard Interest-Only mortgage that gives borrowers access to the money tied up in their home. It provides borrowers with a monthly income, as well an optional lump sum at the start of the mortgage, and is available for borrowers aged 60 to 79 at the time of application.

  • Every month the Retirement Lifestyle Booster pays a fixed sum to the borrower. The same amount every month for up to 10 years.
  • In return, the borrower pays us a variable amount each month to cover the 'average' interest due.
  • At the end of the 10 years, assuming all the payments have been made, what the borrower owes is what they have borrowed - no more and no less.
  • The borrower then repays the loan by selling their house and moving somewhere less expensive, mortgage free, just like they planned to do anyway.

 

How does this compare to other standard Interest-Only mortgages?

Compared with a standard Interest-Only mortgage there are two key differences:  

  1. The loan amount is paid out in monthly installments on the 10th day of each month. Same amount every month for 10 years unless your client tells us to stop it earlier. Any existing mortgage is repaid from the agreed loan at the start of the Retirement Lifestyle Booster, along with the optional lump sum.
  2. Interest is charged on the balance outstanding each month, just like a normal mortgage. As the balance builds up, the amount of interest charged increases. What's different is that your client pays us an amount each month that covers the 'average' interest due over the 10 years of the loan. That's more than just the interest due in the early years (the excess reduces the balance on which interest is charged) and less in the later years.

By the ‘average’ interest due, we mean the amount required to leave the balance outstanding at the end of the 10 year term equal to the amount we have paid to your client, less any money your client’s opted to repay early. 

 

How much could you client get each month? 

Retirement Lifestyle Booster calculator

View product rates 

Retirement Lifestyle Booster rates

Further information

Brochure

Important considerations

 

 

Check affordability and complete a DIP request 

Affordability Calculator    Owner Occupier DIP request

Ready to submit an application?

Owner Occupation application pack   Mortgage Hub

Criteria checker

Can we help your client? Use our tool to find out.
Simply type your criteria to see our levels of acceptance and flexibility.

Find Your Local

Business Development Manager

Your Local BDM:

Arif Kara

Arif was previously a mortgage adviser, and focuses on North and West London. Contact Arif for help with your clients' mortgages.
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Your Local BDM:

Michelle Parry-Bunter

Michelle has worked for the Society for over a decade and focuses on the South Coast. Contact Michelle for help with your clients' mortgages.
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Your Local BDM:

Nathan Waller

Nathan, previously a mortgage broker, focuses on Cambridgeshire, East Sussex, Essex, Suffolk, Hertfordshire, Bedfordshire, Lincolnshire, Norfolk and Kent. Contact Nathan for help with your clients' mortgages.
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Your Local BDM:

Grace Bennett

Grace focuses around the West M25 area. Contact Grace for help with your clients' mortgages.
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Your Local BDM:

Darren Deacon

Darren has over 28 years' Financial Services experience and focuses on both the East & West Midlands as well as the Southwest. Contact Darren for help with your clients' mortgages.
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Your Local BDM:

Paul Roberts

Paul has over 30 years' experience and focuses on the North (inc. M62 corridor), Yorkshire & North East. Contact Paul for help with your clients' mortgages.
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We do not currently have a BDM covering your area. Please contact our Mortgage Helpdesk:

Opening hours: Mon - Fri: 8am - 5.30pm, Sat: 9am - noon

We may record any telephone calls we have with you in the interest of staff training, monitoring customer service or for security purposes.

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