Important information
Royal London has chosen to introduce its customers to the experts at Royal London Equity Release Advisers. They will provide advice on equity release products from across the whole market and will make a recommendation to you based on your personal circumstances.
You will not receive advice or any recommendation from Royal London. The information on this page has been provided by Royal London Equity Release Advisers to help you understand more about releasing equity.
Why choose Royal London Equity Release Advisers
Whole of market advice to compare different mortgage options
You still own 100% of your home
No-obligation advice and no fees unless a mortgage is taken out
What are mortgages for over 50s?
Traditional mortgage borrowing can still be suitable for some people over the age of 50. You borrow from the value of your home while committing to repayments over a set period of time. You could use a mortgage to buy a new home, refinance your existing home or purchase a buy-to-let property.
How do mortgages for over 50s work?
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Repayment choice
You choose how you'd like to repay your mortgage, whether that's capital repayment, interest-only or a mixture of the two.
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Fix interest rate
Different lenders will offer different fixed periods, with the maximum being fixed for the length of the mortgage.
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Choose mortgage term
You also decide how long to borrow the money for, subject to affordability checks. The shorter the term, the higher your payments could be.
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Borrowing factors
The amount you can borrow will depend on your property value and your income, as well as the outcome of any required affordability checks.
What are the costs for an over 50s mortgage?
There may be several costs to think of when considering a mortgage. Speak with Royal London Equity Release Advisers to get a personal illustration that is tailored to your circumstances.
- Valuation fee: You may have to pay to get your home valued. Your adviser will let you know before you apply for a mortgage.
- Legal fees: There may be legal work required from a solicitor that will come at a cost. There may also be stamp duty charges to consider.
- Advice fee: Royal London Equity Release Advisers will charge an advice fee of £1,690 only if you take out a mortgage with their help.
Mortgages in practice
Here’s an example of how a mortgage could help.
Mr. Hopkins wants to extend his mortgage towards his retirement date.
- He is aged 62.
- His home is worth £300,000 with a £25,000 mortgage.
- He works part-time earning £20,000 per year.
His adviser finds a capital repayment product available at 4.04% fixed for 5 years and moving onto a variable for the next 3 years. If he passes affordability checks, he can expect a monthly payment of £305 for the first 5 years.
If he keeps up with payments he will have paid off his mortgage by the time he is 70, which is when he wants to start considering retirement.
This is an illustrative example of the potential costs. Available interest rates will be based on your personal circumstances and are best determined with the help of an adviser.
Who can get a mortgage for over 50s?
You're eligible to apply if you meet these conditions:
You're 50 or over
You have a guaranteed source of monthly income
You own or want to own a UK home
How to apply for a mortgage for over 50s
You can start the process by speaking with the Royal London Equity Release Advisers Information Team. Here's a step-by-step explanation of how it works.
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Speak with the team
Contact the Information Team, and they'll schedule an appointment for you with a specialist mortgage adviser. They'll be happy to answer any questions you may have.
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Explore your options
At your appointment, your mortgage adviser will talk you through everything you need to know, and the different features of a mortgage for over 50s.
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Submit your application
If you'd like to go ahead, your adviser will help you fill out your application. Your application will also be reviewed by a second qualified expert.
Important things to know:
- You need a guaranteed source of income to apply for a mortgage for over 50s.
- Taking a lump sum against the value of your estate could affect your entitlement to means-tested benefits.
- As a mortgage for over 50s involves making required payments each month, your home could be repossessed if you miss any monthly payments.
- You should think carefully before securing other debts against your home.
- When enquiring with the help of Royal London Equity Release Advisers, you'll need to speak with an adviser first. Your adviser will help you to decide if the product is right for you.
Other mortgage products
Royal London Equity Release Advisers aim to find the best solution for your needs. Their advisers will take the time to explore a wide range of products and weigh up the benefits of each before making a recommendation for your circumstances.
Talk to the Royal London Equity Release Advisers Information Team
If you need help or want to ask a question, you can call them on
0800 023 9311
Lines are open Mon 08:30am to 6pm and Tues to Fri 08:30am to 5:30pm (excluding bank holidays).
Discover more about borrowing from your home
“Royal London Equity Release Advisers” is a trading name of Responsible Life Limited. Responsible Life Limited uses Royal London branding under licence from Royal London Marketing Limited. “Royal London”, the “Royal London logo” and “Royal London Equity Release” are registered trade marks of The Royal London Mutual Insurance Society Limited. Royal London Marketing Limited and The Royal London Mutual Insurance Society Limited do not provide regulated mortgage advice.
Responsible Life Limited is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register under reference 610205. Registered in England and Wales under company number 07162252. Registered office: Princess Court, 23 Princess Street, Plymouth PL1 2EX.
Responsible Life Limited is a wholly owned subsidiary of the Royal London Group who may benefit if you choose to take regulated mortgage advice. Being a wholly owned subsidiary of the Royal London Group does not alter Responsible Life Limited’s regulatory responsibilities.
If you choose a mortgage with required payments during your lifetime then your home may be repossessed if you do not keep up with the payments. Borrowing with a Lifetime Mortgage or Retirement Interest-Only Mortgage will reduce the value of your estate. Receiving a cash lump sum may also affect your entitlement to means-tested benefits. Think carefully before securing other debts against your home.
To understand the features and risks, ask for a personalised illustration. Your adviser will talk through the setting up costs of a mortgage. Only if you choose to proceed and your case completes will Responsible Life Limited charge an advice fee, currently not exceeding £1,690.