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.
What are mortgages for over 55s?
Mortgages for over 55s can also be known as later-life mortgages. They're loans that you could take out to buy a new home, refinance your existing home or purchase a buy-to-let property.
How do mortgages for over 55s work?
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You choose how you'd like to repay your mortgage, whether that's capital repayment or interest-only.
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You fix your interest rate for a certain period, for example, 2 years or 5 years.
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You also decide your own mortgage term, subject to affordability checks.
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The amount you can borrow will depend on your property value and your income, as well as the outcome of any required affordability checks.
Important things to know:
- You need a guaranteed source of income to apply for a mortgage for over 55s.
- Taking a lump sum against the value of your estate could affect your entitlement to means-tested benefits.
- As a mortgage for over 55s 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.
Who can get a mortgage for over 55s?
You're eligible to apply if you meet these conditions:
You have a guaranteed source of monthly income
You own or want to own a UK home
Mortgages for over 55s fees and charges
As part of your application, there are a few fees and charges you might need to pay.
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Property and legal fees
You'll need to think about property valuation fees, solicitors fees and lender application fees. If you're buying a property, you might have to pay stamp duty and conveyancing fees.
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Advice fee
If you enquire with Royal London Equity Release Advisers, there's also an advice fee. It will be no more than £1,690, and will only be charged if you take out a mortgage product. By offering a capped fee instead of a percentage of the amount borrowed, you won't pay more if you want to borrow more. You can either add your advice fee to the amount you borrow or pay it up front.
For more information about fees, charges, and other costs, read their guide How much does equity release cost?
How to apply for a mortgage for over 55s
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.
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.
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 55s.
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.
Contact Royal London Equity Release Advisers to find out more or start your application
The Information Team at Royal London Equity Release Advisers is here to support you at every step. You can contact them to ask any questions you have about equity release, or you can schedule a no-obligation appointment with them to discuss your options in more detail.
Get in touch with the Royal London Equity Release Advisers Information Team
0800 023 9311
Mon to Fri: 9am-8pm. Sat: 9am-5pm, excluding bank holidays.
More equity release options
“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.