Improving your home without moving
Using later life lending to adapt or improve your home.
A Lifetime Mortgage will reduce the value of your estate and may affect your entitlement to means-tested benefits and tax status. The impact of not servicing monthly interest payments on a Lifetime Mortgage is that the outstanding debt can grow rapidly, thus reducing the value of your estate. For example, if the interest rate was 7% a year, a £50,000 loan would double to £100,000 after 10 years assuming no repayments are made. This is an example for illustrative purposes only and personalised advice and recommendations should be sought from a qualified professional. You are strongly advised to register a lasting power of attorney. This will allow your affairs to be managed by somebody else if your mental abilities significantly decline.
As homeowners age, adapting or improving the home can become a priority.
Later life mortgages may provide funding for:
Home adaptations
Renovations or extensions
Energy efficiency improvements
Next steps
Choose the option that best matches where you are today. You can switch paths at any time.
Tell us a bit about your income and outgoings to get a quick idea of your maximum loan.
Try the affordability calculatorSee what your monthly payments could look like at different rates and terms, tailored to you.
Estimate monthly repaymentsReady to get serious? Start your Agreement in Principle online with no impact on your credit score.
Start your AIP online
Later life lending products are long-term financial commitments.
Choosing the wrong solution can be costly, while the right advice can help align borrowing with future needs and goals.
A specialist adviser can explain the options clearly and help you decide whether later life lending is appropriate at all.