MORTGAGES

Later Life Lending

Options for borrowers over the age of 55

LATER LIFE FUNDING SOLUTIONS

Our Later Life Lending proposition was established in 2019 in response to an increased need for later life funding solutions from our existing clients.

We offer Lifetime Mortgages and Retirement Interest Only Mortgages from the full range available to mortgage intermediaries through an experienced team of expert advisers. Whether you are looking to repay an existing mortgage or seeking to release funds for personal use, tax planning purposes or to assist family members, we can assess your circumstances and advise on the most suitable option.

Our commitment is to provide clear, impartial advice and to deliver a first class service both during the mortgage application process and after the mortgage has completed.

We are members of the Equity Release Council and we are authorised and regulated by the Financial Conduct Authority (FCA).

Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.

We may charge a fee for the advice we provide; this fee will be dependent upon your personal circumstances and will be agreed with you after we have fully understood your requirements. Any fee is usually payable upon successful completion of your mortgage.

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Whatever your enquiry, we will endeavour to be of assistance to you. Please feel free to call us or complete our enquiry form below.
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Later Life Lending Options

The most common form of Later Life Lending is a Lifetime Mortgage. Lifetime mortgages are available to borrowers over the age of 55 and provide a sum of money secured against the borrower’s home via first legal charge in the same manner as a conventional mortgage. Interest rates are usually fixed for life and borrowers can either pay some or all of the interest or choose to make no payments and add the interest to the loan. The loan and any interest are repaid when the borrower (or last borrower for joint applications) dies or moves into care. Lifetime Mortgage loan sizes and interest rates are based on the borrower’s age and the value of the subject property. They are not assessed against income or affordability.
It is essential that all alternatives are considered when establishing the most suitable solution, these may include:

• Home Reversion Plans. These schemes allow the homeowner to sell a percentage or all of their property at below market value and live there rent free until they move into care or die. At this point the home is sold and the reversion company gets its share (or all) of the proceeds.

• Retirement Interest Only Mortgages. These products allow you to borrow a lump sum secured against your home, pay monthly interest on the loan and repay the debt when the borrower (or last borrower for joint applications) dies or moves into care. These mortgages are assessed against retirement income and in the case of joint applications, on a ‘sole survivor’ basis.

• Mainstream Residential Mortgages. An increasing number of lenders are willing to offer conventional mortgage terms to older borrowers and SPF’s expert advisers are able to investigate these options on the borrower’s behalf.

Lifetime Mortgage Loan Purposes

A lifetime mortgage can be used for most purposes, the most common uses of the funds raised include:

• Supporting the purchase of a new main residence
• Repaying an existing mortgage or other debts
• Making home improvements
• Gifting to family
• Capital expenditure e.g. holidays, a new car, a second/holiday home
• Topping-up retirement income
• Funding long-term care
• Inheritance Tax/estate planning

Lifetime Mortgage Flexible Features

Future flexibility is often key when establishing the most appropriate lifetime mortgage lender and product, the following features/considerations may be important:

• Taking funds as a lump sum or on a drawdown basis
• Optional interest payments – regular or ad hoc
• Portability and downsizing protection
• Transparent Early Repayment Charges *(usually applicable for 8 – 15 years)
• Exemptions from Early Repayment Charges* on first death (joint borrowers)
• Enhanced terms for borrowers suffering from certain medical conditions.

*Early Repayment Charges are payable if you redeem your mortgage within a set time.

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To find out more about how we can help you with later life lending, please complete your details and we will be in touch.

Later life lending

team members

Andy Shaw
Director, Head of Later Life Lending
Andy has been working for the Company since 2006. Having worked for over a decade in Compliance, Andy established SPF’s Later Life Lending proposition in 2019 and has overseen the team’s growth into an established provider of Later Life Lending advice to a broad spectrum of clients.
Ian Meadows
Director
Ian has been working for the Company since 2000. Ian was an Independent Financial Adviser before joining SPF and has always prided himself on having a holistic view of his clients’ financial affairs. In 2005 he established and ran SPF’s office in Kent before taking on the role of Training & Competence Director. In 2012, Ian established SPF’s Protection department and successfully managed the team until 2021 when he decided to focus on providing Later Life Lending advice to SPF’s clients.
Julia Crump
Associate
Having advised on Equity Release products for over five years, Julia joined SPF in 2022. Previously employed for over two decades in Compliance for a number of well-known banks, Julia’s background helps ensure the provision of the highest quality advice regarding Later Life Lending.
Rob Manson
Director
Rob joined the company in 1998. Following some years based in the City of London, Rob headed back to his university city of Manchester to initially run the SPF office before expanding the business throughout the North of England and Scotland. In 2022, having become increasingly aware of some of the issues his older clients were facing, Rob made the decision to move across to the Later Life Lending team to ensure that his clients were receiving the best advice possible.
Simon Dexter
Director
Simon has been working for the Company since 2003. He has an extensive knowledge of the UK mortgage market and is experienced in providing bespoke solutions to complex mortgage requirements. In recent times, Simon recognised the financial requirements and challenges that some of his more mature clients are now facing and decided to become a specialist in the Later Life Lending sector. Prior to this, Simon successfully managed one of the largest teams of mortgage brokers in the London office of SPF and before that, was a high-net-worth Investment Adviser with Barclays International, which he joined in 1987.

RELATED GUIDES

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Please complete the form below to access our Guide to Later Life Lending.

RELEASING EQUITY FROM YOUR HOME

MoneyHelper is here to help, so you can move on with life. Here to cut through the jargon and complexity, explain what you need to do and how you can do it. Here to put you in control, with free, impartial help that’s quick to find, easy to use and backed by government.

This guide is for you if you are approaching retirement or already retired and are considering using the value of your home to raise a cash lump sum, additional income or both.

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WHAT OUR CLIENTS

say about us

“A friend recommended Andy Shaw of SPF to me. I trusted her as she was a successful business woman who had done a lot of research into Lifetime Mortgages. Andy was helpful, patient and very conscientious at returning calls swiftly.  As an older person I found this reassuring – if we hadn’t had this rapport I would not have proceeded. Trust felt of the utmost importance. The process was seamless and quick. I would not hesitate to recommend Andy or SPF.”
LT, London
“We were going to sort out equity release for a house purchase ourselves but were recommended SPF. As it turns out we are incredibly glad we went with them. Andy Shaw was amazing! We were trying to meet the stamp tax deadline and there was a huge amount of pressure on the chain. To say Andy went above and beyond in resolving various blockages is an understatement. Stunningly fast responses and his extremely useful contacts made us feel we were in very safe and capable hands indeed. First class in every way. Many thanks Andy.”
Mr & Mrs W, Kent
“SPF Private Clients provided an outstanding professional financial service from start to finish. Ian Meadows and Tammie Mason were always on hand to answer any questions that we had, going above and beyond with support and help to secure our dream home. We would not hesitate to recommend them.”
Mr & Mrs A, Cheshire
“Julia’s advice and help in navigating our journey through the equity release procedure meant we found it to be straightforward and without stress, without doubt this was down to her expert knowledge and advice. We would recommend Julia and SPF to anyone thinking about going down the equity release route.”
Mr & Mrs E, Cornwall