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Mortgages in later life

More choice in later life with a range of borrowing options designed around you
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Whether you’ve stopped working or are coming up to retirement age, the chances are you want your later years to be fulfilling ones.
That’s why we’ve created a range of flexible mortgage options to help you finance all the things you want and need to do in life so your later years can be your best ones.

Our range of later life borrowing options

Lifetime mortgage

A lifetime mortgage is the most popular form of equity release and a way for homeowners aged 55 and above to unlock tax-free cash from their home, while remaining the owner.
With a lifetime mortgage there are typically no monthly repayments as the loan, plus roll-up interest, is repaid when the plan comes to an end.

More on lifetime mortgages

Retirement interest only mortgage (RIO)

With a retirement interest only mortgage (RIO) you pay the interest on a monthly basis, without reducing the original amount you have borrowed. The remaining capital is then repaid when the plan comes to an end.
It is only available to people who are over the age of 55.

More on RIOs

Later life mortgage

Whereas most standard mortgages tend to run for 25 years, the loan term of a later life mortgage is based on your needs and has a higher age limit.
As with a standard mortgage, you pay back both interest and capital on a monthly basis, as the mortgage must be repaid in full by the end of the term.

More on later life mortgages

The right mortgage option for you

There are many different reasons people want to borrow money in later life and many different ways to do it.
Retirement is changing with the state pension age inching up all the time. While some will choose to continue working, a later life mortgage or RIO can be a good tool for borrowing money against your home. However, everyone is different and – particularly in later life – will have a changing level of income as well as lifestyle.
Making the right decision of which mortgage is right for you depends on your own circumstances, including how much you need, if and when you could pay it back and how you could pay it back.
A lifetime mortgage is one option for those who want to access some of the tax-free funds from their home without having to service the loan. This is because with a lifetime mortgage, there are typically no monthly repayments to make as the loan, plus roll up interest, is repaid when the plan comes to an end. Your home remains your own and the funds can be spent on a range of uses (popular reasons include home improvements, paying off an outstanding mortgage, clearing existing debt, travel and gifting).
As the market has evolved over the years, so have the plans, meaning that there are now more options to help you tailor the plan to your needs – including drawdown (taking an initial sum followed by smaller amounts as and when needed in the future), inheritance and downsizing protection.

Things to consider

RIO/Later Life Mortgages

  • A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage. You should always think carefully before securing a loan against your property
  • We charge an advice fee of 1.99% of the amount released, subject to a minimum of £1,499, usually payable when the mortgage completes

Lifetime mortgages

  • You have to get advice before releasing tax-free cash from your home - please read all our information and make sure it’s right for you
  • Key Equity Release offer lifetime mortgages only, which is a loan secured against your home. With our plans, you’ll retain full ownership of your home
  • All of our plans meet the Equity Release Council standards and come with several protections, including the no negative equity guarantee, which means you’ll never owe more than your home’s value
  • You should always think carefully before securing a loan against your property
Page last updated: Monday 16 March 2020