It's Free to Speak to an Advisor, 7 days, 8am - 10pm
It's Free to Speak to an Advisor, 7 days, 8am - 10pm
Curious about the Later Life Mortgage process? Watch our quick video guide, breaking down each step so you know what to expect—from initial planning through to securing your ideal mortgage solution. Press play to get started!
We specialise in providing expert advice on later-life lending, helping you find a mortgage solution that fits your unique needs.
Whether you’re interested in equity release, retirement interest-only mortgages (RIOs), or simply unlocking the value in your home, our friendly team is here to support you.
We focus on clear, jargon-free guidance, ensuring that every step of the process is straightforward.
Our aim is to make sure that later-life borrowing works seamlessly for you, offering peace of mind and a secure financial future.
The first step is an initial, no-obligation chat with one of our specialist later life advisors.
This appointment allows us to get to know you and what you hope to achieve through later-life lending.
We discuss what you can expect during the process, including potential fees, charges, and timelines.
It’s important that you feel at ease with us, as later-life lending often involves sharing personal and financial details.
If needed, you can involve family members in this conversation, ensuring that everyone feels comfortable and supported.
Once you’re ready to move forward, we conduct a detailed fact find.
This is a crucial step, where we gather comprehensive information about your financial situation.
We’ll ask about your income, outgoings, and any assets you own, such as savings or other properties.
We also discuss your family’s involvement, particularly if you’re concerned about how a lifetime mortgage might affect any inheritance you wish to leave.
Additionally, we explore your health, as some lenders offer better terms if your life expectancy is shorter due to medical conditions.
The more information you can provide, the more tailored and beneficial our advice will be.
Based on the fact find, we search the market to find the most suitable mortgage for your needs.
We then provide a detailed mortgage illustration from a recommended lender, which explains the product in depth.
The illustration will outline your loan amount, interest rate, repayment terms, and how much equity you’ll be accessing.
If it’s a lifetime mortgage, the illustration shows how interest compounds over time and includes any discounts or payment options.
Your later life advisor will walk you through every section of this illustration to ensure you fully understand how it works and what it means for your financial future.
It’s designed to help you compare lenders and make informed decisions.
Once you’re happy with the mortgage product, we move on to the formal application.
We’ll gather necessary documents, such as proof of identity, bank statements, and proof of income (pension or benefits documentation).
Although lifetime mortgages generally don’t require regular payments, we still verify your income to ensure long-term affordability.
The application process includes a property valuation to confirm its value, which typically happens quickly.
We’ll support you through this entire stage, making sure the application is submitted correctly and addressing any queries from the lender.
After your application is approved and the property valuation is completed, the lender will issue a formal mortgage offer.
This offer outlines the final terms, including loan amount, interest rates, and any conditions that must be met.
Copies are sent to you, your solicitor, and the lender’s solicitor.
Your solicitor will arrange a face-to-face meeting with you to review the offer and ensure you understand its implications.
They’ll check that you’re not being pressured into the mortgage and confirm that you have the mental capacity to make this decision.
Once the solicitor is satisfied, they will sign the relevant documents and send everything back to the lender for final approval.
The final stage is completion, where the funds are released by the lender.
Your solicitor will use these funds to pay off any existing mortgage or agreed debts. The remaining balance is transferred to you, to use as you see fit.
If you’ve chosen a drawdown facility, additional funds remain with the lender until you request them, allowing flexibility for future needs.
If you wish to make any payments toward servicing the interest or set up monthly payments, your later life advisor will guide you through this.
Completion marks the beginning of your new financial arrangement, but our support doesn’t end here, we’ll check in regularly to ensure the mortgage continues to meet your needs.
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UK Moneyman Limited is Registered in England, No. 6789312
Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
UK Moneyman Limited is Registered in England, No. 6789312
Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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