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A lifetime interest-only mortgage is a later-life borrowing option designed for homeowners aged 55 and over.
Unlike a traditional mortgage, where both interest and capital are repaid each month, this type of mortgage allows borrowers to pay just the interest.
The loan amount remains unchanged and is usually repaid when the property is sold, either after the homeowner moves into long-term care or passes away.
For those looking to access some of the value in their home while keeping their monthly outgoings lower, this can be an effective solution.
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An interest-only lifetime mortgage works by securing a loan against a property, with borrowers making regular interest payments to prevent the debt from growing.
The amount available depends on various factors, including the property’s value, the borrower’s age, and their ability to afford repayments.
Because the mortgage is repaid when the property is eventually sold, lenders will often want to see a repayment plan in place.
This could include selling the home at a later stage, using investments, or other assets.
Some lenders allow overpayments, giving borrowers the flexibility to reduce the loan balance over time if their circumstances change.
Since we work with a wide range of mortgage lenders, we can explore different products to find the best possible fit based on financial circumstances and future plans.
A lifetime interest-only mortgage may be suitable for homeowners who:
Every borrower’s situation is different, which is why speaking to our mortgage advisors can help clarify whether this option fits with long-term financial planning.
Not all lenders offer lifetime interest-only mortgages, and each has their own eligibility criteria. Generally, lenders will assess:
Since affordability is a key factor, it’s important to understand how payments will be managed throughout retirement.
We can review your finances and identify which lenders are most likely to approve your application.
While this type of mortgage offers flexibility, it does require ongoing payments. If these payments stop, the property could be at risk of repossession.
It’s also important to note that fewer lenders offer this type of mortgage compared to standard mortgages, so professional advice is essential.
We work with a variety of lenders who specialise in age 50+ mortgages, making it easier to find a deal that suits your needs.
Our mortgage advisors can assess affordability, repayment strategies, and eligibility to ensure you choose the right mortgage for your circumstances.
As a mortgage broker, we specialise in finding the right age 50+ borrowing solutions for homeowners.
If you’re considering a lifetime interest-only mortgage, our mortgage advisors can explain your options, compare lender criteria, and help you navigate the application process.
Speak to one of our mortgage advisors today to find out how a lifetime interest-only mortgage could work for you.
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UK Moneyman Limited is Registered in England, No. 6789312
Registered Address: 9 Gallows Lane, Beverley, United Kingdom HU17 7FJ.
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 2025.
UK Moneyman Limited is Registered in England, No. 6789312
Registered Address: 9 Gallows Lane, Beverley, United Kingdom HU17 7FJ.
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 2025.
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