Compound interest means the mortgage can grow at a fast rate making it expensive to repay, although voluntary repayments can be made to maintain control of the compound interest effect. This can help preserve more equity for inheritance purposes. Early repayment charges mean exiting the loan early can be expensive. Plans offering downsizing protection are available to avoid penalties if moving home and settling the plan.

In June 2023 you'll usually pay between 5.98% and 9% in interest on a later life mortgage, although this will depend on your mortgage plan. Interest rates on drawdown lifetime mortgages are fixed at the interest rate at the time of further borrowing. This means if interest rates decrease in the future you will benefit from the more competitive interest rate available at the time.

A later life mortgage is a mortgage designed for homeowners aged 55 or over which enables you to borrow money based on the value of your home and continue to live there. Later life mortgages include Lifetime Mortgages and Retirement Interest Only mortgages. Options include later life drawdown plans and voluntary repayment features for more flexibility in later life.

Later life finance refers to mortgages designed for homeowners aged 55 or over which enables you to borrow money based on the value of your home and continue to live there. Later life finance options include Lifetime Mortgages and Retirement Interest Only mortgages. Options include later life drawdown plans and voluntary repayment features for more flexibility in later life.

Later Life Finance are a later life mortgage broker with access to the best mortgages in later life. The mortgages are designed for homeowners aged 55 or over which enables you to borrow money based on the value of your home and continue to live there. Later life mortgages include Lifetime Mortgages and Retirement Interest Only mortgages. Options include later life drawdown plans and voluntary repayment features for more flexibility in later life.