Later life &
affordable borrowing

Retirement interest only mortgages

Equity Release

Inheritance planning

Suppliment retirement income

Use the equity built up in your home to provide for a retirement with more of what you want to be doing.

Check your eligibility

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How can we help?

Equity Release - what is it?

Equity Release is a product that enables you to release equity from your property with the option of repaying the loan on death or in the event you are taken into long term care.

Equity Release products

There are two categories,

Lifetime mortgage - which is a mortgage with no end date. You have the option of paying the interest payments or letting the interest payments rollup over the life of the mortgage.

Home reversion - where you sell your property to the provider but continue to live in the property.

Having spent your working live paying your mortgage you can now use that built up equity to do some of the things you weren't able to do whilst working by releasing tax free cash with Equity Release.

How do you qualify for Equity Release?

Your age

The majority of providers set their minimum age of entry at 55 years. For home reversion plans it may be slightly higher depending on the provider.

Your property

You'll need to be a property owner and at the point of completing the transanction it needs to be free from any other debt secured on it.

We do charge a fee for Equity Release advice. This will be disclosed to you before any work is processed.

However, we do offer an initial consultation to enable you to to gain an overview of Equity Release and for you to decide, based on what you know, whether you would like to proceed at which point the fee will become payable.

Retirement Interest Only (RIO) mortgages

What is a RIO mortgage?

A RIO mortgage is very similar to an equity release lifetime mortgage. The one notable exception is that the mortgage provider will always require monthly interest payments to be made until the end of the mortgage, whenever that may be. It is essentially an interest only mortgage which may have no specified term or a term that goes beyond any normal life expectancy. The mortgage will be paid back from the property sale on death or you are taken into long term care. Any remaining balance from the sale will form part of your estate or returned to your chosen beneficiaries.

Who would it suit?

To qualify for a RIO mortgage you would need,

A property that is your main residence for mortgage security

Proven income/pension provision which meets the lenders affordability assessment

This type of mortgage is ideal for later life home owners with the ability to service interest only payments for the rest of their lives (normally provided via a pension) and would like to increase the liklihood of leaving some of the equity built up their home over the years to their chosen beneficiaries.