Could equity release help you move home?

9 April 2021

Moving house in later life 

For many of us, our mid-50s mark a new chapter in our lives: the kids have flown the nest, we’re approaching retirement and we might be starting to think about the future, such as home care and getting a future-proof home. For these reasons, lots of people start to reconsider where they want to live in their mid-50s. 

Unfortunately, if you’re looking to move house later in life, you may not qualify for a conventional mortgage. Legally, there’s no upper limit on how old you can be when applying for a mortgage, but most banks have age limits which mean that you can’t be over a certain age when you’d finish paying off the debt, this is usually around 70 or 80 years old. This is where equity release can come in hand, as it can enable those looking to move who don’t qualify for a conventional mortgage to get a loan. 

Reasons for over 55s moving 

There are lots of different reasons why you might consider moving if you’re over 55, including: 

How to use equity release to move home 

If you’re looking to move home and would like to consider whether releasing equity could be a way to make this happen, the best way to consider your options is to work with one of our trusted advisers. Our advisers are specially trained to be able to take into consideration your current circumstances and the type of property you’re looking to buy and, from this, will be able to devise a plan especially tailored for you. 

Our founder and Managing Director, Jan Johnson, said: We’re getting loads of enquiries from homeowners over-55 at the moment, and one of the main reasons they’re coming to us is because they want to move house. With the stamp-duty holiday being extended and the uncertainty from Brexit lifting, lots of people are wanting to relocate and it’s no different for those later in life. Unfortunately, many people in this age category won’t qualify for a traditional mortgage, that’s why we’re so thrilled to be able to help so many people realise their dreams of moving through equity release.’ 

If you’re moving and would like to understand whether releasing equity could help you make this dream a reality, then please get in touch. 

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