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Retirement mortgages

A retirement mortgage from our award-winning team gives you flexible access to the equity in your home without the need to move.

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Access the equity in your home with a retirement mortgage designed to bridge the gap between a residential mortgage and equity release. 

At StepChange Financial Solutions, our expert advisors take time to understand your situation before advising how much you can release from your home's equity, to ensure your repayments are affordable.

Why choose us?

  •  Free: We don't charge for our advice. There aren't any hidden fees
  •  Unbiased: Our advisors don't work to sales targets, bonuses or commissions
  •  Specialist: We offer advice to all, from first-time buyers to those looking to retire
  •  Trustworthy: Last year 98% of our clients said they would recommend us to family or friends

Considering a retirement mortgage?

Contact our knowledgeable team on 0808 168 6719 or arrange a call back back at a convenient time.

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Benefits of a retirement mortgage

  • Manage the interest on your mortgage with affordable monthly repayments so the amount you owe doesn’t increase
  • You’ll keep 100% ownership of your property so there’s no need to move
  • More competitive interest rates available than an equity release mortgage
  • The interest rate is typically fixed for 5 years with the flexibility to repay the mortgage without penalty, fix your rate for another 5 years or switch to an equity release plan

Risks of a retirement mortgage



  • Releasing equity might affect your tax position and entitlement to means-tested benefits
  • Future property prices might be higher or lower than they are today
  • Releasing equity from your home will reduce the value of your estate, affecting the amount of inheritance you might leave
  • There are implications of securing other debts against your home
  • Consolidating debts over a longer period may mean you pay more overall

To understand the features and risks of a retirement mortgage ask for a personalised illustration.

How to apply

  1. Speak to one of our expert advisors for free, impartial advice, tailored to your needs. Call us on 0808 168 6719 or use our online form to arrange a callback.
  2. We'll talk about your situation and see whether a retirement mortgage is your best option. There's no need for a home visit; we'll do everything over the phone.
  3. We'll guide you through the entire mortgage process, especially when you need answers, advice or even help with your paperwork.
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What our clients say

"My advisor was extremely kind and understanding of my situation and was immensely patient with me when I had doubts. I was given all the information I asked for, and more."

Pearl, Norwhich

Common retirement mortgage questions

Unlike a conventional residential mortgage, a retirement mortgage isn’t linked to a specific term and is only repaid when your property is eventually sold.

Yes, a retirement mortgage offers two key protections, usually only available via an equity release arrangement:

  • A 'no negative equity' guarantee
  • An option to switch to a lifetime mortgage when the policy has been running five years and the youngest borrower reaches 80 years of age

Once the plan has been in place for five years and the youngest borrower reaches 80 years of age you can elect to switch to a lifetime mortgage. This type of mortgage doesn’t require repayments, and the interest rate applied would be the lifetime rate available at that time from your provider. This interest rate could be higher but this feature ensures that later in retirement you can remain in your home even if your payments become unaffordable.

Some mortgage providers will allow you to maintain a mortgage in retirement providing you can afford the payments, although it will need to be repaid at a specific age. If you're in or near retirement you can also consider your suitability for a retirement mortgage or equity release plan.

Is a retirement mortgage right for me?

If you're considering an interest only lifetime mortgage, call our expert team on 0808 168 6719 or arrange a call back at a convenient time.

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StepChange Financial Solutions is a registered trading name of Consumer Credit Counselling Service (Equity Release) Ltd. Authorised and regulated by the Financial Conduct Authority.

Helping you become debt free...

“I wish to thank your staff for all the great help they gave me when I was in so much debt.
They were a pillar of support to me.” (Leslie, Essex)

Foundation for Credit Counselling Wade House, Merrion Centre, Leeds, LS2 8NG trading as StepChange Debt Charity and StepChange Debt Charity Scotland. A registered charity no.1016630 and SC046263. It is a limited company registered in England and Wales (company no:2757055). Authorised and regulated by the Financial Conduct Authority.

We link to external websites where they contain relevant information for our visitors. We're not responsible for the content of these websites, or any infringement on your data rights under data protection regulations by any external website provider.

*This is the average rating of our service based on the StepChange reviews on Feefo by DMP and DRO clients three months into their solution.

© StepChange Debt Charity 2018