Twelve months ago, I wrote a piece looking at the main reasons people take out
Lifetime Mortgages (Equity Release) and I thought it worth looking at how, if at all, it has changed since. Again, for consistency, I am using statistics released by Canada
Life (a Lifetime Mortgage provider), looking at its real-life data from the first half of 2025 against previous years’ Canada Life data*.
Amazingly, it has been just over three years since that infamous Liz Truss Budget with its knock-on effects to mortgage rates, so I thought it worth marking the anniversary
with some thoughts on what has happened over the last three years or so, and what does the future look like.
I hear this all the time. In part it comes from an expectation that the person is genuinely too old to qualify for a mortgage, but it can often mean that the person feels they shouldn’t be getting a
mortgage at their age.
I was discussing Mortgage Protection with two clients recently – such things as Life
and Critical illness cover – when one said to me; ‘So if I don’t make a claim by the time the policy ends, it will all have been just a waste of money?’
A history of adverse credit, whether severe or simply the odd missed payment, can have a major impact on a mortgage
application with high street/mainstream lenders.
During a recent meeting with potential new Lifetime Mortgage clients, they said
something which made me think. They said: “We were always told you should pay off your mortgage before you retire.
I have spoken to a lot of people over the years who have put off even thinking of buying a property, or moving home, because they don’t have a standard Permanent Employed Contract.
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It’s natural that as we get older things become increasingly complex and challenging. Unfortunately, it has always
been that way. As new generations come along, the familiar lies in the past.
As with most things in life, it helps to be prepared. Buying a property, whether you already own a house or this is your
first purchase, is no different. Therefore, here are my thoughts on what you should
be doing from the moment you decide you’d like to buy a new home.