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Borrowing in later life is becoming increasingly relevant as people live and work for longer, retirement plans change, and more homeowners look to the wealth tied up in their property.
Now, the Financial Conduct Authority (FCA) is taking a closer look at the later-life mortgage market. (Source: FCA)
In March, the FCA launched a market study into lifetime mortgages and retirement interest-only (RIO) mortgages, asking whether the market is meeting consumers’ changing needs and providing enough choice and competition. The study was updated in June following feedback from lenders, advisers and consumer groups.
The study is looking at more than just the products themselves. It will consider how consumers understand and compare their options, the role of advice, competition between providers and whether new or innovative products could better meet people’s needs.
There isn’t a one-size-fits-all solution
One of the most important points is that later-life lending doesn’t automatically mean equity release. Depending on your circumstances, alternatives could include a standard mortgage, a RIO mortgage, a lifetime mortgage or downsizing. The FCA has specifically said it will consider how consumers compare these different ways of accessing housing wealth.
That’s why good advice matters. What works for one homeowner may be completely unsuitable for another.
What does this mean for you?
The FCA’s review is ongoing throughout 2026, so it is too early to say what changes may eventually result. But its focus reflects an important shift: borrowing in later life is becoming a more significant part of the mortgage market.
If you’re approaching retirement with a mortgage, thinking about accessing property wealth or simply wondering whether your current borrowing still suits your plans, it could be worth reviewing your options.
You don’t have to work out the answer on your own. Get in touch, and we can talk through your circumstances, explain the options available and help you understand what might – or might not – be right for you.
This is a lifetime mortgage. To understand the features and risks, please ask for a personalised illustration. Check that this mortgage will meet your needs if you want to move or sell your home or you want your family to inherit it. If you are in any doubt, seek independent advice.
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Put simply, the more deposit you have, the better, as a higher deposit will generally attract a lower mortgage rate. But, because mortgage products change all the time, do give us a call, as the percentage deposit you need will vary.
Mortgage lenders will have a maximum LTV (loan to value) that they’re prepared to offer you. For example, if you’re looking at a property with a value of £250,000 and the lender offers you £212,500, this means your LTV is 85%, so your deposit would be £37,500 which equates to 15%.
When buying a property, or re-mortgaging, rather than take your word for it, the lender will need a valuation of your intended property purchase, to ensure that what you’re asking to borrow, coincides with the property’s value. In fact, they’ll insist upon it.
It’s well worth investing in a survey too. This will tell you about the general condition of the property. If you’re investing in a property that’s older, or in a general state of disrepair, it would be well worth investing a little extra in a structural survey.
When saving for your deposit, don’t forget to save extra for things like solicitor fees, surveys, stamp duty, home insurance, removal costs, mortgage arrangement fees, etc.
To assess whether or not you can afford a mortgage, lenders will look in detail at things like your salary, any other income you receive. Plus, they will also need to know about any other outgoings such as car loans, credit card debt, personal loans, utility bills, childcare, general living costs. All this is taken into consideration when applying for a mortgage.
Also, be aware that lenders will look at your credit score too. They need to be confident that you can pay back your mortgage and that you pay back any other credit, essentially to make sure that you are a reliable borrower.
We’ve been in the property industry for a number of years now and as such, only work with trusted partners, such as conveyancing solicitors, etc. So if you need help, then do not hesitate to ask and we will put you in touch.
Comparison sites serve their purpose, but, because they don’t have access to the whole of market, the results you will see will be limited. Comparison sites will only show the results of the lenders who have paid to advertise on their site.
At Steeples Mortgages, we’re more than happy to chat things through with you, we much prefer the personal touch, be that by telephone, Zoom or in person.
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Aaron Steeples
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Cheryl has been working in the mortgage industry for over three years now and has built up valuable experience.