{"id":3513,"date":"2023-12-20T12:31:46","date_gmt":"2023-12-20T12:31:46","guid":{"rendered":"https:\/\/new.contentdeployment.co.uk\/quilter\/?p=3513"},"modified":"2023-12-20T12:32:33","modified_gmt":"2023-12-20T12:32:33","slug":"paying-a-mortgage-in-retirement","status":"publish","type":"post","link":"https:\/\/new.contentdeployment.co.uk\/quilter\/2023\/12\/20\/paying-a-mortgage-in-retirement\/","title":{"rendered":"Paying a mortgage in retirement"},"content":{"rendered":"<div class=\"hd-block hd-block-paragraph\">\n<p><strong>Much ink is spilled discussing the difficulties that young people face to get onto the housing ladder. At the other end of the spectrum, a growing number of people now expect to be paying their mortgage off into old age.<\/strong>&nbsp;<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><strong>Longer loans<\/strong>&nbsp;<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>More than three in 10 homeowners now expect still to have a mortgage at the age of 65, a survey<sup>1<\/sup> has revealed, a figure that has risen from 26% just two years ago. Increasingly, lenders are happy to give an ordinary mortgage to older borrowers, something that used to be less common.&nbsp;<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><strong>Options for older borrowers&nbsp;<\/strong>&nbsp;<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>Specialist mortgage options exist too. Retirement Interest Only (RIO) mortgages are the newest addition to later-life borrowing options, with over 55s able to apply for a loan between 50% and 70% of the value of their home. With RIO mortgages, borrowers only pay the interest, a feature that makes the mortgage more affordable in retirement.&nbsp;<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><strong>Mixing pension and mortgage&nbsp;<\/strong>&nbsp;<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>Retirement planning can be a complicated business, working out exactly how much money you need to live on when you are no longer working. Adding mortgage payments into the mix adds a further layer of complexity.&nbsp;<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>But the main thing to remember is that there are lots of options for borrowing later in life. There is no need to panic: speak to us to see how we can help you find the most suitable mortgage for your needs.&nbsp;&nbsp;<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><sup>1<\/sup>HL, 2023&nbsp;<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><strong><em>It is important to take professional advice before making any decision relating to your personal finances. Information within this article is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed. It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK.<\/em><\/strong>&nbsp;<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Much ink is spilled discussing the difficulties that young people face to get onto the housing ladder. At the other end of the spectrum, a growing number of people now expect to be paying their mortgage off into old age.&nbsp; Longer loans&nbsp; More than three in 10 homeowners now expect still to have a mortgage [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":3514,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[32,76],"tags":[],"hd_content_source":[],"_links":{"self":[{"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/posts\/3513"}],"collection":[{"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/comments?post=3513"}],"version-history":[{"count":4,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/posts\/3513\/revisions"}],"predecessor-version":[{"id":3518,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/posts\/3513\/revisions\/3518"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/media\/3514"}],"wp:attachment":[{"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/media?parent=3513"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/categories?post=3513"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/tags?post=3513"},{"taxonomy":"hd_content_source","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/hd_content_source?post=3513"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}