Professional Services

Adventures in retirement: why borrow later in life?

Over 180,000 mortgages were taken out by people aged 55 and over in 2021; the highest number since records began in 2014, says UK Finance’s latest quarterly report.

The average retirement age in the UK is slowly creeping upwards as many people work into their late 60s. With fewer of us paying off our mortgages ahead of retirement, it’s clear that borrowing later in life will remain a vital need for some time to come.

Whether you’re on the cusp of wrapping up your career or already enjoying the fruits of your labour, the reasons for needing to borrow in retirement can be myriad. Just some of these might include:

• Purchasing your dream home • Funding home or garden improvements such as a loft extension or new kitchen • Helping loved ones to get onto, or move up, the property ladder • Switching to a new lender or new product with different terms • Relocating or downsizing

How can we help? We believe that age is just a number, which is why we lend up to your 90th birthday across our whole mortgage range.

Whether it’s borrowing to snag that perfect forever home, remortgaging to fund a beautiful new conservatory, or releasing equity to help a loved one step onto the property ladder, our qualified mortgage advisers are on hand to discuss suitable products for your circumstances and make sure that mortgaging later in life isn’t a subject to dread. Remember, it is always a good idea to obtain impartial advice from an independent financial adviser to help you understand the implications of taking out a mortgage in retirement.

Andover branch: 35 High Street, Andover, SP10 1LJ Call: 01264 361455 Email: andover@newbury.co.uk

Cliff Osborne, Andover Senior Branch Manager.

YOUR MORTGAGE IS SECURED ON YOUR HOME. THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Newbury Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register number 206077). English Law applies and we will communicate with you in English. We are participants of the Financial Ombudsman Service. We have a complaints procedure which we will provide on request. Most complaints that we cannot resolve can be referred to the Financial Ombudsman Service. 8641