Later Life Lending

As part of the CARA family, Cara Finance Group trading as Mortgage Advice Bureau - Later Life are now able to support homeowners over the age of 55 unlock some of the value in your home. We’re here to help you decide if equity release could improve your retirement finances.

After years of working hard to make monthly repayments, your home is likely to be your biggest asset, particularly if you have benefited from an increase in house prices over the last few decades. The value of your home, minus any outstanding mortgage and any other loans secured against it, is referred to as equity.

This equity is often passed on as inheritance, however an increasing number of people are tapping into some of this wealth to help boost their retirement finances. It's not suitable for everyone, which is why it's important to get advice with one of our equity release experts before you make a decision. We'll always do the most suitable thing for you, whether that’s taking advantage of some of your property’s value through equity release or not. Mortgage Advice Bureau Later Life offer lifetime mortgage products from a carefully selected panel of providers.

We will explain the ins and outs of equity release and answer any questions you have, so you can feel confident that any decision you make is the right one for you and your circumstances. We are here to make sure you have all the facts and understand your options before you decide to go ahead.

The amount you could release from your home depends on a few different things – how much your home is worth, your age and the health & lifestyle of the youngest borrower.

Mortgage Advice Bureau Later Life offer lifetime mortgages only, which is a loan secured against your home.

Equity release will reduce the value of your estate and may affect your entitlement to means tested benefits.

Unless you decide to go ahead, our service is completely free of charge as our usual advice fee of 1.5% of the amount released would only be payable on completion of a plan, subject to a minimum advice fee of £695.

Retirement interest only mortgages
A retirement interest only mortgage (RIO) allows you to pay off the interest on the amount borrowed. The loan is repaid when the plan comes to an end when you (or the last remaining applicant) either pass away or move into long term residential care. RIOs are typically available to people over the age of 55 who have retired.

Later life residential mortgages

If you thought you were too old for a standard mortgage or can't find a conventional one to meet your needs, our expert mortgage advisers to help. Later life residential mortgages can be used to buy a new property, remortgage an existing one, or release additional funds. It can be on a capital repayment or interest only basis

MAB Later Life
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Equity Release Calculator

Our equity release calculator will tell you if you’re eligible for equity release and let you know how much you may be able to release.

Go to Calculator

Useful Links

What is Equity Release?

Get the facts about equity release from our frequently asked questions. Need more advice? Get in touch with one of our Mortgage Advice Bureau Later Life advisers today.

MAB Later Life

For more about what we do visit our Facebook Page. You can also get in touch with us there.

William Shand

"I am delighted to be part of the CARA Group as a Director at CARA Finance Group, trading as Mortgage Advice Bureau Later Life. If you are a homeowner aged 55 or over we can help you decide if equity release could improve your retirement finances. We’ll explain the ins and outs of equity release and answer any questions you have, so you can feel confident that any decision you make is the right one for you and your circumstances. We’re here to make sure you have all the facts and understand your options before you decide to go ahead. With almost 30 years experience in Financial services and specialising in Later Life Lending for the last 8 years, and I am extremely experienced in dealing with a wide variety of scenarios from debt consolidation to gifting and providing my clients with a more comfortable retirement. If you would like to know more, please get in touch."

William Shand, Director CARA Finance Group - T/A MAB Later Life