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What type of later life borrower are you?

Written by Ipswich Building Society

1 Mar 2019

Tags

Later life, Older borrowers, RIO

2 min read

If you’re considering taking out a mortgage in later life or into retirement, understanding what type of later life borrower you are could help direct you toward the best mortgage to suit your requirements. Perhaps you’re looking to make improvements to your home and settle there into retirement, and so as a Do-er Upper, you’re looking for capital to make that happen. Alternatively, you may be eyeing up a new property to retire into, but are keen to install that dream kitchen before you make the move. So – you’re a Final Home Prepper, and you’ll likely then be selling your current home to repay all or part of your new mortgage.

Savvy Swappers are simply looking for the best deal when it comes to their mortgage, whereas a Family Benefactor will be interested in helping their children or grandchildren onto the property ladder. Leisure Investors are ready to live the high life now that their working life has come to an end. The right mortgage could help generate funds to make a leisure purchase such as a motorhome for that well-earned getaway.

This article was published under our previous name of Ipswich Building Society. We changed our name in 2021 – find out more.

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