Later Life and Retirement Mortgages in Hove – Options for Borrowers Over 55

25 February 2026
Later Life and Retirement Mortgages in Hove - Options for Borrowers Over 55

It is increasingly common for people in Hove, Brighton and the surrounding areas to borrow into retirement. Pensions look different, careers are longer and property wealth plays a bigger role in planning. The good news is that there are more choices than ever for borrowers over 55.

1 – Standard mortgages into retirement

Many mainstream lenders will now consider lending beyond state pension age, provided they are comfortable that:

  • Your expected retirement income supports the payments
  • The term is reasonable given your age
  • Any interest-only element has a clear repayment plan

This can suit people in, say, their late 50s in West Hove or Shoreham-by-Sea who are still working and simply want to move home or remortgage on a traditional basis.

2 – Retirement interest-only (RIO) mortgages

RIO mortgages are interest-only, with no fixed end date. The capital is usually repaid when the borrower dies, moves into long term care or sells the property.

Key points:

  • You must be able to afford the interest payments from pension or other income
  • There are affordability checks, but the term is open-ended
  • Useful for those who want to keep payments manageable but do not want full equity release

RIOs can be attractive to retired homeowners in Hove who are asset rich but income modest, and who want to stay in their home.

3 – Lifetime mortgages and equity release

Lifetime mortgages allow you to release a lump sum or drawdown facility from your property, with interest typically rolling up rather than being paid monthly.

Things to understand:

  • The loan is usually repaid from the sale of the property later on
  • You remain the owner and can stay in your home
  • Interest can compound, so it is important to weigh up long term impacts on your estate

For some homeowners around Hangleton and Portslade, a lifetime mortgage is used to supplement retirement income, help children with deposits or fund home improvements.

4 – Downsizing and flexible options

Sometimes the right later life mortgage is actually part of a downsizing plan:

  • Selling a larger Hove home and buying a smaller property in Shoreham-by-Sea or Southwick
  • Using part of the released equity for living costs, and part as a smaller mortgage to maintain flexibility

A good starting point is simply to list what you need your home and your money to do for you over the next 10 to 20 years and work backwards from there.