Jan Nurden
In association with OMH Financial

Your Home.
Your Future.
Your Choices.

A calm and clear guide to later-life lending.

Understanding your options starts with understanding what matters to you.

Jan Nurden Later Life Lending Specialist
OMH Financial logo
LIBF Accredited Later Life Lending Professional badge
Proud to be a Member of the Equity Release Council

LIBF Accredited Later Life Lending Professional · Equity Release Council Member
CeMAP | CeRER Equity Release Qualified

Jan Nurden, Later Life Lending Specialist
Jan Nurden
A personal welcome

Hello. I'm genuinely pleased you're here.

I want to start by saying something important: you do not need to understand every financial term before speaking with me. You don't need to have figured out what you want to do. And you certainly don't need to feel embarrassed about where you are right now.

Life rarely goes entirely according to plan. Pensions aren't always what we hoped. Mortgages don't always end when we thought they would. Costs rise, circumstances change, and the decisions we imagined we'd have made by now sometimes feel further away than ever.

I'm not here to judge any of that. I'm here to listen to your story, help you understand your options clearly, and make sure you feel respected and in control throughout every conversation we have.

There may be several possible routes worth exploring. There may be one that suits you well. Or there may be a reason to wait, to look elsewhere, or to do nothing yet. My job is to help you find the path that is genuinely right for you, not to point you down the path that suits anyone else.

Take your time with this guide. Read what's useful. Come back to what raises questions. And when you're ready to talk, I'll be here.

Jan Nurden's signature Later Life Lending Specialist · In association with OMH Financial
Start here

What would you ideally like to achieve?

Your objective always comes first. Glance through these and notice which ones feel closest to what's on your mind.

Staying in my current home

Repaying an existing mortgage

Managing debts or commitments

Supporting children or grandchildren

Improving day-to-day retirement income

Making home improvements

Moving or downsizing

Planning for future care

Protecting a partner

Preserving an inheritance

Creating greater financial resilience

"The right answer may be a lifetime mortgage. It may be another form of later-life lending. It may be downsizing, using other assets, speaking to another specialist, or doing nothing yet. The starting point is understanding your whole situation."

Understanding the landscape

Later-life lending is not one single product

Many people assume equity release is their only option. It rarely is. The right route depends entirely on your individual circumstances, goals and property.

Routes that may be worth exploring

Standard residential mortgage extending into later life

For those still able to demonstrate affordability, a standard mortgage may remain available with some lenders into your 70s or beyond.

Retirement interest-only mortgage (RIO)

Interest is paid monthly. The loan balance stays the same. Repaid when the property is sold, subject to terms.

Lump-sum lifetime mortgage

A single loan secured against your home. Interest can roll up, be partly paid, or be paid in full depending on the product.

Drawdown lifetime mortgage

Access an agreed reserve of funds over time, only paying interest on what you actually withdraw. Potentially lower overall cost.

Lifetime mortgage with voluntary repayments

Make interest or capital repayments when you choose, reducing the long-term balance without any obligation to do so.

Payment-term lifetime mortgage

Mandatory payments are made for a defined period, which may offer a lower rate. Subject to product terms and eligibility.

Downsizing or moving

Moving to a smaller or less expensive property may achieve your objectives without any borrowing at all.

Referral to a specialist

Pensions, investments, estate planning, legal or care advice may be more relevant to your situation, or needed alongside any mortgage decision.

Home reversion plans, where part or all of your property is sold to a provider while you retain the right to remain, exist within the broader definition of equity release. This guide does not promote home reversion plans as part of Jan's service offering.

Before our first conversation

Could later-life lending be worth exploring?

When someone first gets in touch, I ask a few gentle questions. Not to assess or judge, but to understand your situation before we speak. These details help me prepare a genuinely useful conversation rather than a generic one.

These details help an adviser understand which conversations may be relevant. They do not confirm eligibility or suitability. Nothing in this section constitutes a personal recommendation.

Things that are often useful to understand at an early stage include:

The age of the youngest applicant, as this affects the amounts and products potentially available.

Whether you own your property and approximately what it may be worth.

Whether there is an existing mortgage, how much is owed, and whether it is on an interest-only basis.

What you would ideally like to achieve, and what concerns you most.

Whether you are likely to remain in the property, or whether moving is something you're considering.

Whether a partner or family member is involved in the decision, or should be part of our conversations.

None of this is required before getting in touch. The quiz linked at the end of this guide gives you a simple way to share the basics, if that feels comfortable. But a telephone call or video conversation works just as well.

Plain English explanation

How a lifetime mortgage works

A lifetime mortgage is a loan secured against your home. It is the most common form of equity release and is designed to run for the rest of your life. Here is what that means in practice.

Both lump-sum and drawdown lifetime mortgages are secured against your home. With a drawdown mortgage, you take an initial amount and draw further funds from a pre-agreed reserve as needed. Interest is generally only charged on money once it has actually been withdrawn, subject to the product terms.

Something worth understanding clearly

Interest, explained simply

Interest is the cost of borrowing money. With a lifetime mortgage, how interest works depends on which type of plan you choose. Here are the three broad paths.

Path A

No payments at all

Interest is added to the loan each month and compounds over time. This means interest earns interest. The longer the loan runs, the more the total balance can grow. This is called roll-up and is the most common arrangement.

Path B

Paying some or all of the interest

If you choose to pay part or all of the interest each month, the loan balance grows more slowly, or not at all if all interest is paid. Some plans make this a choice. Others make it a requirement.

Path C

Paying interest and reducing capital

On some products, you may be able to reduce the outstanding capital as well as paying interest. This can significantly limit the long-term cost, though it will involve higher monthly outgoings.

Illustrative interest growth chart to be inserted here. Rate, term and example figures require approval before publication. No specific rate or figure has been used in this draft.

It is also worth knowing that any fees added to the loan at the outset will themselves attract interest over time. If you are able to pay fees from your own funds, this will generally be more cost-effective in the long run. Your personalised illustration will explain this clearly.

"I always want people to understand what is happening to the numbers before they commit to anything. That is not a scary conversation. It is the only fair one."

Protections and standards

What protections may be available?

The lifetime mortgage market is regulated and has improved significantly. Many plans now include features designed to protect you. But these protections vary between products, so it is important to understand which ones apply to you specifically.

Features differ between lenders and products. Your personal illustration and recommendation will explain which protections apply to you specifically.

Fixed or capped interest rate

Plans meeting Equity Release Council standards must offer a fixed interest rate or a variable rate with a cap that is fixed for the life of the loan.

No negative equity guarantee

On qualifying plans, when the property is sold for a fair market value, the amount repaid cannot exceed the sale proceeds. You or your family would not be left with a debt to repay. [Compliance to confirm qualifying conditions]

Right to remain in the home

Subject to meeting the mortgage terms and conditions, you retain the right to remain in your home for the rest of your life with a qualifying lifetime mortgage.

Downsizing protection

After a set period, some plans allow you to repay the mortgage without an early repayment charge if you are moving to a property that does not meet the lender's criteria. Terms and timescales vary.

Portability

It may be possible to transfer your lifetime mortgage to a new property if you move, subject to the new property meeting the lender's lending criteria at that time.

Joint borrower provisions

On a joint application, the plan is designed to continue while either borrower remains in the home as their main residence. We can discuss what this means specifically for your situation.

People who matter

Family, partners and the people you care about

Later-life lending decisions rarely affect only the person taking out the mortgage. They often touch partners, children, grandchildren and beneficiaries too.

I actively encourage people to involve the family members they trust, where that feels comfortable. Not because anyone else has a right to approve or veto your choices, but because open conversations early on tend to make the whole process easier and more comfortable for everyone.

Many adult children, when they understand the situation properly, are far more supportive than parents expect. They see that the home was built through a lifetime of work, and that the person living in it deserves to feel secure.

Sometimes the picture is more complicated. That's fine too. Part of my role is to hold space for those conversations and make sure everyone who needs to understand what is being considered has the opportunity to do so.

Things worth thinking about together

  • The effect on the estate and inheritance
  • What happens to a surviving partner
  • Whether to make a joint application
  • Having an up-to-date Will
  • Lasting Powers of Attorney for property and welfare
  • Who your beneficiaries are

Both applicants on a joint application must understand the arrangement fully and agree to it freely. This is something I take seriously in every case.

An important area often overlooked

Care planning deserves a place in the conversation

This is one of the areas I feel most strongly about. People considering what to do with their property wealth very often have not thought through what future care might mean for them — or how today's decisions could affect tomorrow's choices.

Releasing property wealth now may reduce the funds available to you for future care. It may also affect future choices about the type or level of care available to you. This is not a reason to avoid the conversation — it is a reason to have it properly.

Would you prefer to remain at home if care became necessary, and what would that involve?

Might your property need adapting to suit your needs in the future?

Have you considered what could happen if one of you moved permanently into long-term care?

How could the money released now affect your future care options?

Jan can signpost clients to appropriately qualified care-planning specialists where relevant. Care planning and social-care funding are specialist areas that sit outside the scope of mortgage advice, and appropriate referrals will always be made where needed.

Honest, balanced information

The potential benefits and the important considerations

Good advice means looking at both sides clearly and equally. Neither list should be longer than the other in your mind.

Potential benefits

  • Remaining in your home through retirement
  • Repaying an existing mortgage or ending monthly mortgage payments
  • Accessing the value built up in your property over a lifetime
  • Helping children or grandchildren with significant costs
  • Improving or adapting your home
  • Supporting your plans for retirement
  • Greater choice over how and when money is accessed
  • No mandatory monthly repayments on some products

Important considerations

  • The amount owed can increase significantly over time if interest is added to the loan
  • The estate and any inheritance may be reduced
  • Entitlement to means-tested benefits may be affected
  • Future care choices and funding options may be affected
  • Fees and charges may apply, including early repayment charges
  • The property must normally be maintained and insured
  • Moving or switching provider may become more complex
  • Further borrowing is not guaranteed
  • A lifetime mortgage is a long-term commitment
  • Your home may be repossessed if mortgage terms are breached

Releasing funds from your home may affect your ability to pay for long-term care in the future. If this is a concern, you should seek further advice from your local authority or Citizens Advice Bureau before proceeding.

Common questions, calmly answered

Things people often want to know

These are some of the questions that come up most often. None of these answers is a guarantee or a personal recommendation. Your situation may differ.

Will I still own my home?

With a lifetime mortgage, yes. Your name remains on the title deeds. You retain ownership, subject to the mortgage terms and conditions. This is different from a home reversion arrangement.

Can I move home later?

Many lifetime mortgages can be transferred to a new property if the new home meets the lender's criteria at that time. Some plans also include downsizing protection features. Always check the specific terms.

Could I still leave an inheritance?

Possibly. A lifetime mortgage will reduce the value of your estate. But depending on the plan chosen, the amount borrowed, and whether any repayments are made, there may still be equity remaining at the end. Some plans offer inheritance protection features.

What happens if my partner dies first?

On a joint application, the mortgage should continue as long as the surviving partner remains in the home as their main residence. The plan is designed to protect both of you. We would discuss this in detail.

What if one of us moves into long-term care?

On a joint plan, if one person moves permanently into care but the other remains at home, the mortgage generally continues. The plan would typically only become repayable when both applicants have left the property.

Can I make repayments?

It depends on the product. Many lifetime mortgages now allow voluntary repayments up to a set percentage per year without charge. Others have mandatory payment periods. Some do not allow regular repayments at all. We would explain the options available to you.

What happens to the interest?

If you don't make payments, interest is added to the loan each month and compounds over time. This means the total amount owed can grow considerably, particularly over longer periods. Your personalised illustration will show you clearly what this could look like.

Could this affect my benefits?

Possibly. Means-tested benefits may be affected if receiving a lump sum increases your financial assets above a certain threshold, or if the money is not spent quickly. We would discuss this and may refer you to a benefits specialist.

Can I repay the mortgage early?

In most cases, yes, though there may be an early repayment charge depending on the product and when you repay. Your personalised illustration and Key Facts Illustration will show any charges clearly.

What if I still have an existing mortgage?

It is possible to take out a lifetime mortgage if you still have an existing mortgage, but the existing mortgage would normally need to be repaid as part of the process. This is in fact one of the most common reasons people explore lifetime mortgages.

Is later-life lending my only option?

Almost certainly not. Alternatives including downsizing, savings, pensions, investments or family support may be appropriate. The next section covers these. Good advice always considers alternatives before arriving at a recommendation.

What if I change my mind?

During the application process you can withdraw at any stage. After completion, early repayment may be possible but charges could apply. You would always be encouraged to take as much time as you need before proceeding.

Genuinely worth considering

Alternatives worth considering

A good adviser explores alternatives before recommending anything. Here are some of the routes that may be worth thinking about, either instead of or alongside later-life lending.

Downsizing to a smaller or less expensive property

Using savings or other liquid assets

Investment advice from a regulated specialist

Pension advice from a qualified IFA

Support from family, where this is possible and appropriate

Benefits, grants or local authority support

A standard residential mortgage where this is available

A retirement interest-only mortgage

Reducing the amount required or exploring a phased approach

Delaying the decision until circumstances change

Doing nothing at present

What to expect

What the process may look like

Every journey is different and will move at a pace that suits you. Here is a general sense of the steps that may be involved, from first conversation to completion.

An initial conversation

No pressure, no commitment. Just a chance to introduce yourself, share what's on your mind, and see whether a conversation with Jan feels right for you.

Understanding your objectives and circumstances

A fuller conversation covering your goals, your current situation, your property, your family, any concerns, and what matters most to you.

Exploring alternatives and options

Considering all reasonable routes, not just the one you might have assumed. This is where the real value of advice lies.

A recommendation, if appropriate

If a suitable route is identified, a clear and personal recommendation will be made. If no appropriate route exists, that will be the honest answer.

A personalised illustration and clear explanation

A Key Facts Illustration sets out all the details of the recommended product: costs, charges, interest, features and risks, all specific to you.

Independent legal advice

You will appoint your own solicitor, independent from the lender, who will review everything and answer any questions before you proceed.

Application, valuation and underwriting

If you are happy to proceed, an application is submitted, an independent valuation of your property is arranged, and the lender carries out its assessments.

Review of the offer

The lender issues a formal offer. You and your solicitor review it. More time and questions are always welcome at this stage.

Completion and release of funds

Once all paperwork is complete and signed, the funds are released to your solicitor and then to you. Your solicitor will provide a completion statement.

Ongoing support

Life continues to change. Jan remains available for future conversations, reviews and referrals as your circumstances evolve.

Timescales vary between cases and depend on factors including property valuation, solicitor availability and lender processing times. No timescale is guaranteed.

Why this matters to me

A personal note

I've seen how this feels from the other side.

Some years ago, my own parents were looking at ways to raise money from their property. My dad was proud, as many of that generation are, and wouldn't talk to me about his finances. So he went looking for answers on his own.

By the time I found out what was being considered, it had come very close to something that would not have been right for them at all. An arrangement where someone else would have bought a share of their home for far less than it was worth, and they would have stayed on, effectively as tenants.

That experience stayed with me. The thought of my parents sitting across from someone who didn't really take the time to understand them, who didn't explain what they were agreeing to, who prioritised a transaction over a real conversation. It wasn't right.

It's why I treat every client as I would want someone to treat my parents. With care. With patience. Without pressure. With complete honesty about all of the options, not just the ones that lead somewhere quickly.

I cannot guarantee that later-life lending will be right for you. What I can promise is that you will understand your situation more clearly after speaking with me than you did before.

Jan's mum — the inspiration behind Jan's approach to later-life lending

Jan's mum

Your adviser

Meet Jan

Jan Nurden, Later Life Lending Specialist

Jan Nurden is a later-life lending specialist with considerable experience in helping people navigate the choices that come with using property wealth in later life.

Jan works in association with OMH Financial, and operates across South Wales, West Wales and beyond, with video and telephone appointments available nationally.

Her approach is straightforward: listen first, understand the whole picture, and only then begin to explore which options deserve further conversation. She does not believe in rushing people, and she does not start with a product in mind.

Jan particularly specialises in helping people who feel uncertain, embarrassed or overwhelmed by their financial situation, and those who want to understand all of their options rather than be steered towards one.

CeMAP (Certificate in Mortgage Advice and Practice)
CeRER (Certificate in Regulated Equity Release)
LIBF Accredited Later Life Lending Professional
Equity Release Council Member

We all take in information differently.

Please tell us if you would prefer larger print, more time, a different way of communicating, or if you would like someone you trust to join the conversation. There is no standard way to do this, and no arrangement that feels unusual to us. We'll work with whatever is most helpful to you.

Your next step

Your next step does not need to be a big one.

You do not need to decide whether later-life lending is right for you before getting in touch. The first step is simply a conversation about what you want to achieve, what matters to you, and which options may deserve further exploration.

Complete the quiz Book a conversation

Scan to access the quiz on your phone

Mobile: 07894 994003

Email: jan@omhfinancial.co.uk

Web: omhfinancial.co.uk

OMH Financial Ltd
First Floor, Davell House, 1 Heol Mostyn
Pyle, Bridgend, CF33 6BJ