Funding a Wedding in Later Life
At Rockhopper Later Life Finance we help customers aged 55 and over who want to contribute towards a wedding, whether their own later-life marriage or a child or grandchild’s big day. There are several ways to fund a significant one-off cost like this, from savings to borrowing against your home, and we explain each route plainly so the choice fits your wider plans.
We work with customers who:
- Want to help a child or grandchild with wedding costs
- Are planning their own wedding later in life
- Would like to release a lump sum from their home for a family wedding
- Are weighing up using savings against borrowing
- Want to understand how a lump sum affects their estate
- Would like to involve the family in the decision
Wanting to give a loved one a wonderful day is a generous instinct, and the question is usually how to fund it sensibly rather than whether to do it at all. We set out the options without pressure so you can decide what feels right.
The options range from using savings, to a remortgage or further advance, to releasing equity through a lifetime mortgage. Each has a different effect on your monthly budget and on the value of your estate, and which fits depends on your income, your plans, and how much you wish to contribute.
Where a lifetime mortgage is used to release a lump sum, it reduces the value of your estate and may affect entitlement to means-tested benefits. Because a wedding is a one-off and discretionary cost, your adviser will pay particular attention to whether borrowing is suitable and to the long-term cost.
A drawdown lifetime mortgage, which lets you take smaller amounts as you need them rather than one large sum, can sometimes suit a planned event better than a single lump sum. We talk through how each option behaves over time.
We provide mortgage advice and research the market for the route we believe fits. We may suggest you involve family and, where relevant, take independent tax advice.
The Process
Your first conversation is an informal discussion about what you would like to achieve and your circumstances. There is no cost or obligation.
We complete a full fact-find and research the market for your situation. We then provide a written recommendation explaining the route we believe fits and why.
Every case is different, and our advice always reflects your particular circumstances.
Speak to a Later Life Adviser
Call 0203 621 5696
Lines open 9am to 5pm Monday to Friday. Alternatively, complete the enquiry form and we will call you back at a time that suits you.