Planning for the Future

Having a mortgage in retirement is not unusual, but it's important to review your plans regularly and ensure your mortgage continues to meet your needs.

Why Planning Ahead Matters

Retirement is a significant life event and often brings changes to income, spending and future priorities.

Taking time to review your mortgage before you retire can help you:

• Understand your future mortgage payments
• Consider how your retirement income will support your mortgage commitments
• Review whether your current mortgage remains suitable for your needs
• Make informed decisions about any future changes you may wish to make

Even if retirement is still several years away, it can be helpful to think ahead.

Things to Consider

Your Retirement Income

When planning for retirement, consider how your income may change once you stop working or reduce your working hours.

This could include:

• Workplace pensions
• Personal pensions
• State Pension
• Investment income
• Rental income
• Other sources of regular income

Understanding your future income can help you plan confidently for the years ahead.

Future Life Changes

Circumstances can change over time. You may wish to review your plans if:

• You intend to retire earlier than expected.
• You plan to continue working beyond retirement age.
• Your income changes significantly.
• You experience changes to your health or caring responsibilities.
• Your financial priorities change.

If Your Circumstances Change

We understand that plans can change.

If you experience a change that could affect your ability to maintain your mortgage payments, it is important to contact us as soon as possible.

Examples may include:

• Loss of income
• Early retirement
• Ill health
• Bereavement
• Relationship breakdown
• Caring responsibilities

The sooner you contact us, the more support and options may be available.

Frequently Asked Questions

What should I do if I plan to retire earlier than expected?

If your retirement plans have changed, please contact us to discuss your circumstances and any impact this may have on your mortgage. We recommend getting expert advice from a qualified financial adviser.

Can I make overpayments to reduce my mortgage balance?

Depending on your mortgage product, you may be able to make overpayments. Please refer to your mortgage terms and conditions or contact us for further information.

What if my income changes after I retire?

If your income changes and you are concerned about your mortgage payments, please contact us as soon as possible so we can discuss the support available.

Can I contact Vida if I'm not experiencing difficulties but would like information?

Yes. We're always happy to discuss your mortgage and answer any questions you may have.

Where can I get independent guidance about retirement planning?

There are a number of organisations that provide free and impartial guidance, including MoneyHelper and Pension Wise.