Provided any repayments are comfortably affordable and properly managed, there can be many reasons to borrow a lump sum after 55, whichever way you choose to do it.

Look after your parents

Many people 55 to 70 find themselves in the "sandwich" generation, having to both help their children and look after their elderly parents. Especially now, following the pandemic, you may wish to: 

  • Modify your parents’ home
  • Modify your home if your parents live with you
  • Add a granny annexe or extension to your property
  • Raise money for essential home nursing care and support



Help your children

Perhaps you’d like to help your children? For example, you might want to:

  • Raise a deposit for their first home
  • Pay for a wedding day to remember
  • Give your grandchild an amazing start in life by paying for their education
  • Convert the attic for the grandchildren to occupy


Add value to your home

Now that you’re spending more time at home, you may wish to add to its value and improve its liveability and attractiveness. For example you might want to:

  • Add an open-plan extension to your kitchen and family room
  • Bring in the experts for a lush garden makeover
  • Renovate your bathroom to create a wet room with underfloor heating
  • Add loft space or a conservatory


Bring forward your plans

You might want to achieve some significant lifestyle changes, or realise some plans earlier in your retirement, for example:

  • Go exploring in a classic vintage car
  • Make plans to travel the world
  • Fully indulge a lifelong passion, or take up a new hobby