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Unlocking your home's potential with a Lifetime Mortgage
Our team is available to assist you with Lifetime Mortgages, whether you plan to use the released equity for Home Improvements, increase your retirement income, or provide financial support to your children for their next home purchase. We are committed to supporting you in achieving your goals through our valuable lifetime mortgage advice.
How We Can Help
We’ll discuss all of your lifetime mortgage options
Provide a recommendation based on your circumstances
Take care of the application process
We can discuss with your loved ones
You’ll receive a dedicated advisor
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Lifetime Mortgages
in 3 simple steps
Book a call with our friendly team
Getting started on a lifetime mortgage couldn’t be easier. With a quick call and some basic information, we’ll perfectly pair you with an adviser.
Receive Authentically-Human Advice
Your dedicated lifetime mortgage advisor and case manager will take care of all your paperwork and keep you up to date with your chosen lender, surveyor & solicitor.
Unlock Home Ownership
And just like that, our team will have nailed down the entire process so you can get settled into your new home with a lifetime mortgage!
faqs
What Is A Lifetime Mortgage?
Equity Release, or Lifetime Mortgages, are a way to unlock the value for your property and turn it into a cash lump sum. You can do this with a number of providers that let you release equity from your home.
What Age Can I Release Equity?
You can apply for a lifetime mortgage when you’re 55 or over.
How Does A Lifetime Mortgage Work?
The most common form is a mortgage that isn’t paid off until you die or move into long term care.
If you do have people to pass assets to, equity release generally means there will be less for them to inherit. Equity release products fall into two main types of product:
Lifetime Mortgage
This is the most popular and for those over the age of 55. Here you borrow some of your home’s value at a fixed or capped interest rate (see below for more). With old-style lump-sum lifetime mortgages, you don’t make repayments, so the interest compounds each year as the amount you owe is increasing all the time.
Some ‘drawdown’ versions do allow you to pay back the interest (some even allow you to pay back some of the capital as well) so you can reduce the overall cost. With this type, you can take money out of your property a bit at a time up to an agreed amount – with interest charged on the amount you take, rather than the whole amount available.
How Much Can I Lend With A Lifetime Mortgage?
Unlike a traditional residential mortgage, affordability is usually based on your age. The older than you are, the higher the amount you may be able to borrow. This can also be affected by any life-limiting illness you may have where a provider may lend you even more due to life expectancy. You’ll need to be over the age of 55 though and if you have any outstanding mortgage balances on your property, they will need to be repaid as part of the equity release.
What Can A Lifetime Mortgage Be Used For?
A Lifetime Mortgage is used to unlock capital from within the property. This can be used to:
– Top-up your pension income by using the capital release to buy an annuity.
– Home or Garden improvements.
– Gift money to family members.
– Go on holiday.
– Pay off outstanding debts.
– Clear your outstanding mortgage that has come to the end of its term.
– Switch an existing Lifetime Mortgage Plan.
Are There Any Risks Involved With A Lifetime Mortgage?
Some potential risks include:
- A cash lump sum or income from an equity release scheme may reduce the borrower’s eligibility to any government benefits.
- An Equity Release scheme will reduce the value of the borrowers’ home and may leave nothing to pass on as an inheritance.
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*A Lifetime Mortgage is a loan secured against your home. To understand the features and risks, ask for a personalised illustration. Equity Release will reduce the value of your estate and may affect your entitlement to means tested benefits.