Lifetime Mortgages

A Lifetime Mortgage allows you to to tap into the wealth you've accumulated in your property without you having to leave it or downsize. The money raised could be used  to fund home improvements, helping the family to raise a deposit on their own house purchase, funding your retirement or even that dream holiday.

The amount you can borrow will depend on your property value (minimum £60,000) and your age (youngest has to be over 55). Some providers do not have a maximum age limit, so you are never too old to benefit.

Entering into a lifetime mortgage will reduce the amount of inheritance you can leave behind. It may also affect your tax position and eligibility for welfare benefits.

 

How do interest and repayments work?

You don't need to make any monthly repayments. Instead, interest is added each year, both to the initial loan amount and any interest previously added, which quickly increases the amount you owe. The loan and interest are repaid, usually from the sale of your home, when you (and your partner, for joint lifetime mortgages) die or need to go into long-term care.

 

Will you receive your money all at once?

You can either choose to receive a one-off lump sum payment, or choose to receive a smaller lump sum and set up a cash reserve to draw from when you wish.

A lifetime mortgage is a long term commitment which could accumulate interest and is secured against your home.   

Equity release is not right for everyone and may reduce the value of your estate

 

Our fee for arranging a Lifetime mortgage will be 1% of the loan to a maximum of £750 payable only on completion.