What is a Lifetime Mortgage?
A lifetime mortgage, the most popular form of equity release, involves accessing the spare money tied up in your property to fulfil your present financial needs and ambitions including purchasing your new home, when alternative lending options may not be viable.
How does it work?
This solution involves taking out a loan against the value of your property which you can choose to pay back in a variety of ways.
Another option is a Home Reversion Plan, which involves the lender buying part or all of your property for a tax-free cash lump sum.
The flexibility of products available nowadays offer numerous benefits to the consumer:
- Fixed interest rate for life
- Tax-free cash released as a lump sum or in regular instalments
- Drawdown facility allowing you to access further tax-free funds in the future
- A No Negative Equity Guarantee meaning you will never owe more than the value of your property
- You retain full ownership of your property and can remain living there for as long as you wish
- The possibility of moving home and transferring your loan to the new property subject to lender’s criteria
- The possibility of ringfencing a proportion of the value of your property to leave as inheritance
- The option to make voluntary payments of the interest and/or capital on a monthly or annual basis
- The option to allow the loan and interest to roll up and be paid on sale of the property when the loan comes to an end
You can apply for a Lifetime Mortgage if you are:
- Over the age of 55 years
- Own, or desire to own, a home in the UK worth over £70,000
- Want to release a minimum of £10,000
Do you meet the requirements are you eligible, phone or email us today if you are or even if you are not sure…
How can I use the money?
You can choose to use the finance in a number of ways:
- Pay off existing debts
- Pay back an expiring interest-only mortgage
- Fund home improvements
- Finance home adaptations allowing you to stay longer in your property
- Fund care costs in the home
- Gift to children, for example to allowing them to purchase their own home, or fund education fees
- Provide you with a regular income, often after retirement
- Luxury lifestyle options, including holidays, new vehicles, fitness and health products
A recent client funded the deposit of their grandchild who would not have been able to buy a house without their help, an absolute save for them, phone or email us today to find our if you are eligible.
Our Lifetime Mortgage Specialist
Our Lifetime Mortgage specialists are highly qualified and experienced financial advisors. We work with everyone and will research and compare the best mortgage plans available to you and create a bespoke option to suit your individual needs and circumstances.
Our consultants are supported by a dedicated team of professionals who work tirelessly to ensure that the customer experience is smooth running and transparent, please read our customer testimonials - click here.
It’s a really simple and easy process and can be done in a few weeks, phone us today and we can get started for you.
Even after you are done, we will regularly review your Lifetime Mortgage to ensure that your existing plan is still the best option for you in the future or if you would benefit from moving to a more beneficial product at that time.
We really look forward to helping you and your family.
Please note: It is essential to seek expert advice if you are considering releasing equity from your property as a Lifetime Mortgage may affect your entitlement to means-tested benefits.