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About the Author

Dan Osman

Head of Later Life at UK Moneyman Ltd.

Dan Osman

Dan joined the Financial Services sector back in 2002, but actually left the industry in 2008 before returning some years later. During the in-between years, he took a degree to become a Social Worker specialising in working with vulnerable adults.

Upon his return, Dan combined his experiences in the two sectors to become an Equity Release Specialist and he now heads up UK Moneyman’s Later Life Lending proposition. He genuinely believes in a holistic approach and always ensures his clients receive a proper consideration of all the options available, including non-lending alternatives to Equity Release.

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Can I Buy a House With a Lifetime Mortgage?

Yes, a lifetime mortgage can be used to buy a house to live in. Also, buying a house with a lifetime mortgage will allow you to afford a bigger property than without.

What is a lifetime mortgage?

A lifetime mortgage is a type of equity release plan that is designed to help customers over the age of 55 mortgage to release equity or buy a new property.

When using a lifetime mortgage to buy a house you’ll have the flexibility as to whether to make monthly payments towards the interest or not.  The advantage of paying either all of some of the interest monthly will reduce the rate your equity erodes from your property and increase the amount of inheritance you leave.

The amount you can borrow on a lifetime mortgage to buy a house will depend on the amount of cash you have available to put down as a deposit, your age/s, your health, the type/construction, and the purchase price of your house.

Lifetime mortgage products are usually a fixed rate for life, so unlike a traditional mortgage the deal will not end or revert to a lenders standard variable rate.

A lifetime mortgage is not a short-term lending solution and professional advice is required.  Therefore, when buying a house with a lifetime mortgage you should consider any foreseeable changes in circumstances, and this will be factored into the advice and recommendation.

If in the future you would like to move house, most lifetime mortgage lenders will allow porting options.  

We receive a lot of enquiries from the over 55’s who are considering a lifetime mortgage to buy a house, here are some of the popular reasons: 

Lifetime mortgages are a great product to help customers achieve their objectives, however, there are alternative over 50’s mortgage products to consider beforehand such as: 

What mortgage product is most suitable for you will depend on your current income, your future pension income, if you are buying a house with a partner, what your objectives with the property are, your credit history, the price of the house, and how much cash you have available as a deposit.

It’s always best to seek professional independent mortgage advice when considering a lifetime mortgage for a house purchase to consider the alternatives.  A lifetime mortgage for a purchase should always be the last resort.



About the Author

Dan Osman

Head of Later Life at UK Moneyman Ltd.

Dan Osman

Dan joined the Financial Services sector back in 2002, but actually left the industry in 2008 before returning some years later. During the in-between years, he took a degree to become a Social Worker specialising in working with vulnerable adults.

Upon his return, Dan combined his experiences in the two sectors to become an Equity Release Specialist and he now heads up UK Moneyman’s Later Life Lending proposition. He genuinely believes in a holistic approach and always ensures his clients receive a proper consideration of all the options available, including non-lending alternatives to Equity Release.

Learn More

Later Life Guides

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UK Moneyman Limited is Registered in England, No. 6789312
Registered Address: 10 Consort Court, Hull, HU9 1PU.

Authorised and Regulated by the Financial Conduct Authority.

We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk

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