Can I Get a Lifetime Mortgage Myself?

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Why Speaking to Our Mortgage Advisors Matters

Could There Be a Better Alternative?

Common Concerns About Lifetime Mortgages

Finding the Right Solution for You

If you are thinking about taking out a lifetime mortgage, you may be wondering whether you can arrange one on your own.

The simple answer is no. Lenders require you to speak to a qualified equity release advisor before proceeding.

This is not just a formality. It is a safeguard to ensure you fully understand how a lifetime mortgage works, what it means for your future, and whether it is the right choice for you.

Why Speaking to Our Mortgage Advisors Matters

A lifetime mortgage is a long-term financial commitment that affects not just you but also your estate and any inheritance you plan to leave behind.

Unlike a standard mortgage, where the options are often straightforward, equity release requires careful thought.

Interest can compound over time, which could reduce the value of your estate, and there are other financial implications to consider, such as the effect on means-tested benefits.

Lenders will only approve a lifetime mortgage if they are confident that it is a suitable option for you. That is where we come in.

Our mortgage advisors take the time to understand your situation, explain your options clearly, and help you choose a plan that works for you.

We also look at important features such as inheritance protection, voluntary repayments, and downsizing protection, which could make a big difference in the future.

Could There Be a Better Alternative?

One of the biggest benefits of speaking to our team is the opportunity to explore whether a lifetime mortgage is the right choice for you.

It is not the only way to release equity, and there may be other solutions that better suit your plans.

We will help you consider all options, including downsizing, using savings or investments, or looking at other later-life lending products such as a retirement interest-only mortgage.

It is also important to think about how much equity you actually need. Some homeowners only require a small amount rather than a lump sum that accrues interest over time.

Others might benefit from a drawdown lifetime mortgage, which allows them to access funds gradually instead of all at once.

Our mortgage advisors are here to help you make the right choice based on your long-term plans.

Common Concerns About Lifetime Mortgages

Many homeowners worry about losing control of their property when taking out a lifetime mortgage.

You will still own your home, and all lenders regulated by the Financial Conduct Authority must offer a no negative equity guarantee.

This means you will never owe more than the value of your property. However, interest can build up if left unpaid, so it is important to understand how this could affect the future value of your estate.

Another key concern is the impact on inheritance. Since the loan is repaid from the value of your home when you pass away or move into long-term care, it can reduce the amount left to your loved ones.

Some lifetime mortgage plans allow you to ring-fence a portion of your home’s value for inheritance, but this needs to be arranged from the start.

Our mortgage advisors will help you weigh up these factors and find a plan that meets your needs.

Finding the Right Solution for You

A lifetime mortgage is a major financial decision, and lenders require professional advice to make sure it is the right option.

While it is not something you can arrange alone, this requirement is in place to protect you from making a decision that may not suit your future plans.

Our mortgage advisors are here to guide you through the process, explore your options, and help you move forward with confidence.