A lifetime mortgage is a form of equity release. Equity is the difference between the amount left on your mortgage balance and how much your property is worth. Equity release is a useful tool for later life homeowners looking to give themselves a financial boost, utilising the equity that has gradually built up in their home. So long as you are a homeowner over the age of 55 and have a property that is worth at least £70,000, you can release any stored equity from your home, tax-free, without even needing to move and find a new place to live. There are lots of reasons why later life homeowners may look to take out a lifetime mortgage to release equity. This includes to fund a nice retirement for themselves, to repay a current mortgage balance, to fund a wedding or something else. You don't have any restrictions, it's your money to spend as you see fit!Get Started
A lifetime mortgages will either be available as a lump sum lifetime mortgage or as a drawdown lifetime mortgage. A lump sum lifetime mortgage allows you to release the equity from within your property, free of tax, into one big lump sum. You will retain complete ownership of your home, having absolutely no need to make monthly repayments, and no restrictions on how you can spend your money. A drawdown lifetime mortgage works in a similar fashion, but instead only releases a portion of the equity, giving you a choice of drawing out additional equity as and when you need it. This actually reduces the overall cost of your lifetime mortgage, as you're only charged interest on what you draw out. This could save you a lot of money! The qualifying criteria for each of these types of lifetime mortgage is the same as each other.Book Online
Am I eligible for a lifetime mortgage?
You may be eligible for taking out a lifetime mortgage, so long as you are over the age of 55 and have a property that is worth at least £70,000.
Are lifetime mortgages regulated?
Yes, it is. Lifetime mortgages and equity release, much like UK Moneyman as a mortgage broker, is regulated by the Financial Conduct Authority (FCA). The FCA exists to protect consumers and ensuring they get a fair chance.
How much equity could I release?
The amount of equity that you are able to take out with your lifetime mortgage will depend on factors such as your age, health and lifestyle choices, as well as how much your property is worth. According to research from Equity Release Supermarket*, their customers released an average of £113,000 worth of equity in 2021. (*Source: Equity Release Supermarket) You will need to release a minimum amount of £10,000 of equity, with the total amount varying based on the factors listed above. The older you or your partner are, the higher amount of equity you could release from your lifetime mortgage.
How much does a lifetime mortgage cost?
The costs of a lifetime mortgage depends on a variety of factors. These include how much equity you're looking to release, your age, how long you would like your plan to last, the interest rates attached to the plan and the ways in which you would like to personalise your lifetime mortgage. Much like a regular mortgage, there will still be additional costs to factor in, such as a surveyor's fee, solicitor's fee and a mortgage broker fee, set at the discretion of your dedicated mortgage advisor.
Can I move home if I have a lifetime mortgage?
If your equity is released by way of a lifetime mortgage, you may be able to port your lifetime mortgage onto a new home.
What are the benefits of lifetime mortgages?
There are lots of benefits to lifetime mortgages. One of the main benefits to this, is that whilst you can go ahead and make monthly mortgage payments if you would like to, you can simply just let the interest roll up, meaning you won't have any monthly payments. Once you have passed away or have moved into long-term care, your property will be sold in order to pay off the mortgage balance.
We work to a time that suits you. You can put your personal life first, attending your free lifetime mortgage appointment at a time convenient to you.
During your free lifetime mortgage appointment, we can go over your options with you.
Your case manager will support you every step of the way!
We will be open and honest at all times; finding you a deal that suits your personal and financial situation.
We'll recommend the most suitable insurance products to protect you and your family, should you become seriously ill or unable to work.
We will compare different lifetime mortgage deals across the market. We have a large panel of mortgage lenders to choose from.
We have been in the mortgage industry now for over two decades. If you need help with lifetime mortgages, get in touch!
We will be there for you throughout your whole mortgage process, recommending the best lifetime mortgage deal for your situation.
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