Lifetime Mortgage
If you are a UK homeowner aged 55 or over, a Lifetime Mortgage could offer you a way to access money tied up in your home without moving.
The schemes are designed to allow you to;
- To release a tax-free lump sum, a regular income or both.
- The ability to release funds when you need it.
- The freedom to spend your money on almost anything you choose.
Before considering a Lifetime Mortgage, it is recommended that you consider all your other potential options first to achieve your aims. These include, but are not limited to those listed below;
- Savings & Investments
- Pension Credit / Council Tax Benefit
- Grants for repair or modifications to a property
- Moving to a smaller home
- Selling the home and renting
You must also consider how your State Benefits entitlement may be affected by equity release.
We offer a comprehensive range of lifetime mortgage products from across the market but not deal’s that you can only obtain by going direct to a product provider.
For Lifetime Mortgages we charge a fee of £1,649. We will also be paid commission from the product provider for arranging the lifetime mortgage on your behalf.
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A Lifetime Mortgage – Normally available from the age of 55
This is secured against your home and enables you to borrow a proportion of your home’s value. Interest will be charged on the amount.
There are 2 main types of Lifetime mortgage
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