Lifetime Mortgages

Would you like to know more about Lifetime Mortgages in Cambridgeshire, Lincolnshire, Suffolk, or Norfolk? The most popular type of equity release plan is a Lifetime Mortgage. This is a mortgage secured against your property whilst maintaining full ownership of your home.

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Unlike a regular mortgage, you don’t need to make any monthly repayments and the interest on your loan each year. Instead, interest is added to the total loan and this ‘rolls up’ over time and is known as compound interest.

However, specific plans allow you to pay back some or all of the interest. In addition, many other features are available to suit your needs, such as ringfencing a percentage of your property as inheritance or releasing the money in stages. This is known as Drawdown Lifetime Mortgage, and you will only be charged interest on the money you have received.

The loan and any remaining interest are repaid in full when you – and your partner in the case of joint mortgage – pass away or move into long-term care. For a couple taking out equity release, the plan ends when the last remaining homeowner passes away. You will continue to own your property until then and will benefit from any increase in house prices in that time.

Lifetime Mortgages across the whole of the market

It is never too early to start thinking about your retirement. By having access to the whole of the market, which has increased in recent years, this affords us more flexibility and versatility than ever. Our advisers offer honest and impartial advice about the best Lifetime Mortgages for your needs.

All products come with a no negative equity guarantee, which means that your beneficiaries will never owe more than the value of your property, and any outstanding fees will be written off.

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Is a Lifetime Mortgage the right decision?

If you are thinking about a Lifetime Mortgage, we will be able to discuss the benefits to you and any drawbacks. These include interest rolling-up, which means it compounds over time. There are also other charges associated with a Lifetime Mortgage, including lender fees and solicitors’ fees.

We will tell you about these costs and evaluate whether we believe a Lifetime Mortgage is the right choice for you. We will always put you and your best interests at the heart of our work.

We are authorised by Financial Conduct Authority (FCA) and are proud members of the Equity Release Council.

What are the benefits of Lifetime Mortgages?

If you are thinking about a Lifetime Mortgage, sometimes called an over 55 home loan, here are some of the benefits that they offer?

Tax-free cash: The money released is tax-free and can be used for whatever purpose you wish, from home improvements to everyday living costs.
No monthly repayments: You do not have to repay the loan or interest until you move into long-term care or die.
Security: With Lifetime Mortgage, you continue to own and live in your home, and there is a fixed rate of interest that will run for the term of the loan.
Flexible: Many different Lifetime Mortgage products are on the market, with new products being released regularly. These can be tailored to suit your individual needs and circumstances.
No negative equity guarantee: You will never owe more than your home is worth.
Drawdown of Funds: You can gain an initial lump sum for whatever reason you have chosen with a pre-agreed limit of funding available for further releases. The benefit of this is that you are only charged interest for the amount you have received.

Purchase your forever home: Not commonly known but you can purchase properties with a lifetime mortgage, this can enable you to purchase your forever home which previously may of seemed unobtainable.
Flexible: Many different Lifetime Mortgage products are on the market, with new products being released regularly. These can be tailored to suit your individual needs and circumstances.
Interest Servicing Options: New innovation within the lifetime mortgage market allowing flexibility in servicing the “roll up” interest, which ensures more equity remains available within your home. These payments can be structured from £50per month, to 50%, 75% or 100% of the monthly interest payments.
You can move: If you wish to move home, you can do so as long as it meets your lender’s terms.
Leave an inheritance: Some Lifetime Mortgage products allow you to ringfence some of your home as an inheritance for your beneficiaries.
IHT: Equity release can reduce the value of your estate, and this can be useful in reducing your Inheritance Tax Liability.