A lifetime mortgage is a form of equity
release plan where a loan is secured against your property
to provide you with a tax free cash lump sum or a regular
income to spend as you wish, with no monthly repayments
to meet.
Interest is added to the lifetime mortgage loan throughout
your lifetime, accruing at a fixed or variable rate. The
loan plus interest is eventually paid back when the home
is sold, usually when you move into long term care, or
when you and your partner die. You can typically release
between 18-50% of the value of your property with a lifetime
mortgage, depending on your age.
Advantages of a lifetime mortgage
- A lifetime mortgage gives you the choice of a cash
lump sum or income with no monthly repayments to meet.
- You retain full ownership of your home
- Lifetime mortgages are available to younger people
(aged 55+)
- No negative equity guarantee
- Some lifetime mortgage plans let you guarantee an
inheritance for your family
- All equity release plans are regulated by the Financial
Services Authority
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Disadvantages of a lifetime mortgage
- The amount you leave as an inheritance will be
reduced.
- The interest applied can grow quickly as it is
compounded
- You can't usually raise as much money with a lifetime
mortgage as you could with a reversion plan, especially
at younger ages.
- If you repay the lifetime mortgage early, you
may have to pay an early repayment charge
- Some lifetime mortgage plans let you guarantee
an inheritance for your family
- All equity release plans are regulated by the
Financial Services Authority
Lifetime mortgages have become a highly
popular form of equity release plan over the past few
years, prompting many providers to offer a variation of
a lifetime mortgage called a drawdown lifetime mortgage
which allows you to release equity as and when you need
it, rather than taking a lump sum or regular income.
Wholly independent advice on equity release and can give
you access to a wide choice of equity release plans to
find the best plan to boost your retirement income. We
can help to save your estate thousands of pounds by finding
the right equity release plan.
Access the whole market on your behalf
and offer award winning independent advice on equity
release that's tailor made to your individual circumstances.
Guidance through the various types of equity release
plans and explain all the options available with no
obligation to apply.
There are four types of equity release plan currently
available:
Lifetime Mortgage
Drawdown plan
Home reversion plan
Home income plan
Equity release
All equity release plans recommended are complemented
with a set of guarantees to ensure your safety:
No monthly repayments to make in your lifetime
Stay in your home for as long as you want
Move if you wish (subject to provider criteria)
A no negative equity guarantee so the amount owed will
never exceed the value of your home.
Please click on the apply image above to begin your
instant download Order your free guide to equity release
or talk to one of our specialist equity release advisers
to find out how much cash you could release.
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