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Key, Baines House,

4 Midgery Court, Fulwood,

Preston, PR2 9ZH


0800 531 6027

What is a lifetime mortgage?

A lifetime mortgage is a type of equity release which lets homeowners aged 55-95 release cash tied up in the value of their home, tax-free and either as a single lump sum or, following an initial release, in smaller amounts. It’s a loan secured against your home that’s typically repaid when you pass away or go into long-term care. With a lifetime mortgage you retain full ownership of your home.
  • Available for homeowners aged 55-95
  • A lifetime mortgage lets you release tax-free cash tied up in your home
  • You retain full ownership of your home
  • It's typically repaid when you pass away or move into long-term care
  • You can’t take out a lifetime mortgage without taking advice first

How lifetime mortgages work

You must take advice from a qualified equity release adviser to apply for a lifetime mortgage; there’s no other way to do it.

The amount of cash you can release depends on things such as your age and the value of your home. With a lifetime mortgage, you can take either a lump sum, where interest accrues on the full amount from day one, or following an initial release in a number of smaller amounts, known as a drawdown. This could save you thousands in interest if you don’t need all the money straight away.

There are typically no payments to make as the loan, plus roll-up interest, is repaid when the plan ends, usually when you either pass away or move into long term care. The interest typically accrues, then rolls up and is added to the loan. This is also known as compound interest.

The money released with a lifetime mortgage can be used on anything you like – see how our customers used theirs.

There are various additional plan features that may be available. It depends what’s important to you. For instance, some plans allow you to guarantee a percentage of the future value of your home is protected for your loved ones’ inheritance.

Other features include the option to pay the interest monthly or protection against unknown early repayment charges, if you’d like to pay the loan off early.

You or your estate could benefit from any house price rise that is over and above the amount you owe the loan provider.

Enhanced Lifetime Mortgage

An enhanced lifetime mortgage plan could mean that you're able to release more equity from your home due to your health or lifestyle circumstances.

In circumstances of poor health or certain lifestyle choices, you may be entitled to increased lump sums or a lower interest rate.

You or your partner may be eligible for an enhanced lifetime mortgage plan based on a number of factors, including but not limited to:
  • High blood pressure
  • On-going medical problems
  • Taking regular medication
  • Smoking regularly
  • History of heart issues
  • Being overweight

If you believe you may be eligible and are interested in applying for an enhanced lifetime mortgage, please speak to your equity release adviser.

Protected plans

If you want to guarantee an inheritance for your family this is possible with some lifetime mortgages. Your adviser will guide you through the plans that can help you achieve this.

Combined options

Flexibility within lifetime mortgages means that you could benefit from a combination of options to not only save your estate money but also tailor your plan to your current and future needs.

Interest payment plans

Interest-payment lifetime mortgages work like a standard plan, however you are able to make regular payments on the interest that accrues over the lifetime of the loan.

Lifetime mortgage advice

The advice process

You have to get advice from a qualified equity release adviser in order to apply for a lifetime mortgage. Our friendly advisers explore all of your options with you. If they don’t think equity release is the best option for you, they’ll tell you!

Your first consultation is free and can be done from the comfort of your own home at a time to suit you. Alternatively, chat to one of our specialists today for a no-obligation discussion.

Lifetime mortgage calculator

See how much cash you could release from your home with our free to use and no-obligation online lifetime mortgage calculator.

Calculate Now

Want to find out more?

Our advisers explore equity release with you. If they don’t think equity release is right for you, they’ll tell you! Book a free consultation.

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We debunk common equity release myths and explain why they should be a thing of the past; test your knowledge with our quick fire quiz!

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Things to consider

When comparing the whole equity release market, our independent specialist advisers will explain:

  • You have to get advice before releasing equity. Please read all our information and make sure it's right for you
  • The plans we recommend have a no negative equity guarantee, so you’ll never owe more than your home’s value
  • Equity release reduces your estate's value and may affect any means-tested benefits you're eligible for
  • The initial consultation is free with no obligation and if you proceed with an equity release plan our advice fee, usually 1.99% of the amount released (£1,499 minimum), payable on completion
  • A lifetime mortgage, which is a loan secured against your home, is the most popular form of equity release and you will still own your home