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Lifetime Mortgages

            What are Lifetime Mortgages? (in past called Equity Release)

                      They are designed to enable you to use your biggest financial asset ie your home.

                      You can raise cash or receive an income.

            How do they work?

                      Instead of a normal mortgage where you have to make repayments, with a lifetime mortgage                         you do not make any repayments.

                      The interest is added onto your outstanding balance.

                      When your home is sold you then have to pay back the amount you borrowed plus the

                       interest that has been added to the mortgage.

            Who is it for?

                      You must be over the age of 60.

            How much can I raise?

                      This depends on two criteria:

                                    Your Age

                                    The Property Valuation

                      If you are 60 years old you can probably raise about 25% of your property value, the

                       older you are the more you can raise ie if you are  80 years old you could probably raise

                       50% of your property value

The above notes are a very simplistic description to give you a very general overview. 

You need to make sure that you talk to a solicitor and your family so that you fully understand the implications for yourself and for your family.

If you would like to discuss lifetime mortgages please complete the form below. We have partnered up with a specialist Lifetime Mortgage expert in order to provide you with easy access to quotes and advice all over the UK.

Lifetime Mortgage Contact Request Form

THIS IS A LIFETIME MORTGAGE. TO UNDERSTAND THE FEATURES AND RISKS, ASK FOR A PERSONALISED ILLUSTRATION.