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Equity Release or Lifetime Mortgages or Later Life Mortgages or Retirement Interest Only Mortgages (RIOs)

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If you are over 55, a Lifetime Mortgage might be an option for you

We have specialist Lifetime Mortgage Advisors, who are fully qualified to help you work your way through the variety of choices. Is it better to have no monthly payment or a small monthly payment? What will a lump sum do to my tax or benefit position? Should I do it at all?

Many lenders are not keen to lend to people over 55 and trying to find the best route for you can be a nightmare. We will spend as much time as you need going through the options, helping guide you to the solution that suits you.

We can consider traditional repayment or interest only mortgages designed especially for people over 55, or the specialist lifetime mortgage.

Please see our mortgage section for details of how these work.

Home Reversion is also an option, selling your property in exchange for a lifetime tenancy.

Although we do not arrange these products, we can explain the advantages and disadvantages of these products against a lifetime mortgage and if appropriate guide you to an advisor who can help you. Generally, they have the potential to be very poor value for money and many of their advantages have been overtaken with improvements in lifetime mortgages over the last few years.

The best solution for you will depend on your needs and circumstances, so it's important to understand your options.

We have expert advisors on hand to help you through the decision-making process, but in the meantime here's a short introduction to what's available.

Quick Start Lifetime Mortgage Guide

A Lifetime Mortgage is a special type of loan which is usually designed to run for the rest of your life, and which means that you borrow money that is secured on your home to give you a lump sum or regular income. The amount you owe to the lender is usually paid back from the proceeds of sale of your home after death or moving into long term care. If you are borrowing with someone else, this would be after the death of the last borrower.

The main advantage of a lifetime mortgage is there is generally no monthly payment during your lifetime, unless you want to make one. Although as their name suggests, they are designed for your lifetime, if you win the lottery, you can repay a lifetime mortgage at any point.

Lenders do not generally need to know your income to get a mortgage as the loan is worked out by the age of the youngest borrower and the value of your property.

Normally the interest rates are fixed (or capped) over the lifetime of the mortgage, and the interest accrued becomes payable when the loan is finally repaid upon death, sale of house or is redeemed by other means.

All reputable products have a no-negative equity guarantee and some products will allow you to preserve a guaranteed proportion of your property for your dependents.

There can be disadvantages and we will cover these with you, to make sure that something you do today, won't cause issues in the future.

Lifetime Mortgages can be very helpful if you have an interest only mortgage coming to the end of it's term with a shortfall on your mortgage or if you want to raise money in retirement.

One of our expert lifetime mortgage advisors will help you through the process step-by-step, working out how much you can borrow, how much it will cost, and what type of mortgage may be most suitable for you.

We can arrange home visits at a time to suit you, to discuss your options and whether this type of mortgage is suitable for you.

We will even take care of all the paperwork for you, so you don't need to worry about a thing.


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