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FAQ
- What is a lifetime mortgage?
- Are lifetime mortgages regulated?
- Do I need financial advice?
- Do I need a Solicitor?
- How much does it cost to set up a lifetime mortgage?
- How long does a lifetime mortgage application take?
- Do I need to own my own home?
- Who is impacted if I release funds from my home?
- Do I need to tell my family or friends?
- Can I move home in the future?
- Will my benefits be affected?
- Can I pay off my lifetime mortgage?
What is a lifetime mortgage?
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 if you are moving into long term care. If you are borrowing with someone else, this would be after the death of the last borrower. Any money left over would be paid to your beneficiaries.
Are lifetime mortgages regulated?
Do I need advice?
Do I need a Solicitor?
Yes. During this process independent legal advice is required. You can choose any solicitor you wish to act on your behalf. If you do not have one, don’t worry we have a panel solicitor you can use.
How much does it cost to set up a lifetime mortgage?
How long does a lifetime mortgage application take?
On average a case from receipt of application, money should be received in 6 – 8 weeks typically.
Do I need to own my own home?
You do not need to currently own the property you want to release funds on. A lifetime mortgage can be used to purchase a house. If you own your home and you have a mortgage already, this will have to be cleared with the funds released.
Who is impacted if I release funds from my home?
Do I need to tell my family or friends?
Can I move home in the future?
If you wish to move home in the future, this is possible. It’s a rule of the Equity Release Council that a lifetime mortgage can be transferred or ‘ported’ to another property.
Naturally the new property must be acceptable to the lender at the time of looking to transfer the lifetime mortgage, and they may expect that part of the loan is repaid if downsizing to a property of lower value – without any early repayment charges.
Will my benefits be affected?
Can I pay off my lifetime mortgage?
Yes. During this process independent legal advice is required. You can choose any solicitor you wish to act on your behalf. If you do not have one, don’t worry we have a panel solicitor you can use.
Typically, our advice fee is a flat fee of £1695 and this is only payable on completion. There is also your solicitor fee on top. Our panel solicitor is around £850 including VAT and Disbursements
This is a lifetime mortgage. To understand the features and risks, please ask for a personalised illustration. Check that this lifetime mortgage will meet your needs if you want to move or sell your home or you want your family to inherit it. If you are in any doubt, seek independent advice.
A lifetime mortgage requires paying off any existing mortgage. Any money released, plus accrued interest would be repaid upon death, or moving into long-term care.