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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?

Lifetime mortgages are fully regulated by the Financial Conduct Authority and we are also members of the Equity Release Council- the industry’s trade body who insist that a strict code of conduct is followed.

Do I need advice?

To take out any type of equity release plan, you must speak to a fully qualified Lifetime Mortgage advisor. This is a mandatory requirement of the Financial Conduct Authority (FCA).

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?

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 £990 including VAT and Disbursements.

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?

In short, the beneficiaries of your estate. This can be minimised by making interest payments or implementing a ‘guaranteed inheritance protection’ to ensure you leave an amount you are comfortable with to your children.

Do I need to tell my family or friends?

The decision to release money from your home is yours alone to make. However, speaking to friends and family before can provide peace of mind with your decision but also your beneficiaries will likely be dealing with the sale of your home and repaying of the debt. So, making them aware would be the ideal option but is entirely up to you if you do or not.

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?

Your current or future entitlement to means tested benefits could be impacted. The ability to ‘drawdown’ funds can minimise money in your account and therefore reduce if not remove the impact on means tested benefits. Non means tested benefits are not impacted

Can I pay off my lifetime mortgage?

This is an option with every Lifetime Mortgage, however, they all will have different early repayment charge percentages and terms.
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. 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.
Lifetime mortgages are fully regulated by the Financial Conduct Authority and we are also members of the Equity Release Council- the industry’s trade body who insist that a strict code of conduct is followed.
To take out any type of equity release plan, you must speak to a fully qualified Lifetime Mortgage advisor. This is a mandatory requirement of the Financial Conduct Authority (FCA).

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

On average a case from receipt of application, money should be received in 4-6 weeks typically.
You do not need to own your own home. 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.
In short, the beneficiaries of your estate. This can be minimised by making interest payments or implementing a ‘guaranteed inheritance protection’ to ensure you leave an amount you are comfortable with to your children.
The decision to release money from your home is yours alone to make. However, speaking to friends and family before can provide peace of mind with your decision but also your beneficiaries will likely be dealing with the sale of your home and repaying of the debt. So, making them aware would be the ideal option but is entirely up to you if you do or not.
You have the option and control to move home when you desire. All plans covered by the Equity Release Council have the ability to be ported to another home, as long as the property meets the lenders criteria.
Your current or future entitlement to means tested benefits could be impacted. The ability to ‘drawdown’ funds can minimise money in your account and therefore reduce if not remove the impact on means tested benefits. Non means tested benefits are not impacted
This is an option with every Lifetime Mortgage, however, they all will have different early repayment charge percentages and terms.

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.

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If you require any further information about a lifetime mortgage, our Lifetime Mortgage advisers are on hand to answer your questions and provide a no obligation tailored recommendation.
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