Compare Lifetime Mortgages


We’ll find the right Lifetime mortgage for you. Our partnership allows you to compare Mortgages with leading experts.

If you’d like to speak to the friendly UK based team please call – 0800 470 3752 


WHAT IS A LIFETIME MORTGAGE? 


A Lifetime Mortgage also known as Equity Release is a way of using your property to generate income, with the benefit of not having to downsize. Lifetime Mortgages work by giving you the opportunity to unlock the equity in your home in the form of a tax-free lump sum or payments over a period of time.

As the name suggests Lifetime Mortgages were designed to run for your lifetime with no monthly repayments. Interest is charged on the amount you release and this is normally fixed for life.


What is Equity?

lifetime mortgage equity house

Equity put simply, is the amount of your home that you own outright. The easiest way to work out how much equity you have in your home is to subtract your remaining mortgage from your properties value.

If your home is worth £250,000 and your remaining mortgage is £50,000, then your equity is £200,000.

As with any decision you make surrounding Finances and Mortgages, you should ensure that you receive the correct financial advice before you make a decision.



WHAT TYPES OF LIFETIME MORTGAGES ARE AVAILABLE?


There are two types of Lifetime Mortgages, you should consider which works better for you:

lifetime mortgage

Lifetime Mortgage

This is where you take a mortgage against the value of your property, the debt is repaid when the home is sold if you move (for example, into a care home) or after your death.

house lifetime mortgage

Home Reversion

Home Reversion is where you sell part of your property for a cash sum and continue to live in your home. As with a lifetime mortgage the debt is only repaid if you move (for example, into a care home) or after your death.

If you would like to find out more we’ve got you covered with expert advisors to get you the right advice, you can provide some details online or contact them on:

– 0800 470 3752 –



WHO CAN USE EQUITY RELEASE?


You could be eligible for equity release with a lifetime mortgage if:

– Your home is valued at £70,000 or above

– You are a homeowner over the age of 55 (if borrowing jointly you will both need to be over 55)

– The property you would like to release equity from is your main residence to which is lived in for 6+ months of the year

– Your property is in reasonable condition



WHY RELEASE EQUITY IN MY HOME?


equity release

You could use money gained from equity release for whatever purpose you deem fit, some common uses range from improving your property, paying off a mortgage, gifting early inheritance or holidays. The money does not need to be paid back until the last homeowner on the deeds dies or goes into long-term residential care.

If you have a family home you are happy and comfortable in with no plan to sell, but require extra money for retirement or need a cash release for other reasons, an equity release could work for you.



IS EQUITY RELEASE SAFE?


Equity Release in the UK is regulated by the Financial Conduct Authority (FCA). In addition, the Equity Release Council has a code of conduct for safeguarding customers that goes over and above FCA Regulations.

Our partner are experts in Equity Release and all of their advisors are members of the Equity Release Council.

You can call the UK based team on – 0800 470 3752 



FAQS

Yes, if you have used equity release you can still sell your property if you so wish. Lifetime Mortgages are able to be transferred, so you can move home as long as the next home you choose is deemed as acceptable by the lender.

Yes, there are lifetime products available to you that can guarantee an inheritance is left behind. The way this operates is by ring-fencing some of the value of your home, so that this can be used as an inheritance when you pass away.

Another option is, you can use the money you release from your home as an early inheritance. This way, you can see your family enjoy the money! You may  want to help out a family member purchase their first home, give them the money as a deposit, or just as a tax-free gift.

There are two types of equity release within the market, Lifetime Mortgages and Home Reversions.

Most lifetime mortgages currently require you to be at least 55 to be considered. Most Home Reversion plans require you to be at least 65.

For couples looking for either of the above products, both individuals must have reached the relevant ages.

A Lifetime Mortgage allows you to take a mortgage against the value of your property, the debt is repaid when the home is sold if you move (for example, into a care home) or after your death.

Home Reversion is where you sell part of your property for a cash sum and whilst continuing to live in your home. As with a lifetime mortgage the debt is only repaid if you move (for example, into a care home) or after your death.

Equity Release in the UK is regulated by the Financial Conduct Authority (FCA). In addition, the Equity Release Council has a code of conduct for safeguarding customers that goes over and above FCA Regulations.

Our partner are experts in Equity Release and all of their advisors are members of the Equity Release Council.

Those companies who are members of the Equity Release Council attach a ‘no negative equity’ guarantee to the plans they offer. This means that if the value of your property were to fall below the level of the debt, the lender itself takes the hit and will not pursue you or your estate for the shortfall.





This is a lifetime mortgage. To understand the features and risks, ask for a personalised illustration.

Your property may be repossessed if you do not keep up repayments on your mortgage.

Think carefully about securing other debts against your property. If you are thinking of consolidating existing borrowing you should be aware that you may be extending the term of the debt and increasing the total you repay.

Fees may be charged dependant on provider. 

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