Lifetime Mortgages

Many older homeowners find that a large proportion of their wealth is tied up in their home. A Lifetime Mortgage is a type of equity release plan, available to homeowners aged 55 plus, which enables you to release a lump sum of tax-free cash or regular extra income from the value of your property to spend however you choose:

  • Increase your retirement income
  • Pay for that holiday of a lifetime
  • Provide a deposit for your children or grandchildren to buy their first home
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Types of Lifetime Mortgage

Lump Sum
A percentage of the value of your property is taken in tax-free cash.
Flexible Drawdown Lifetime Mortgage
This type of plan allows for the option of a cash reserve from which you can drawdown sums as and when needed until the reserve has been used. An initial lump sum can be taken and then sums from as low as £2,000 can be taken at any time. These plans offer greater flexibility because you do not pay for any cash releases until you need it.
Interest Only
With this type of plan the amount borrowed against your property remains the same for the duration of the plan, as interest is paid monthly. This way you and your family will always know how much is owed when the decision is made to sell the property.

Benefits of a Lifetime Mortgage

  • No monthly repayments (unless you opt for an interest only plan)
  • You can remain in your own home for as long as you choose
  • You retain ownership of your home and will benefit from any future increases in its value
  • ‘No negative equity’ guarantee

Lifetime Mortgage Advice

Taking professional advice is essential if you are considering a Lifetime Mortgage. We will refer you to our associate company, The Right Equity Release Ltd, who will discuss your needs and help you decide if a Lifetime Mortgage is suitable for you.  This is a Lifetime Mortgage.  To understand the features and risks, please ask for a personalised illustration.

Get a Free No-Obligation Consultation

We offer an initial no-obligation consultation at our expense to see if we can help. Following this, we'll commence our research and will come back to you with our recommendations.

The information contained in this website is subject to UK regulatory regime and is therefore intended for consumers based in the UK

Terence Richard Humphreys, trading as Bespoke Mortgages is an Appointed Representative of The Right Mortgage Ltd which is authorised and regulated by the Financial Conduct Authority