Lifetime Mortgages

Lifetime mortgages are a type of equity release scheme that can help homeowners create an income for their retirement.

The income will be received by the borrower as either a lump sum payment, a drawdown facility, or a regular income stream.

Lifetime Mortgages are secured against the equity in the borrower’s home and the amount that can be borrowed will depend on the age of the applicant and the value of their property.

Interest is charged on lifetime mortgages, but instead of being paid by the borrower on a monthly basis, it is “rolled up” for the entire duration of the loan and repaid when the property is eventually sold or vacated.

Taking out a lifetime mortgage is a serious commitment and costly charges may apply if the Mortgage is redeemed early.

Equity release schemes can also affect the amount of state benefits the customer may be entitled to receive and can also have Inheritance Tax (IHT) implications.

Because of this, it is recommended that potential applicants seek professional advice from an IFA before applying entering into an equity release scheme.

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About your mortgage

Are you looking to: How much would you like to borrow? Buy a property Remortgage a property Buy a property to let     How long do you need the mortgage for? 1 year 2 years 3 years 4 years 5 years 6 years 7 years 8 years 9 years 10 years 11 years 12 years 13 years 14 years 15 years 16 years 17 years 18 years 19 years 20 years 21 years 22 years 23 years 24 years 25 years 30 years 40 years 50 years   Proceed to step 2.

Step 2 of 3	About your mortgage
Estimated property value?   Are you a first-time buyer? Yes No   Do you need to self-certify your income? Yes No   Have you: Had a CCJ or Default registered against you? Missed one or more secured loan or mortgage payments in the last 12 months? Been declared bankrupt or had an IVA? Proceed to step 3.

Step 2 of 3	About your mortgage
Estimated property value?   How much would you like to borrow?       Proceed to step 3.

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Your details

First name: Last name:     Phone number: Alternate phone number:     E-mail address: Date of birth:   -- 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 -- January February March April May June July August September October November December ---- 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989   First line of current address: Current postcode:     Based on your requirements we have selected the FSA regulated broker Broker Name to help you with your enquiry. Please click SUBMIT to confirm that you are happy for them to contact you by telephone/e-mail.

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