Lifetime Mortgages | Fee-Free Advice

What is a Lifetime Mortgage?

A lifetime mortgage is the most commonly used type of equity release, available to anyone aged 55 and over. It allows you to unlock the value of your home while continuing to live there, or use the funds to purchase a new property, including a first or second home, a holiday home, or even a buy-to-let property. The amount you can borrow depends on your age and the equity available in the property, or your deposit for a new purchase. Boon Brokers provide expert fee-free, whole-of-market advice, helping you explore your equity release options and find a plan that offers long-term security.

Fee-Free mortgage advice
Whole-of-market access
Member of the Equity Release Council
Regulated and authorised by the FCA

Submit an enquiry and await contact from one of our expert fee-free brokers.

Expert Advice

Your broker will listen to your lifetime mortgage requirements and provide a proposal.

Mortgage Offer

Your broker will submit your application and await your mortgage offer.

Is a Lifetime Mortgage Right for Me?

A lifetime mortgage is a type of equity release that may be perfect for some while not suitable for everyone - this is why it is important to speak with a specialist adviser before making your decision. At Boon Brokers, we are directly authorised by the FCA and members of the Equity Release Council. Our fee-free, whole-of-market advice allows you to explore your options openly, ensuring a lifetime mortgage aligns with your financial goals and personal circumstances.

What Is the Difference Between a Lifetime Mortgage and a Residential Mortgage?

Lifetime Mortgages and Residential Mortgages are both secured loans on property. However, there are a few key differences. Unlike Residential Mortgages, Lifetime Mortgages are strictly only available for those aged 55 and over. Also, Lifetime Mortgages approved by the Equity Release Council have some protections that are not typically available on standard Residential Mortgages. These include:

No Negative Equity Guarantee
Permanent Rights to Live in the Property (until all applicants pass away or move into long-term care)
No Mandatory Monthly Mortgage Payments (interest compounds if payments are not made)

These features often make Lifetime Mortgages attractive to applicants when comparing their options against standard Residential Mortgages.

What Are the Advantages and Disadvantages of a Lifetime Mortgage?

There are a variety of pros and cons to a lifetime mortgage, and much to consider. It is essential that you seek advice from a qualified adviser - such as Boon Brokers - to help you explore all of your options.

Advantages:

Access a tax-free lump sum for financial flexibility
Relieve debt or cover care costs while staying in your home
Potential to reduce inheritance tax
Continue living in your property

Disadvantages:

Interest can compound over time, increasing total repayment
Total cost is hard to predict, depending on lifespan
Early repayment charges may apply
Moving home may be restricted

What Happens If My Partner Dies or Moves Into Care?

If you have secured a lifetime mortgage with joint names, the remaining partner can usually continue living in the property under the same terms. If the mortgage is in a single name and cannot be repaid, the property may need to be sold. Planning jointly from the start ensures both partners’ rights are protected. It’s important to note that any changes, such as remarriage or cohabiting with a new partner, must be disclosed to your provider.

Can I Move Home or Pay Off a Lifetime Mortgage Early?

Yes, while most lifetime mortgages allow early repayment or home moves, there can be restrictions and early repayment charges. Speaking with a whole-of-market adviser, like Boon Brokers, helps ensure you understand the options and potential costs, giving you flexibility and peace of mind.

How Much Equity Can I Release With a Lifetime Mortgage?

The amount of equity you can release depends on your property’s value, your age, and the lender’s criteria. Older homeowners with higher property values can typically release more equity. At Boon Brokers, we provide expert advice to help you access the maximum amount safely, while keeping your financial needs and long-term security in mind.