Lifetime Mortgages | Fee-Free Advice

Lifetime Mortgages & Equity Release

A lifetime mortgage is a type of equity release that allows eligible homeowners aged 55 or over to access some of the money tied up in their property, without having to move home.

Boon Brokers provides fee-free lifetime mortgage advice to homeowners across the UK. Your mortgage adviser will take the time to understand your circumstances, explain your options and compare suitable lifetime mortgages from across the market, helping you make an informed decision with your long-term financial security in mind.

We’ll explain the costs and features involved and manage your application, with no broker fees to pay.

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Getting Ready for a Lifetime Mortgage

Understanding how much you could release and how a lifetime mortgage could affect your finances can help you decide whether it may be suitable for you. These tools and guides can help:

How Do Lifetime Mortgages Work?

Learn how lifetime mortgages work, including interest, repayment and what happens to your home.

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What Are the Pros and Cons?

Understand the potential benefits and important considerations of releasing equity through a lifetime mortgage.

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How Long Does Equity Release Take?

Find out what can affect the equity release timescale and what to expect from the process.

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Finding the Right Solution for You

Lifetime mortgage rates, features and lender criteria can vary, so it’s important to consider more than the amount you could release.

Your dedicated adviser will compare suitable lifetime mortgage providers from across the market, considering your circumstances, property and what you want to achieve.

We’ll explain the options clearly, including the interest rate, costs and features, so you can make an informed decision that’s right for you.

Then, if you decide to proceed, we’ll handle the application for you.

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Lump Sum

Release a single lump sum from your property, giving you access to the agreed amount upfront to use as you need.

Drawdown

Release an initial amount and access further funds from an agreed reserve when you need them.

Purchase Property

Use a lifetime mortgage to purchase a new home, with the property you buy acting as security for the loan.

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Considering a Lifetime Mortgage?

Enquire below and one of our mortgage advisers will be in touch to discuss your options.

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.